|October 28, 2009|
NiMin Energy Corp. Announces Letter of Intent to Acquire Oil and Gas Assets
|Carpinteria, California, USA: October 28, 2009 -- NiMin Energy Corp. -- (TSX: NNN) ("NiMin" or the "Corporation") is pleased to announce that its subsidiary, Legacy Energy, Inc. ("Legacy") has entered into a letter of intent with a US company to acquire certain oil and gas interests in the US Rocky Mountain region (the "Assets") for a purchase price of US$27,000,000, subject to adjustment. The parties currently intend to negotiate and enter into a formal Purchase and Sale Agreement (the "Agreement") for the Assets which will include terms and conditions usual in the industry for similar transactions. It is also expected that the Agreement will contain terms including, the payment of a US$1,000,000 non-refundable deposit by the Corporation at the signing of the Agreement, and an effective date of December 1, 2009 for the transfer and conveyance of the Assets. The parties shall cooperate with each other to seek and obtain all required consents and approvals necessary for the purchase and sale of the Assets.|
Summary Information Relating to NiMin and Legacy
NiMin and its subsidiary, Legacy, are headquartered in Carpinteria, California. NiMin is an independent oil and natural gas company with drilling and production operations in the United States
For further information contact:
NiMin Energy Corp.
Jonathan S. Wimbish, CFA
Chief Financial Officer
Tel: (805) 566-2900
This news release contains forward-looking statements and information ("forward looking statements") within the meaning of applicable securities laws, including forward-looking statements relating to the acquisition of the Assets. Although the Corporation believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. These factors and assumptions are based upon currently available information to the Corporation. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements, including whether or not the Assets will ultimately be acquired. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Legacy or their respective financial or operating results or (as applicable), their securities.
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
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