VANCOUVER, BRITISH COLUMBIA -- (MARKETWIRE) -- 06/13/08 -- Ryland
Oil Corporation (TSX VENTURE: RYD) is pleased to announce that it has
acquired a 100% working interest in additional Saskatchewan crown
petroleum and natural gas licenses covering 45,980 gross and net
acres of land. The licenses are located in southeast Saskatchewan and
are adjacent to Ryland's current acreage. The acquisition has
increased the Company's total gross and net holdings in southeast
Saskatchewan and North Dakota to approximately 360,000 acres.
Ryland's additional acreage was acquired at a cost of approximately
CDN$7.4 million, or $161 per acre.
Said Dick Findley, Chairman of Ryland: "We are very pleased to have
been the successful bidder on this additional acreage. Our average
cost per acre for our holdings in southeast Saskatchewan now stands
at approximately $84. The average cost per acre of licenses sold in
southeast Saskatchewan in the June 9, 2008 Crown sale in the vicinity
of the Company's existing lands was $467 per acre. One block of
22,000 acres was purchased for $37,000,000 or around $1,700 an acre.
Considering the high level of Bakken drilling activity resulting in
new production in the area and the dramatic rise in prices being paid
for acreage, we feel we are in a very enviable position."
Ryland is currently preparing applications for permits to drill 5
horizontal wells to test the Bakken Formation and 8 wells targeting
additional zones in various locations on its southeast Saskatchewan
acreage. The Company expects to commence this next phase of its drill
program in late July, 2008.
RYLAND OIL CORPORATION
Gerald J. Shields, President
Issued and Outstanding: 161,929,906
The TSX Venture Exchange has not reviewed and does not accept any
responsibility for the adequacy or accuracy of this news release, and
no regulatory authority has approved or disapproved the information
contained herein.
Contacts:
Ryland Oil Corporation
Mr. Ken Tangen
Investor Relations
(604) 639-4474 or 1-877-811-4518
Website: www.rylandoil.com
