Marauder Resources East Coast Inc.: News Release
18:44 EDT Tuesday, August 30, 2005
CALGARY, ALBERTA--(CCNMatthews - Aug. 30, 2005) - Marauder
Resources East Coast Inc. (TSX VENTURE:MES) ("Marauder")
is pleased to report operating and financial results for the
quarter ended June 30, 2005.
On July 22, 2005 the Company announced that it had executed
a farm-in agreement with EnCana Corporation ("EnCana")
to participate in the drilling of an exploration natural gas
well offshore Nova Scotia. Marauder will earn a 20% working
interest in the well after drilling has been completed. To
date, the Company has advanced $14 million pursuant to this
agreement.
Marauder remains in a very strong reserves position with
a present value of probable and possible reserves of $467
million before tax, on a 10% discounted basis, using escalated
prices as per the reserve report prepared by Martin &
Brusset Associates.
Marauder continues to own a 50% working interest in 18,414
acres which includes shallow rights at Panuke and Cohasset
and all rights in the Balmoral block under Nova Scotia Production
Licenses PL-2901 and PL-2902. In addition, the Company currently
holds a 0.25% royalty interest in 110,000 acres covering two
offshore exploration licenses.
Effective August 24, 2005, John Milford has replaced Gerry
O'Reilly as Vice President of Exploration. Mr. Milford has
23 years of experience in the oil and gas industry, exploring
on Canada's east coast, as well as in Alberta, Manitoba and
Saskatchewan. Mr. Milford has a Bachelor of Science and a
Masters of Science degree in Geology.
Ali Bhojani has resigned as a director of Marauder. William
H. Smith, Q.C., a senior partner of McCarthy Tetrault LLP,
has joined the Company's Board of Directors.
The Company would like to acknowledge the contributions made
by Gerry O'Reilly and Ali Bhojani and is pleased to welcome
John Milford and William Smith
FOR FURTHER INFORMATION PLEASE CONTACT:
Marauder Resources East Coast Inc.
Robert V. Shields
(403) 262-3907
(403) 269 4232 (FAX)
Email: rvs@maraudernrg.ca
or
Marauder Resources East Coast Inc.
720, 440 - 2nd Avenue S.W.
Calgary, Alberta T2P 5E9
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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