Spectral Bids for Canadian Oil Assets

Friday, Feb 03, 2012

Spectral Capital Corporation, (FCCN.QB) (F3SN:F) focused on the acquisition and development of properties in the natural resource sector, announced today that it was in late-stage negotiations with a Canadian oil and gas partner regarding investment in a growing portfolio of producing oil and gas wells in Western Canada. Spectral's prospective partner has demonstrated a remarkable, decade-long track record at developing and acquiring producing wells with some of the industry's lowest acquisition and operating costs.

Canada holds the world's second-largest oil reserves, taking into account Alberta oil sands previously considered too expensive to develop, according to the Energy Information Administration. Western Canada has been the traditional center of Canada's oil production and alone contains some of the most abundant supplies of oil and natural gas in the world. Oil sands growth and new production from existing conventional oil reserves will drive Canadian crude oil production to about 4.7 million barrels per day by 2025 according to the latest forecast from the Canadian Association of Petroleum Producers.

'Our partner's growing portfolio of producing wells can benefit Spectral shareholders in two ways; (1) by providing substantial near-term cash flow that could more than cover Spectral's current operating expenses and; (2) by providing the potential for hundreds of millions of dollars in asset growth over the next 24-36 months providing oil prices continue to remain stable. We are very excited to be so close to a deal that brings us our first revenue from oil and gas production', concluded President and CEO Jenifer Osterwalder.

Source: Business Wire

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