Claren to Acquire Remaining 60% Interest in the Bobocu Gas Field
TORONTO, June 17, 2019 (GLOBE NEWSWIRE) -- Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN) is pleased to announce that its wholly owned subsidiary, Claren Operations Ltd., has entered into an agreement with Zeta Petroleum (Romania) S.R.L., to acquire the remaining sixty percent (60%) participating interest in the Bobocu Production License, onshore Romania, (“Bobocu”) . Upon closing of the acquisition, Claren Operations will hold a one hundred percent (100%) interest in the Bobocu Production License.
Closing of the agreement is subject to a number of customary conditions precedent including, but not limited to, approval of the National Agency for Mineral Resources (“NAMR”).
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company that has a (40%) participating interest in the Bobocu License, onshore Romania. Its common shares trade on the TSX Venture Exchange under the symbol "CEN".
For more information please contact: Claren Energy Corp. Mark Lawson T: +1 647 302 0393 Email: [email protected]
This news release contains forward-looking information relating to statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks.. Findings by other oil and gas issuers does not necessarily indicate that Claren will be successful in making such findings in Romania. In making such forward- looking statements, Claren has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Claren in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Claren may elect to, Claren is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law. 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.
