Sonde Resources Corp. Announces Further Extension of Farm-Out of Joint Oil Block
07 Junho 2013 - 9:19AM
Marketwired
Sonde Resources Corp. ("Sonde" or the "Company") (TSX:SOQ) (NYSE
MKT:SOQ) announced today that the original Farm-Out Agreement with
Viking Energy North Africa Limited ("Viking") has been extended by
mutual agreement until July 31, 2013. An extension of the closing
date for the Farm-Out Agreement was obtained to allow the parties
to complete the negotiation of the documentation reflecting the
amendments required by the Joint Oil Board of Directors and set
forth in the Company's press release of May 6, 2013, to negotiate
the form of assignment agreement and related documentation with
Joint Oil to effect the terms of the Farm-Out and to fund the
US$50.995 million bank guarantee (of which the Company is obligated
to contribute US$10.995 million). Recent developments relating to
the proposed acquisition of a majority interest in the Zarat
license (located to the south of the Joint Oil Block) have resulted
in a re-evaluation by Viking and its lenders of the proposed
unitization and unit plan of development for the Zarat license and
Joint Oil Block, and an assessment of the potential implications
thereof on the Farm-Out Agreement with Sonde. The Company is
working diligently to advance the Farm-Out with Viking; however,
there can be no assurance that the Farm-Out Agreement will be
completed.
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy
company engaged in the exploration and production of oil and
natural gas. Its operations are located in Western Canada and
offshore North Africa. See Sonde's website at
www.sonderesources.com to review further detail on Sonde's
operations.
Forward-looking Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities laws and "forward
looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These statements include,
among others, those concerning the proposed amendment to the Viking
Farm-Out Agreement, the approval process for the proposed
assignment to Viking, the satisfaction of various conditions
relating to the closing of the Viking Farm-Out Agreement. Such
forward-looking information or statements are based on a number of
assumptions which may prove to be incorrect. Assumptions have been
made regarding, among other things, market and operating
conditions, future commodity prices, the ability of the parties to
satisfy the conditions to closing of the Viking Farm-Out Agreement,
management's expectations regarding the availability of capital.
Forward-looking information or statements are subject to a number
of risks and uncertainties and actual results could differ
materially from the forward-looking information and statements due
to a number of factors, including, without limitation, general
economic, market and business conditions; stock market volatility;
risks in conducting foreign operations, including political and
fiscal instability and the possibility of civil unrest or military
action; changes in government policies or laws; risk that
government approvals may be delayed or withheld; lack of, or
restricted access to, sources of financing; and commercial risks
associated with the closing of the Viking Farm-Out. Additional
assumptions and risks are set out in detail in the Company's Annual
Information Form, available on SEDAR at www.sedar.com., and the
Company's annual reports on Form 40-F on file with the U.S.
Securities and Exchange Commission. Although management believes
that the expectations reflected in the forward-looking information
or forward-looking statements are reasonable, prospective investors
should not place undue reliance on forward-looking information or
forward-looking statements because Sonde can provide no assurance
those expectations will prove to be correct. Sonde bases its
forward-looking statements and forward-looking information on
information currently available and do not assume any obligation to
update them unless required by law.
Contacts: Sonde Resources Corp. Kurt A. Nelson Chief Financial
Officer (403) 503-7944 (403) 216-2374 (FAX)
www.sonderesources.com
Sonde Resources (CE) (USOTC:SOQDQ)
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