$15 million financing commitment for oil project in Lubicon "has expired"

 

Friends of the Lubicon PO Box 444 Stn D, Etobicoke ON M9A 4X4 Tel: (416) 763-7500 Email: fol (at) tao (dot) ca www.lubicon.ca

April 30, 2005

Last week Deep Well Oil & Gas issued a news release saying that a commitment to provide $15 million in financing for the Sawn Lake project "has expired".

1140100 Alberta Ltd. was going to underwrite $15 million in financing for Deep Well to drill the first ten wells in Lubicon Traditional Territory, and stood to convert that financing into a 20% interest in those wells.

Now it appears they've pulled out of the deal. It's not clear from the news release why the deal was allowed to "expire".

One thing is certain, however: with Lubicon supporters writing regularly to the companies involved and the public controversy growing over Deep Well's actions, tearing apart Lubicon lands without so much as talking to the Lubicon Nation is starting to look like a pretty poor investment.

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