In March 2008, Goldnev announced that it had entered into an Offer to Purchase Agreement with a private Alberta company to acquire oil and gas property interests in 9,600 acres (or 15 sections) of land in the Pincher Creek area, located 175 km southwest of Calgary, Alberta. The interests being acquired range from 7.5% to 25%.

The Pincher Creek upper zone well recompletion program consists of at least two well recompletion targets. In September 2007, the first recompletion was initiated and resulted in the discovery of light condensate oil with associated gas in the Lower Cretaceous Cadomin and Upper Jurassic Brown formations. This discovery constitutes a new oil play in the Pincher Creek area. The project represents near-term oil production with the opportunity for additional adjacent drilling locations.

The Pincher Creek Rundle formation prospect is a deep, high-impact natural gas drilling project that will test a second thrust sheet in the Rundle formation. This second Rundle sheet has been encountered and is producing six miles southeast, on trend with the prospective location. In addition, this well is also expected to penetrate the continuation of the recent oil discovery in the Pincher Creek upper zone, providing multiple bailout zones and substantially reducing the risk associated with drilling the Rundle prospect.

The Offer to Purchase Agreement has been accepted and the final closing date will be dependent on the timing of an independent evaluation report being prepared in accordance with the terms of the offer.