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Vortex Enters Term Sheet Covering Certain Gas Rights

^{Published on 2009-01-20 06:39:24, Last Modified on 2009-01-20 06:40:06 - Market Wire}
 

BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--Vortex Resources Corp. (the "Company") (OTCBB:[ VTEX ]) is pleased to announce it has entered into a Non Binding Term Sheet to purchase 80% of the current outstanding shares of International Treasure Finders Incorporated ("ITFI"). ITFI owns the mineral rights for 481 acres in Woodward County, Oklahoma. This acreage is currently being explored via a joint venture agreement with Chesapeake Exploration Limited, which is entitled to drill up to five wells. Chesapeake Exploration Limited is a subsidiary of Chesapeake Energy (NYSE: CHK), which is the number one producer of natural gas in the nation and the most active driller of new wells in the U.S. When asked about the transaction, the Company's CEO Yossi Attia remarked, "We are excited to potentially be involved with Chesapeake in the development of the 481 acres in Woodward County, Oklahoma." The above transaction is subject to the receipt of a reserve report, drafting and negotiation of a final definitive agreement, performing due diligence as well as board approval of the Company. As such, there is no guarantee that the Company will be able to successfully close the above transaction.

Vortex is an emerging natural resources company with current operations in West Texas. The Company's focus is on the acquisition, exploration, development and production of oil, natural gas and minerals. The Company's objective is to find, acquire and develop natural resources at the lowest cost possible and recycle its cash flows into new projects yielding the highest returns with controlled risk.

Chesapeake Energy Corporation, an oil and natural gas exploration and production company, engages in the acquisition, exploration, and development of properties for the production of crude oil and natural gas from underground reservoirs. It also markets natural gas and oil for other working interest owners in properties it operate. The company's properties are located in Oklahoma, Texas, Alabama, Arkansas, Louisiana, Kansas, Montana, Colorado, North Dakota, Nebraska, New Mexico, West Virginia, Kentucky, Ohio, New York, Maryland, Michigan, Mississippi, Pennsylvania, Tennessee, Utah, Virginia, and Wyoming. As of December 31, 2007, it had 10.879 trillion cubic feet equivalent of proved reserves; and also owned interests in approximately 38,500 producing oil and natural gas wells. The company was founded in 1989 and is headquartered in Oklahoma City, Oklahoma.