SILVERADO, CA -- (Marketwired) -- 04/23/13 -- Resource Ventures, Inc. (PINKSHEETS: REVI), through its wholly-owned subsidiary, Global Energy Management Ltd., ("GEM"), has signed a Letter of Intent ("LOI") with Petroskandia AB of Sweden, an oil and gas exploration, production and trading company. Subject to due diligence and the subsequent signing of a definitive Joint Venture Agreement, the terms of the LOI anticipate the joint exploration and development on the Tebourosouk Block in Tunisia. The Joint Venture will include a farm-in agreement under which GEM would earn a 25% retained interest in the block in return for exploration and development funding.
The Tebourosouk Block is jointly owned by Petroskandia (50%) and Entreprise Tunisienne d'Activites Petroliere (ETAP), the Tunisian state-owned oil and gas exploration company (also 50%).
The Teboursouk permit lies in the two main structural zones of the northern Tunisia, the Tellian atlas and the northern portion of the Tunisian atlas. The block is onshore near the Utique gas producing field (ETAP) and has a total area of 4956 square kilometers (1913 square miles). Petroskandia and Resource Ventures intend to develop and implement a robust exploration program upon signing of a Joint Venture Agreement.
Commented CEO Bob Thompson, "On March 21, 2013, Resource Ventures announced that its wholly-owned subsidiary, GEM, has placed a bid on a 2700 square kilometer (1042 square mile) oil concession in North Africa. The addition of a second North African concession to Resource Ventures's portfolio would very rapidly advance the company's strategic Oil and Gas Exploration Plans."
About Resource Ventures, Inc. (PINKSHEETS: REVI)
Resource Ventures Inc. ("REVI") is an emerging independent global Electrical Power Production and Petroleum Exploration Company that is focused on the acquisition and development of a diversified portfolio of complementary power generation and energy production projects.
REVI's strategic vision anticipates the utilization of both modern and traditional power generation technologies in combination with diverse energy sources, including oil and natural gas as well as renewable energy sources such as biomass, bio-diesel, wind power and photovoltaic systems.
For additional information:
Telephone: 888.497.REVI (888.487.7384)
Web Site: http://www.resven.com
Investor Information visit http://www.otcmarkets.com/stock/revi/quote
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
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