|March 06, 2009|
|Berkley Resources Inc. ("Berkley" or the "Company") is pleased to report the following:|
The Company has executed a participation agreement (the "Agreement") with an Alberta-based oil and gas operator to participate in drilling an exploratory well in the Ferrier Area of westcentral Alberta. Under the terms of the agreement, Berkley will pay an aggregate $1,200,000 for
an 18% working interest in the well. The effective date of the Agreement is October 1, 2008. This 3,225 metre (10,580 foot) well was drilled and cased during the fourth quarter 2008.
In an associated transaction, the Company has entered into an agreement to sell 25% of its existing 50% interest in the Crossfield Project for $350,000.
Berkley also reports that it has reached an agreement with the operator of the Senex Project to settle the joint account dispute. This will facilitate future joint interest activity on the Senex
lands pursuant to the January 19, 2009 Agreement (see press release dated January 29, 2009). The Company currently holds a 10% working interest in the Project.
Chief Financial Officer
The Company also wishes to announce that Pamela Lynch, CMA, has joined the Company as Chief Financial Officer. Ms. Lynch is a member of the Certified Management Accountant's Association. She has more than 10 years of management and accounting experience in both the private and public sectors. Ms. Lynch is currently the Company's Corporate Secretary. Her experience encompasses financial and regulatory compliance in a number of industries.
ON BEHALF OF THE BOARD
Chief Executive Officer
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