Rey Resources terminates deal to acquire interest in EP 487 in Canning Basin

Rey Resources Ltd. reports that the agreement with Backreef Oil Pty Ltd. for the acquisition of a 50% interest in EP 487 in the Canning Basin of Western Australia came to an end on Dec. 31, 2014.

The parties originally executed the agreement on Sept. 25, 2012, with a requirement that the transfer proceed by Dec. 31, 2013, a date that was subsequently extended to Dec. 31, 2014. The transfer of the 50% interest in EP 487 has still not occurred, and the parties have not agreed to further extend the date for transfer; therefore, the agreement has now come to an end.

 

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