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Calgary, Alberta (FSCwire) - The Board of Directors of Petrodorado Energy Ltd. (“Petrodorado” or the “Company”) (TSXV-PDQ) provides a company update.
Postponement of Annual Meeting of Shareholders
The Company has made the decision to postpone any upcoming meeting of shareholders (including the currently scheduled annual meeting of shareholders on October 23, 2015 in Calgary, Alberta) in light of recent progress towards the possibility of presenting a potential transaction for shareholders’ consideration in the near future. In this regard, the Company has obtained an order from the Court of Queen’s Bench of Alberta to extend the deadline for holding its next annual general meeting of shareholders until no later than January 30, 2016. The continued focus of management has been to provide the Company shareholders with a possible transaction that management believes will provide accretive results to the current share value. Management is currently conducting due diligence and will provide an update as soon as possible. As has been previously announced, management and the Board of Directors have been assessing various opportunities as part of the Company’s ongoing strategic evaluation with the objective of identifying those business prospects that can provide the best future for the Company and its shareholders. Management has narrowed its search and hopes to provide an update shortly. However, there is no certainty that any transaction will result from any opportunities brought forth for deliberation by the Company’s shareholders.
Management has recently submitted a new application with Colombia’s Agencia Nacional de Hidrocarburos (the “ANH”) for a nine month extension on the current phase exploration commitment on the Company’s exploration and production contract for the Talora Block. As previously announced, the ANH officially denied the Company’s original extension request. The Company continues to work with the ANH in order to resolve any issues existing with regards to the Talora Block E&P Contract as well as evaluate all options available to the Company concerning future involvement in this exploration block. The Company still carries the current phase commitment to drill one exploration well for which the Company is financially obligated to fulfil based on the existing stipulations of the Talora Block E&P Contract established between the Company and the ANH.
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia. Its head office is located in Calgary, Alberta, Canada and Petrodorado’s common shares are traded on the TSXV under the trading symbol “PDQ”.
For further information, please contact:
Chris Reid, Interim President and CEO
Phone: (403) 800-9240
Forward Looking Statements:
This news release includes information that constitutes “forward-looking information” or “forward-looking statements”. More particularly, this news release contains statements concerning expectations regarding the possibility of the implementation of a transaction and the expected timing thereof, the negotiation of an extension for the Talora E&P Contract and the possible monetization thereof, drilling and operational opportunities and the timing associated therewith in addition to the potential exploration and development opportunities and expectations regarding regulatory approval and the overall strategic direction of the Company. The forward-looking statements contained in this document, including expectations and assumptions concerning the obtaining of the necessary regulatory approvals, including ANH approval, and the assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated developments and although the Company believes that the expectations represented by such forward-looking statements are reasonable, undue reliance should not be placed on the forward-looking statements because there can be no assurance that such expectations will be realized. Material risk factors include, but are not limited to: the inability to obtain regulatory approval, including ANH approval, for the transfer of participating interests and/or operatorship for the Company’s properties or the extension of the Talora E&P Contract, the risks of the oil and gas industry in general, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable shortages of equipment and/or labour; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates, and reliance on industry partners.
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.
The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
To view this press release as a PDF file, click onto the following link:public://news_release_pdf/petrodorado09252015.pdf
Source: Petrodorado Energy Ltd. (TSX Venture:PDQ) http://www.petrodorado.com/
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