Toronto, Canada, December 03, 2008 --(PR.com
)-- Trading Symbol (OTC- PINK: SPMC)
Sparrowtech Resources, Inc. ("Sparrowtech") announced today that it has entered into an Agreement with Templar PetroConsultants, Inc. (“Templar”) to acquire a working interest in ten (10) previously-producing wells, within the J.P. Morris, Walker-Buckler, Comeback and Treadwell 3D Leases Rehabilitation and Development Project, located in Throckmorton and Shackelford Counties, Texas.
Pursuant to the Agreement between Sparrowtech and Templar, which will be the operator for the project, the ten (10) previously-producing wells will be mutually selected and a rehabilitation strategy to re-establish commercial production will be developed prior to the closing date. Sparrowtech will also have a right of first refusal to participate in the rehabilitation of an additional 81 wells in the subject leases.
Sparrowtech President, Cornelia Volino stated, "This is an ideal opportunity for Sparrowtech to enter the oil industry and utilize the knowledge and expertise of our proposed industry alliances.” Ms. Volino further stated, “By expanding the Company’s focus within the resource sector, Sparrowtech should increase its potential for opportunity and growth.”
This Agreement will close on or before December 31, 2008 providing Sparrowtech is satisfied during the due diligence review that this Agreement is in the best interest of its shareholders, and sufficient financing has been secured.
A number of statements contained in this press release may be considered to be forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including but not limited to: competitive market conditions, successful integration of acquisitions, and the ability to secure sources of financing. The actual results that Sparrowtech may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
For more information, contact:
Cornelia Volino, President
Sparrowtech Resources, Inc.