New World Oil And Gas Regulatory News (NEW)

New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas

7 June 2011

New World Oil and Gas Plc ('New World' or 'the Company')

Completes assignment for the Blue Creek concession, Belize

New World Oil and Gas Plc, a company focussed on acquiring interests in oil and gas assets, announced on 23 May 2011 that its intermediary First Meadows Ltd ('First Meadows'), had signed a non-binding letter of intent with Blue Creek Exploration Ltd ('Blue Creek') granting First Meadows (on behalf of the Company) a 45 day exclusivity period in which to undertake due diligence on two oil concessions located in the productive Petén Basin in Northwest Belize (the 'LOI').

The Board of New World is pleased to announce that the LOI has now been assigned to New World and that this assignment has been acknowledged by Blue Creek.

Overview:

·; Under the terms of the agreement for the Blue Creek Concession in Belize, the Company assumes all rights and obligations under the LOI signed on 17 May 2011

·; The Company has proceeded immediately to negotiations of definitive transaction documents including, but not limited to a Farm Out Agreement ('FOA') and a Joint Operating Agreement ('JOA')

·; The transaction documents include a letter of assignment between New World and First Meadows assigning the rights under the LOI to New World, and a letter of acceptance and acknowledgment from Blue Creek Exploration Ltd ("BCE") acknowledging this assignment

New World CEO William Kelleher said, "The Blue Creek concession in Northwest Belize is situated in the highly prospective Petén Basin and the Company is pleased to formally assume this exciting project. Due diligence on the Project is progressing well. We are moving quickly to conclude definitive transaction documents with BCE, and are eager to begin work in the field. This work, which is expected to begin in mid-June 2011 and will include acquisition, processing and interpretation of 2D seismic as detailed in the LOI, is part of our stated strategy to develop high-quality existing leads into seismic based drillable prospects."

** ENDS * *

For further information please visit www.nwoilgas.com or contact: