Sintana Energy Announces Settlement Agreement With Petrodorado
29 5월 2014 - 9:10AM
Marketwired
Sintana Energy Announces Settlement Agreement With Petrodorado
TORONTO, ON--(Marketwired - May 28, 2014) - Sintana Energy Inc.
(TSX-VENTURE: SNN) ("Sintana"), a Canadian oil & gas company
focused on exploration and development activities in Colombia, is
pleased to announce that it has entered into a settlement agreement
(the "Agreement") with Petrodorado Energy Ltd.
("Petrodorado"). In accordance with the Agreement, the parties
have terminated the arbitration process with all present and future
claims related to the arbitration having been settled in full.
As part of the settlement, Petrodorado will reimburse Sintana
for work performed by its technical staff that is mutually
beneficial for the ongoing development of the Talora discovery on
the Verdal structure.
The Talora Block, located in the upper Magdalena Valley of
Colombia, is comprised of 34,194 gross acres. The Talora
License contract has competitive terms: no X-factor, no government
back-in, a favorable royalty rate and a 24 year exploitation
term. The Block is surrounded by several oil fields, the four
closest having estimated total recoverable oil in excess of 150
Million barrels ("MMBO"). The nearby Guando Field, the largest
oil field in the region is estimated to have over 120 MMBO barrels
of recoverable oil and more than 1 Billion barrels in place.
Doug Manner, Director and CEO - "We are pleased to have reached
a satisfactory resolution of the matters submitted for arbitration
to the mutual benefit of our partnership. We look forward to
working with Petrodorado management and technical staff to attain
our primary common goal of discovering, developing and producing
substantial quantities of economic hydrocarbons. We are
encouraged by the value creation potential of the Talora Block and
look forward to a long and successful professional relationship
with our partner."
ABOUT SINTANA ENERGY:
The Company is primarily engaged in petroleum and natural gas
exploration and development activities in Colombia. The Company's
exploration strategy is to acquire, explore, develop and produce
superior quality assets with significant reserve
potential.
The Company's private participation interests in Colombia
include 100% of the conventional and 30% of the unconventional
resources in the 43,158 acre VMM-37 Block, located in the Middle
Magdalena Basin. Sintana also has a 30% private participation
interest in the 34,194 acre Talora Block, 30% in 272,021 acres in
the COR-39 & COR-11 Blocks and 25% carried private
participation interests in the 154,909 acre VMM-4 and the 59,522
acre VMM-15 Blocks all located in the Magdalena Basin. In the
Llanos Basin, the Company has a carried 25% private participation
interest in the 11,624 acre LLA-18 Block. These interests are
subject to all applicable regulatory and governmental approvals,
including those of Colombia's National Hydrocarbon Agency
(ANH).
On behalf of Sintana Energy
"Doug Manner" Chief Executive Officer
For additional information or to receive timely updates about
Sintana's South America projects and recent corporate activities
please visit the Company's website at www.sintanaenergy.com or
email info@sintanaenergy.com.
Forward-Looking Statement
This news release contains certain forward-looking
information and statements within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or
statements. Forward-looking statements or information are
based on a number of material factors, expectations or assumptions
of Sintana which have been used to develop such statements and
information but which may prove to be incorrect. Although Sintana
believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not
be placed on forward-looking statements as Sintana can give no
assurance that such expectations will prove to be correct. Neither
the Company nor any of its subsidiaries nor any of its officers,
directors or employees guarantees that the assumptions underlying
such forward-looking statements are free from errors nor does any
of the foregoing accept any responsibility for the future accuracy
of the opinions expressed in this document or the actual occurrence
of the forecasted developments. In addition to other factors and
assumptions which may be identified herein, assumptions have been
made regarding, among other things: that Sintana will continue to
conduct its operations in a manner consistent with past operations;
results from drilling activities; the accuracy of the estimates of
Sintana's resource volumes and interpretations of drilling activity
results; availability of financing and/or cash flow to fund
Sintana's current and future plans and expenditures; the impact of
increasing competition; the general stability of the economic and
political environment in which Sintana operates; the general
continuance of current industry conditions; the timely receipt of
any required regulatory approvals; the ability of Sintana to obtain
qualified staff, equipment and services in a timely and cost
efficient manner; the ability of the operator of the projects in
which Sintana has an interest in to operate the field in a safe,
efficient and effective manner; future commodity prices; currency,
exchange and interest rates; regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in
which Sintana operates; and the ability of Sintana to successfully
market its oil and natural gas products. The forward-looking
information and statements included in this news release are not
guarantees of future performance and should not be unduly relied
upon. Such information and statements, including the assumptions
made in respect thereof, involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information or statements including, without
limitation: risks associated with the uncertainty of exploration
results and estimates, inaccurate estimation of Sintana's oil and
gas resource volumes, currency fluctuations, the uncertainty of
conducting operations under a foreign regime, exploration risk, the
uncertainty of obtaining all applicable regulatory approvals, the
availability of labour and equipment, the fluctuating prices of oil
and natural gas, the availability of financing and the Company's
dependence on Sintana's management personnel, other participants in
the property areas and certain other risks detailed from
time-to-time in Sintana's public disclosure documents, (including,
without limitation, those risks identified in this news release and
Sintana's Annual Information Form). Furthermore, the
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
Analogous Information: Certain information
contained herein is considered "analogous information" as defined
in National Instrument 51-101 - Standards of Disclosure of Oil and
Gas Activities ("NI 51-101"). Such analogous information has not
been prepared in accordance with NI 51-101 and the Canadian Oil and
Gas Evaluation Handbook. In particular, this press release notes
that oil fields surrounding the Talora Block have significant
amounts of recoverable oil in place and makes certain assumptions
about the Talora Block as a result of such analogous information
and potential recovery rates at Talora as a result thereof. Such
information is based on public data and information recently
obtained from a database maintained by Wood MacKenzie. The Company
has no way of verifying the accuracy of such information and cannot
determine whether the source of the information is independent.
Such information has been presented to help demonstrate that
hydrocarbons may be present in commercially recoverable quantities
in the Company's area of interest. There is no certainty that such
results will be achieved by the Company and such information should
not be construed as an estimate of future reserves or resources or
future production levels. Values for surrounding fields in Colombia
have been obtained as reported in the Industry published reports
and the Wood MacKenzie Database
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.
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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