Bancroft Uranium Inc. announced its plans to move forward with a strategic portfolio diversification including the planned acquisition of new and exciting opportunities within conventional sectors of the energy market.
Further to this aim, Bancroft is currently finalizing terms towards the acquisition of several Canadian oil and gas plays that Management finds of significant interest. The projects represent relatively shallow, low cost oil and gas targets which the Company believes have the potential for near-term production.
Bancroft management is committed to the energy sector overall and believes that the timely acquisition of strategic energy assets will positively augment its existing portfolio of uranium assets. The new acquisitions are currently being finalized and details of their specific potential will be forthcoming shortly.
Bancroft is confident that the addition of well-documented projects whose merits deliver the potential for near-term cash flow will significantly assist the Company’s ability to finance ongoing operations and will serve to provide its stakeholders and shareholders with significant added value prospects.
As part of this overall diversification plan, a name change to Bancroft Energy, Inc. has been proposed and is under consideration as a means to better to reflect this corporate shift.
The Company will announce details of the oil and gas projects as soon as the agreements are signed and executed.
In related news, Mr. P. L. Hammond has resigned from the Board. Bancroft is currently reviewing replacement candidates from the Canadian petroleum sector.
Bancroft Uranium Inc. is an exploration Company currently developing Uranium assets in North America. Bancroft’s initial asset, the Monmouth Uranium Project, is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.