Esrey Announces Debt Settlement

Esrey Energy Ltd. ("Esrey" or the "Company") (TSX VENTURE:EEL) is pleased to
announce that it has received TSX Venture Exchange approval and has closed the
transaction to settle US$2,636,363 (CDN$2,900,000) of the non-revolving credit
facilities owed by the Corporation's wholly owned subsidiary Kaynes Capital
S.a.r.l. ("Kaynes") to arm's length creditors through the issuance of an
aggregate 10,943,396 common shares of Esrey at a deemed price of CDN$0.265 per
common share, as announced in the Corporation's March 24, 2014 news release.


About Esrey

Esrey is a Canadian exploration and development company focused on developing
oil and gas properties in Papua New Guinea, Poland, Bulgaria and the USA. In
Papua New Guinea, Esrey holds a 16.85% net interest in PPL 319, an 84.25%
interest in 3 PPLs in northern Papua New Guinea (which collectively cover
approximately 5.5 million gross acres) and a 20% net interest in PRL 13 (which
covers approximately 42,000 gross acres). Esrey has entered into a farm-in
agreement with subsidiaries of Heritage Oil PLC under which those subsidiaries
acquired an 80% interest in PPL 319 and PRL 13, subject to fulfillment of work
commitments under the farm-in agreement. Esrey has a 42.96% net interest in
approximately 734,000 gross acres of prospective shales in Poland together with
BNK Petroleum Inc. Esrey is operator and has a 50% net interest in approximately
360,000 gross acres of prospective shales in Poland together with San Leon
Energy. Esrey has entered into a farm-in agreement relating to 405,080 acres of
prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD,
a subsidiary of TransAtlantic Petroleum Ltd. Esrey also holds a 100% working
interest (80% net revenue interest) in approximately 2,250 net mineral acres of
oil and gas leases in Daniels and Sheridan Counties located in north east
Montana as well as a 100% working interest (79% net revenue interest) in
approximately 46,700 net acres of oil and gas leases in Cascade County, in
western Montana. Esrey shares trade on the TSX Venture Exchange under the symbol
"EEL".


ESREY ENERGY LTD. 

Per: David Nelson, President & CEO

Neither 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.


Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking
information" as such term is used in applicable Canadian securities laws,
including information regarding the proposed debt settlement. Forward-looking
information is based on plans and estimates of management at the date the
information is provided and certain factors and assumptions of management.
Forward looking information is subject to a variety of risks and uncertainties
and other factors that could cause plans, estimates and actual results to vary
materially from those projected in such forward-looking information. Factors
that could cause the forward-looking information in this news release to change
or to be inaccurate include, but are not limited to, the risks related to
unsatisfactory results of due diligence, international operations and doing
business in foreign jurisdictions, risks associated with the oil and gas
industry and exploratory and development activities generally (e.g., operational
risks in development, exploration and production, delays or changes in plans
with respect to exploration or development projects or capital expenditures,
risks associated with equipment procurement and equipment failure), the risk of
commodity price and foreign exchange rate fluctuations, risks related to future
royalty rate changes, and risks and uncertainties associated with securing and
maintaining necessary regulatory approvals, and counterparty risk related to the
stability and viability of the Company's joint venture participants.


Shares Outstanding: 39,762,771

FOR FURTHER INFORMATION PLEASE CONTACT: 
Esrey Energy Ltd.
Investor Relations
1-778-373-0103
604 434 1487 (FAX)
info@esreyenergy.com
Esrey Energy Ltd. (TSXV:EEL)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024