Sintana Energy Announces Commencement of Arbitration Proceedings Related to the Talora Block, Colombia
23 10월 2013 - 12:03AM
Marketwired
Sintana Energy Announces Commencement of Arbitration Proceedings
Related to the Talora Block, Colombia
TORONTO, ON--(Marketwired - Oct 22, 2013) - Sintana Energy Inc.
(TSX-VENTURE: SNN) ("Sintana") announces that it has commenced an
arbitration action, through the International Chamber of Commerce
in Paris, France, against Petrodorado Energy Ltd. and Petrosouth
Energy Corp., the Operator, (together "Petrodorado") relating to
the Talora Block located in the Magdalena Basin, Colombia ("Talora
Block").
Sintana and Petrodorado entered into a Farmout Agreement dated
October 16, 2011 ("Agreement") to further the exploration and
development of the Talora Block. Sintana contends that Petrodorado
committed multiple breaches of the Agreement.
Since the commencement of this dispute, it has been the strong
preference of Sintana to amicably reach an acceptable compromise
and preserve the Agreement. These attempts have proven
unsuccessful. Accordingly, Sintana has referred the matter to
arbitration and will vigorously pursue its claims in accordance
with the terms and conditions of the Agreement.
On behalf of Sintana Energy,
"Douglas Manner" Chief Executive Officer
Forward-Looking Statement
Forward Looking Statements - Certain information set forth
in this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, including, but not limited to the results of the
arbitration proceedings, any future exploration programs to be
conducted on the Property or the results thereof, the impact of
general economic conditions, industry conditions, government
requirements, the availability of financing and exploration risk.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
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.
For more information contact: Corporate Contact: Douglas Manner
Chief Executive Officer Tel: 832.279.4913 Corporate Contact: Sean
Austin Vice President Tel: 713.825.9591
(TSXV:SNN)
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