Crew Energy Inc. has purchased 59 sections of Montney lands (the "Option Lands") in Northeast British Columbia, exercising on a portion of and amending the option it obtained in December 2012 as part of its Septimus/Groundbirch acquisition.

The Company, on February 28th, 2013 closed the acquisition of approximately 59 net sections of Option Lands for a purchase price of $20 million. These lands are contiguous or proximal to Crew's existing lands and include approximately 31 net sections in the Altares/Attachie liquids rich gas window and approximately 28 net sections at Goose in the oil window of the over pressured regional Montney complex in Northeast British Columbia.

Crew has maintained the exclusive option to acquire approximately 81 additional net sections of land for $36 million subject to adjustments with such payment to be comprised of cash or a minimum of $10 million cash and the issuance of Crew common shares at Crew's election. The option election period on the remaining lands has been extended from March 15, 2013 to June 3, 2013.

Tags: Crew Energy Inc.