All Posts By

Falcon

Results of Annual General & Special Shareholders meeting

By | Press Releases

FALCON OIL & GAS LTD.
(“Falcon”)
Results of Annual General & Special Shareholders meeting

19 October 2018- Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) held its Annual General & Special Shareholders meeting in Dublin, Ireland yesterday.

All of the resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

For further information, please contact:

CONTACT DETAILS: Falcon Oil & Gas Ltd.

+353 1 676 8702

Philip O’Quigley, CEO

+353 87 814 7042

Anne Flynn, CFO

+353 1 676 9162

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

RBC (Joint Broker)

Matthew Coakes / Martin Copeland

+44 20 7653 4000

Cenkos Securities plc (Joint Broker)

Neil McDonald/Derrick Lee

+44 131 220 9771

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Appointment of Cenkos Securities plc (“Cenkos”)

By | Press Releases

Falcon Oil & Gas Ltd.
(“Falcon”)
Appointment of Cenkos Securities plc (“Cenkos”)

10 October 2018 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to announce the appointment of Cenkos as joint broker, alongside Davy and RBC Capital Markets, Falcon’s current brokers. Davy will continue as Falcon’s sole nominated advisor.

Ends.

For further information, please contact:

CONTACT DETAILS: Falcon Oil & Gas Ltd.

+353 1 676 8702

Philip O’Quigley, CEO

+353 87 814 7042

Anne Flynn, CFO

+353 1 676 9162

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

RBC (Joint Broker)

Matthew Coakes / Martin Copeland

+44 20 7653 4000

Cenkos Securities plc (Joint Broker)

Neil McDonald/Derrick Lee

+44 131 220 9771

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Cenkos

Cenkos is a leading specialist securities firm focused on UK small and mid-cap companies. Cenkos acts as a nominated advisor, sponsor, broker and financial advisor to a range of companies and investment funds, and is a leading adviser to oil and gas companies on AIM. Since inception in 2005, Cenkos has raised more than £18bn for its clients. Cenkos is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. It has offices in London and Edinburgh.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com

Termination of the Overriding Royalty Interest with CR Innovations AG

By | Press Releases

Falcon Oil & Gas Ltd.
Termination of the Overriding Royalty Interest with CR Innovations AG

3 October 2018 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) notes the following.

Falcon Oil & Gas Australia Ltd. (“Falcon”) and Origin Energy B2 Pty Ltd. (“Origin”) entered into a call option agreement in 2014 with CR Innovations AG (“CRIAG”) to acquire its remaining 1% overriding royalty interest over the Beetaloo Sub-basin exploration permits EP76, EP98, and EP117 in the Northern Territory, Australia (“ORRI”). Under the relevant agreement, Falcon and Origin had a five-year option to terminate the ORRI at a cost of US$5 million, to be paid in proportion to their respective interests in the exploration permits.

CRIAG was adjudicated bankrupt on 21 March 2017 following which Falcon and Origin approached the liquidator of CRIAG (the “Liquidator”) with a view to terminating the ORRI. Falcon and Origin have signed a termination agreement with the Liquidator and paid CHF150,000 (approximately US$151,000) to the Liquidator and the 1% ORRI has been terminated.

For further information, please contact:

CONTACT DETAILS: Falcon Oil & Gas Ltd.

+353 1 676 8702

Philip O’Quigley, CEO

+353 87 814 7042

Anne Flynn, CFO

+353 1 676 9162

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

RBC (Joint Broker)

Matthew Coakes / Martin Copeland

+44 20 7653 4000

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is also a 37.5% shareholder of Australia Pacific LNG, which supplies natural gas to Australian domestic markets and exports LNG to international markets.

For further information on Origin Energy, please visit www.originenergy.com.au

Glossary

CHF Swiss Franc

US$ United States Dollar

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Results of Annual General & Special Shareholders meeting

By | Press Releases

FALCON OIL & GAS LTD.
(“Falcon”)
Results of Annual General & Special Shareholders meeting

15 September 2017- Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) held its Annual General & Special Shareholders meeting in Dublin, Ireland yesterday.

