new ventures update

"Antares Energy Limited (?Antares?, ASX:AZZ) is pleased to provide an update on new ventures activities and guidance on the characteristics of properties likely to be acquired through the deployment of Antares? 156,200,000 USD share of the sale proceeds of 200,000,000 USD from the successful closing of the Yellow Rose and Bluebonnet transaction, as anticipated, on the 15th December 2010.
Antares will endeavour to become an Australian Stock Exchange (ASX) Top 10 oil and gas company as defined by market capitalisation by year?s end 2011. The current top 10 as defined by market capitalisation are shown below as of 17th December 2010."

The lowest top 10 company is valued at $529m, Antares would need to be valued near $2 per share by the end of 2011 to qualify using their figures.

"Antares will accomplish this goal through the acquisition of an existing proven, producing oil and gas property with significant development upside. At present, Antares is reviewing multiple opportunities that meet these criteria and can be accessed with the proceeds of the sale of the Yellow Rose and Bluebonnet properties. It should be noted that Antares? share of the 200,000,000 USD sale price being 156,200,000 USD puts Antares in an enviable position when compared with the current ASX Top 10 oil and gas companies as defined by cash at hand, as at the 30th June 2010."

"As stated, any acquisition made by Antares will have requisite existing production (1P Reserves) and significant development upside (2P Reserves). The opportunities Antares is currently considering compare favourably against the ASX Top 10 oil and gas companies as defined by 2P reserves."

"Antares is excited about the opportunities it has identified and is currently evaluating and looks forward to sharing the full details of an acquisition once a Purchase and Sales Agreement (PSA) has been executed. It is expected that a PSA will be signed and announced in the first quarter of 2011.
Additionally Antares is pleased to advise it has received and banked its first cheque from its Term Assignment interests."