Emperor Minerals Advances Payment for Farm Out Agreement in Turkey's Thrace Basin and appoints Tyrone Thacker as the Company's Operations Manager
Vancouver, B.C. April 30, 2012 - Emperor Minerals Ltd. (TSX: EM.V)
Emperor Minerals Ltd. (the "Company") reports that it will advance payment of US $150,000 to Azure Resources Corporation pursuant to the amended farm out agreement (October 6, 2011) by which the Company's subsidiary company (Cheetah -Yemen Holdings Ltd) will acquire a 22.5% net working interest in Azure's 45% interest in the Catalca Hydrocarbon Licence, in Turkey's, Thrace Basin. A balance of US $1,300,000 will be paid to Azure on or before May 30, 2012 with all other terms and conditions of the Catalca farm-out agreement remaining unchanged.
This payment will allow Azure Resources Corporation, in conjunction with its Turkish operating partner, to mobilize equipment and prepare a staged drilling program for 2 new wells that target expected natural gas production in 2 formations identified using recently acquired 2D seismic infill data.
In conjunction with this news, Emperor Minerals Ltd. also announces the appointment of Tyrone Thacker as the Company's Drill Operations Manager.
Mr. Thacker has 17 years experience in the oil and gas industry. He has supervised well drilling operations and logistics management for a number of major and mid tier oil and gas producers including Halliburton Energy Services, Sonic Energy services and Barlon Engineering. Mr Thacker specializes in all aspects of underbalanced, managed pressure air, and conventional drilling; technical skills which were acquired through years of field work and a history of advancement from ruff neck and driller to operator and senior supervisor.
Mr Thacker's familiarity with domestic and foreign drilling environments will be especially beneficial to Emperor Minerals as the company proceeds with its development plans.
About Emperor Minerals Ltd: Emperor Minerals is an international oil and gas company with a late stage exploration and near term production project in Turkey. The Company is directed by an experienced group of business professionals who have leveraged their contacts within the global community to secure significant land parcels and strategic partnership agreements within regions of influence. The Company's management team boasts a keen understanding of oil and gas exploration, production procedures and market strategies. They are mutually focused on growing the company through near term production and an acquisition strategy in Turkey, the Middle East and North Africa.
ON BEHALF OF THE BOARD
“Andrew McCarthy”
Andrew McCarthy President and Chief Executive Officer
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Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.