All of the resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O’Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162

Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell +353 1 679 6363

RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000

About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Technical & Operational update – Beetaloo Drilling Programme

By | Press Releases

Falcon Oil & Gas Ltd.
(“Falconor the “Company” or the “Group”)
Technical & Operational update – Beetaloo Drilling Programme

28 April 2016 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to provide the following technical and operational update for its operations in the Beetaloo Basin, Australia.

2015 Drilling Programme – Technical Results

The results from the in-depth shale evaluation program and petrophysical analysis of the three wells drilled in 2015 confirm the following:

 The Middle Velkerri and Kyalla shales offer stacked play fairways with continuity over a large proportion of the Beetaloo Basin and in various maturity windows (dry gas to liquid).

 Three pervasive, organic rich shale intervals were identified and characterised within the Middle Velkerri formation with excellent reservoir and completion quality. The identified “B” and “C” shales have thickness in excess of 40 meters each.

 Amungee NW-1H, the first horizontal well in the programme landed in the Middle Velkerri “B” shale encountering excellent gas shows and represents a highly prospective candidate for multi-stage hydraulic fracture stimulation.

 Core analysis confirmed that the Middle Velkerri shale is organic rich, with average Total Organic Content (“TOC”) of 3%-4% and is gas saturated.

 Diagnostic Fracture Injection Test (“DFIT”) data revealed that the Middle Velkerri shale is 20% -25% overpressured, which is encouraging from both a volumetrics and reservoir productivity perspective.

 Favourable geomechanics indicates good frackabability within the Middle Velkerri shale.

 Estimated gas in-place density ranges within the Middle Velkerri shales are comparable to successful North American shale plays.

2016 Drilling and Testing Programme – Objectives

The objectives of the 2016 Beetaloo drilling and testing programme comprise:

 Testing gas productivity of the Middle Velkerri shale from the horizontal Amungee NW-1H well by means of a multi-stage hydraulic fracture stimulation programme.

 Proving the areal extent of the Middle Velkerri shale gas play towards the southern part of the Beetaloo Basin, through the drilling and testing of the vertical Beetaloo W-1 well, which is to be located approximately 85km south of the Kalala S-1 and Amungee NW-1H wells; and some 35km south of the Shenandoah S-1 well.

 Testing of the shallower, condensate rich gas mature sections of the Middle Velkerri shale on the northern basin flank through drilling the second vertical well in 2016, located approximately 35km north of the Kalala S-1 and Amungee NW-1H wells within exploration permit (“EP”) 98.

 Characterization of the Kyalla shale as a secondary target could provide upside and enhanced liquids potential.

2016 Drilling and Testing Programme – Operational Schedule

Preparations for the joint venture’s 2016 drilling, testing and hydraulic stimulation programme are progressing and on schedule:

 Rig 185, commissioned from Saxon Energy Services Australia Pty. Ltd, has remained “warm stacked” at the Amungee NW-1H wellsite since November 2015 in order to commence operations as soon as weather conditions permit. Recomissioning of Rig 185 is expected to commence in mid-May 2016.

 Re-entering the horizontal Amungee NW-1H well is scheduled for mid-June 2016, followed by a multi-stage fracture stimulation programme to test the Middle Velkerri “B” shale reservoir.

 Civil works at the Beetaloo W-1 vertical well are expected to commence mid-May 2016 with spudding expected Quarter 3, 2016.

 The regulatory approval process for the drilling of the second vertical well within EP-98 is ongoing with spudding scheduled to commence immediately post drilling Beetaloo W-1 well.

Philip O’Quigley, CEO of Falcon commented

“I am delighted to update the market on the results of the in-depth shale evaluation program and petrophysical analysis carried out of all the technical data gathered on the three wells drilled during 2015. The results confirm early indications, as previously communicated, that this is a highly prospective basin.

Falcon’s shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of your company. Falcon remains fully carried throughout 2016 by our partners Origin and Sasol.”

Ends.

Background – Australia

On 2 May 2014, Falcon announced it had entered into a Farm-Out Agreement and Joint Operating Agreement with Origin and Sasol (collectively referred to herein as the “Farminees”) with each farming into 35% of the Falcon’s exploration permits in the Beetaloo Basin, Australia through its 98% subsidiary, Falcon Oil & Gas Australia Ltd. (“Falcon Australia”). The Farminees will carry Falcon in a nine well exploration and appraisal programme from 2015 to 2018.

