EXHIBIT 99
BERKLEY RESOURCES INC.
#400, 455 Granville Street, Vancouver, BC, V6C 1T1
Ph: (604) 682-3701 Fax: (604) 682-3600
September 30, 2004
(BKS - TSX Venture)
(BRKDF - U.S. Pinks)
NEWS RELEASE
Major Drill Program Commenced Sept. 2004
Berkley Resources Inc. ("Berkley") is a diversified resource and real estate
company headquartered in Vancouver, Canada. Over the past 16 years it has
developed a profitable base of oil and gas projects across Western Canada and
commercial real estate in downtown Vancouver. By 2003 Berkley had acquired an
impressive portfolio of oil and gas properties and is planning an aggressive
exploration and drilling program throughout the balance of 2004 and into early
2005.
With record breaking oil prices, Berkley anticipates that in 2004/2005 there
will be a substantial increase in revenues and net income. Even though we are at
record prices in oil, the price outlook, based on world events, is for oil
prices to sustain their high levels and perhaps increase even further.
Berkley holds interests in roughly 40 producing wells most of which are located
within five discrete project areas in Alberta and Saskatchewan. In addition
Berkley is involved in four new exploration projects in Alberta. One is
currently drilling and the other three are scheduled for drilling in the next
six months. All four are quality opportunities developed over the past several
years.
Presently Berkley is actively developing the following projects. Several more
are in the works:
o Dollard, Saskatchewan - Infill drilling is underway on this oil
producing property purchased in 2003. Berkley holds 20% W.I. in this
project. Further infill and extension drilling will be pursued
step-by-step based on success. This favourable acquisition is
significantly enhanced by current oil prices.
o Crossfield, Alberta - This "second-wave" gas prospect is drill ready,
waiting on licencing. Berkley holds 35% W.I. in over 4,000 acres of
P&NG leases related to this prospect.
o Brazeau, Alberta - This $4.6 million test well is underway. Berkley
will pay 30% of the test well costs to earn 19.50% W.I. in a
significant gas target. If successful the test well will be tied-in
immediately to the operator's marketing system.
o Senex, Alberta - Berkley and its partners completed the final
acquisition important to this oil prospect by purchasing a nine
section P&NG Licence at the September 29, 2004 Alberta Crown sale for
$375,000. This acquisition completes the 14 section block important to
this project. Berkley holds 20% W.I. in most of the project area which
is currently producing over 100 barrels of oil per day from existing
wells. Additional drilling and re-entry work is underway.
Berkley is well positioned to profit from the strong resource market. Berkley
has a solid asset base and has relied almost entirely on internally generated
revenues for financing. As a result there are only 6.8 million shares
outstanding.
Berkley plans further development of its oil and gas projects, with its
interests ranging from 20% - 35%. These will be tested under a C$3.0 million
plus (Berkley's share) drilling budget in 2004/2005.
For more information please contact J.E. (Jim) O'Byrne, Manager, Oil and Gas
Operations - Calgary, Phone (403) 237-6211.
ON BEHALF OF THE BOARD:
"Matt Wayrynen"
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Matt Wayrynen, President
The TSX Venture Exchange has not reviewed and does not accept the responsibility
for the accuracy or adequacy of this release.