New World Oil And Gas Share News (NEW)

New World Oil and Gas has reported that that the Belize Ministry of Energy, Science & Technology and Public Utilities has formally approved the assignment of the final 25 per cent working interest in the Blue Creek Project located in the producing Petén Basin in Northwest Belize to New World's wholly-owned subsidiary, New World Oil and Gas (Belize). The assignment, which was approved following the drilling of an exploration well on the West Gallon Jug Crest prospect, as detailed in the Farm-Out Agreement on June 16th 2011, brings the company's total working interest in the project to 100%. William Kelleher, Chief Executive Officer of New World, said: "Earning into 100% working interest in the Blue Creek project, Belize, marks the end of the required work programme as agreed in our farm-out agreement with Blue Creek Exploration, which exceeds the requirements of the Belize government under the terms of the PSA." He added: "New World is now ideally positioned to seek a farm-in partner to continue its exploration programme in Belize where a number of prospective locations remain to be drilled. As previously announced, New World has set up a virtual data room at RPS Energy Services, and we have received enquiries from several interested parties with whom discussions are on-going."MF