 Farminees will pay for the full cost of completing the first five wells estimated at A$64 million, and will fund any cost overruns, with work expected to be completed between 2015 and 2016.

 Farminees to pay the full cost of the following two horizontally fracture stimulated wells, 90 day production tests and micro seismic data collection with a capped expenditure of A$53 million, any cost overrun funded by each party in proportion to their working interest. This work programme is expected to be undertaken in 2017.

 Farminees to pay the full cost of the final two horizontally fracture stimulated wells and 90 day production tests capped at A$48 million, any cost overrun funded by each party in proportion to their working interest. This work programme is expected to be undertaken in 2018.

 Farminees may reduce or surrender their interests back to Falcon Australia only after:

o The drilling of the first five wells; or

o The drilling and testing of the next two horizontally fracture stimulated wells.

Stacking a Rig

Stacking a Rig means leaving a rig idle but operational. A ready or warm stacked rig typically retains most of its crew and can deploy quickly if an operator requires its services. In a ready stacked state, normal maintenance operations similar to those performed when the rig is active are continued by the crew so that the rig remains work ready. Thus, a rig is kept in a ready stacked state when its owner anticipates that the rig will be able to return to work shortly – either due to having a commitment in hand or the owner’s perception that work will be secured relatively quickly.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd. +353 1 417 1900

Philip O’Quigley, CEO +353 87 814 7042

Michael Gallagher, CFO +353 1 417 0814

Davy (NOMAD & Broker)

John Frain / Anthony Farrell +353 1 679 6363

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Origin Energy

Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia.

Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.

www.originenergy.com.au

About Sasol

Sasol is an international integrated chemicals and energy company that leverages the talent and expertise of about 31,000 people working in 37 countries. Sasol develops and commercialise technologies, and build and operate world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-carbon electricity.

Sasol, through its subsidiary, Sasol Exploration and Production International (“E&PI”) develops and manages the group’s upstream interests in oil and gas exploration and production in Mozambique, South Africa, Australia, Canada and Gabon. It produces natural gas and condensate from Mozambique’s Pande and Temane fields, shale gas from their share in the Farrell Creek and Cypress A assets in Canada, and oil in Gabon through their share in the offshore Etame Marin Permit. E&PI sells Mozambican gas under long-term contracts to Sasol Gas and external customers, condensate on short term contracts, while selling Canadian gas into the market at spot prices. Oil is sold to customers under annual contracts. For more information go to www.sasol.com.

Glossary of terms

A$ Australian dollar

CSG Coal seam gas

LNG Liquefied natural gas

LPG Liquefied petroleum gas

MW Megawatt

PJ(E) Petajoule (equivalent)

Km Kilometers

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such information may include, but is not limited to comments made with respect to the type, number, schedule, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays and the prospect of the exploration programme being brought to commerciality. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Falcon Oil & Gas comments on Recent Trading Activity

By | Press Releases

FALCON OIL & GAS LTD. COMMENTS ON RECENT TRADING ACTIVITY

Toronto, ON – November 19, 2012 – Falcon Oil & Gas Ltd. (TSXV: FO.V), (“Falcon” or the “Company”), the international oil and gas exploration and production company focused on unconventional and conventional oil and gas exploration and producing assets in Hungary, Australia and South Africa, notes some irregular trading activity of its common shares that took place on November 15, 2012.

The trades in question ranged in price between $0.11 and $0.115, as compared to the closing price of $0.215 on November 14, 2012. The Company has brought the trades in question to the attention of the Investment Industry Regulatory Organization of Canada (“IIROC”), and has been advised by IIROC that normal procedures will be followed in response to the Company’s concerns.

Falcon wishes to confirm that management of the Company is unaware of any specific reason, other than general market conditions, for the recent significant decrease in the Company’s share price. In particular, there have been no corporate developments or events to support this unusual activity.

Contact details:

Falcon Oil & Gas Ltd                                        +353 (1) 417 1900 or

Philip O’Quigley, Chief Executive Officer         +353(87) 814 7042

FTI Consulting, London and Toronto                 +44 207 837 3113

Billy Clegg/Edward Westropp

 

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is an international oil and gas exploration and production company, listed on the TSX Venture Exchange in Toronto under the symbol FO.V. It is headquartered in Dublin, Ireland, and has an office in Budapest, Hungary.

