|January 29, 2009|
Berkley Resources Signs Equalization and Operting Agreement for Senex Area, Alberta, Canada
|Berkley Resources Inc. ("Berkley") wishes to announce that it has executed an Equalization and Operating agreement (the "Agreement") with an Alberta-based intermediate company (the "Company") with respect to its Senex, Alberta assets (the "Senex Lands"). |
Under the terms of the Agreement signed January 19, 2009, Berkley has agreed to assign to the Company one-half of its current working interest in the Senex Lands. In exchange, the Company has agreed to further develop the Senex lands by incurring net capital expenditures on behalf of Berkley to a maximum of $1,700,000. The effective date of the Agreement is October 1, 2008. Berkley shall not be required to participate in the capital expenditures; however, Berkley will
continue to participate in its pro-rata portion of ongoing operating costs on the Senex Lands.
ON BEHALF OF THE BOARD
Chief Executive Officer
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