Rift Basin Announces Formation of Strategic Alliance With Gulfsands
VANCOUVER, BRITISH COLUMBIA, Nov 16, 2012 (Menafn - MARKETWIRE via COMTEX) --Rift Basin Resources Corp. (the "Company" or"Rift Basin") announces that it has established a strategic alliance(the "Strategic Alliance") with Gulfsands Petroleum plc("Gulfsands"). The intention of the Strategic Alliance is tofacilitate the pursuit and acquisition of petroleum projects (the"Projects") in Tunisia and elsewhere in the Middle East and NorthAfrica region for mutual benefit.
The directors of Rift Basin and Gulfsands have until now beenpursuing a number of potential Projects on an informal basis andmatters have now reached a stage where the parties consider itappropriate to more formally establish the basis of this StrategicAlliance. It is the intention of the parties, unless otherwiseagreed, that Gulfsands will act as the operator of any Projectacquired under the Strategic Alliance and that Rift Basin's andGulfsands' participating interests in any Project will be 30% and 70%respectively. Under the terms of the Strategic Alliance each partywill have the right, but not the obligation, to submit any Project tothe other party for consideration and a joint cooperation committeehas been established to facilitate the cooperative review processbetween the parties.
Completion of any transactions involving the Company's participationin any Projects identified by the Strategic Alliance will be subjectto a number of conditions, including but not limited to, TSX VentureExchange ("TSX-V") acceptance and if applicable pursuant to TSX-Vrequirements, majority of the minority shareholder approval. Therecan be no assurance that any transaction to acquire any of theProjects identified by the Strategic Alliance with Gulfsands will becompleted.
About Rift Basin
The Company is listed on the TSX Venture Exchange under the symbol"RIF". The Company is currently listed as a Tier 2 mining issuer andis seeking to become an oil and gas issuer. Additional informationabout Rift Basin is available under Rift Basin's SEDAR profile atwww.sedar.com.
Gulfsands is an independent oil and gas exploration and productioncompany, whose shares are traded on the London Stock Exchange (aim:GPX). Gulfsands' major focus is on high impact projects in the MiddleEast and North Africa, where it has oil exploration, production anddevelopment projects in the Syrian Arab Republic (activitiescurrently suspended in compliance with EU sanctions), and oilexploration projects in Tunisia. Gulfsands also produces oil & gasfrom a portfolio of properties in the USA, offshore Gulf of Mexico.Gulfsands' vision is to become one of the pre-eminent independentexploration and production companies in the Middle East and NorthAfrica and a preferred operator and partner.
ON BEHALF OF RIFT BASIN RESOURCES CORP.
Wayne Koshman, Chief Executive Officer
Some of the statements contained in this press release areforward-looking statements and information within the meaning ofapplicable securities laws. Forward-looking statements andinformation can be identified by the use of words such as "expects","intends", "is expected", "potential", "suggests" or variations ofsuch words or phrases, or statements that certain actions, events orresults "may", "could", "should", "would", "might" or "will" betaken, occur or be achieved. Forward-looking statements andinformation are not historical facts and are subject to a number ofrisks and uncertainties beyond the Company's control. Actual resultsand developments are likely to differ, and may differ materially,from those expressed or implied by the forward-looking statementscontained in this news release. Accordingly, readers should not placeundue reliance on forward-looking statements. The Company undertakesno obligation to update publicly or otherwise revise anyforward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider(as that term is defined in policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Rift Basin Resources Corp.
Chief Executive Officer
(604) 688-0854 (FAX)
SOURCE: Rift Basin Resources Corp.
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