CALGARY, ALBERTA -- (Marketwire) -- 07/08/10 -- Azabache Energy Inc. ('Azabache') or the ('Company') (TSX VENTURE: AZA) announces that effective June 29, 2010, it has signed an Exploration and Production Contract ('E&P Contract') with the Colombian National Hydrocarbons Agency ('ANH') to explore for, develop and produce hydrocarbons found in 'La Mona Block', an area of 44,497 hectares (109,954 acres), located in the Northern State of Magdalena, Republic of Colombia.
The Company recently acquired 50 line-km of 2-D seismic data to complement the existing data. As a result of the latest interpretation several very large prospects were identified, similar in nature with recent gas discoveries in the Lower Magdalena Basin.
In Phases 1 and 2 of the 24 month Exploration Period of the E&P Contract, Azabache has committed to acquire and process a 85 km 2D seismic data, and to drill one (1) Exploratory Well.
For further information on Azabache please visit the Company's website at www.azaenergy.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.