The Company is focused on unconventional and conventional oil and gas exploration and production, and holds producing assets in three major underexplored basins in Australia, Hungary, and South Africa.

For further information about Falcon Oil & Gas Ltd., please visit www.falconoilandgas.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statement. Falcon assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Falcon Oil & Gas announces Agreements with Petrohunter Energy Corporation on Australia Project

By | Press Releases

FALCON OIL & GAS ANNOUNCES AGREEMENTS WITH PETROHUNTER ENERGY CORPORATION ON AUSTRALIA PROJECT

Denver, CO, December 7, 2009 – Falcon Oil & Gas Ltd. (TSXV: FO) (“Falcon,” “Falcon Canada,” or the “Company”), a global energy company focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources, today announced that Falcon Canada and PetroHunter Energy Corporation (“PetroHunter”) have entered into two agreements (the “Agreements”), which provide for Falcon Oil & Gas Australia Pty Ltd’s (“Falcon Australia”) acquisition of PetroHunter’s remaining 25% interest in the four Beetaloo Basin Exploration Permits (the “Permits”) in the Northern Territory of Australia, and for Falcon Australia to engage in a private placement of equity securities (the “Financing”) to finance further exploration on the Permits. The two companies’ Boards of Directors have approved the Agreements.

The Agreements provide for the following: (1) For conversion of debt owed by Falcon Australia to Falcon Canada, Falcon Canada will own 75% of the common shares in the restructured Falcon Australia; (2) In consideration for an assignment to Falcon Australia of the undivided 25% working interest which PetroHunter’s wholly-owned subsidiary, Sweetpea Petroleum Pty Ltd (“Sweetpea”) owns in the four Permits, Sweetpea will own 25% of the common shares of the restructured Falcon Australia; (3) Falcon Australia will now own 100% of the working interest in the Permits; (4) The parties will enter into a Master Services Agreement (“MSA”) providing for Falcon Australia to operate the Permits; (5) Falcon Canada will receive a management fee under the MSA; and (6) Falcon Australia intends to enter into an agreement with Martin Place Securities (“MPS”), based in Sydney, Australia, to undertake the Financing. The terms of the agreement with MPS and the amount of the Financing have not yet been determined.

The closing of the Agreements is subject to various conditions first being satisfied, including TSX Venture Exchange approval.

Contacts:

Stephen Schultz                                                           Al Palombo

Falcon Oil & Gas Ltd.                                                 Cameron Associates

Investor Relations                                                       Investor Relations

(303) 893-1800                                                            (212) 554-5488

investor@falconoilandgas.com                                               al@cameronassoc.com

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is an international oil and gas exploration and production company, headquartered in Denver, Colorado, incorporated in British Columbia, Canada, and trading on the TSX Venture Exchange under the symbol FO.” The Company specializes in the business of conventional and unconventional oil and gas exploration and production and holds interests in prospective properties in Hungary and Australia. The Company is focused on discovering, acquiring, and maturing a globally diversified portfolio of drilling opportunities with a goal of maximizing shareholder value through strategic relationships. Additional information concerning Falcon Oil & Gas Ltd. is available at www.falconoilandgas.com. Investor inquiries may be directed to investor@falconoilandgas.com

In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company’s assessment of its and its subsidiaries’ future plans and operations, certain statements included in this press release may constitute forward-looking information or forward looking statements (collectively, “forward-looking statements”). All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate”, “believe”, “expect”, “estimate” and similar expressions are generally intended to identify forward-looking statements. Similarly, forward-looking statements in this press release include, but are not limited to anticipated developments of the Company’s drilling project in Hungary and the timing thereof, the Company’s drilling project in Romania and the timing thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance with environmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farmout plans, net cash flows, geographic expansion and plans for seismic surveys. In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Such statements represent the Company’s internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. These forward-looking statements made as of the date hereof disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company’s filings with Canadian securities administrators at www.sedar.com before making investment decisions with regard to the Company.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.