Stamper Oil & Gas Provides Update on State and Memorandum of Understanding
VANCOUVER, British Columbia, July 23, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”) today announces that the Board of Stamper has concluded that the Memorandum of Understanding (“MOU”) between State Oil Corporation (“State”) and Sudapet Company Ltd. (“Sudapet”), the national oil company of Sudan, will not be extended. Mr. Lutfur Khan, Chairman of State, after giving assurances to the Company, could not secure an extension to the MOU with Sudapet.
As a result of these developments, the Board of Stamper has notified State Oil Corporation (“State”) that the Memorandum of Understanding (“MOU”) between Stamper and State has been terminated.
The Company is evaluating other oil and gas projects in North America, Latin America and Africa.
David Greenway, Chief Executive Officer of Stamper Oil & Gas, said, "Though this is a hurdle for the Company, Stamper will continue in its efforts to source oil and gas projects that fit the Company and will keep all investors informed of its progress.”
About Stamper Oil and Gas Stamper Oil and Gas Corp. (TSX.V:STMP) is an independent international oil and gas company, engaged in the acquisition, exploration and development of conventional oil and natural gas properties. The Company plans to identify and build out a portfolio of high-impact oil and gas prospects, with a focus on Africa. Stamper is committed to creating sustainable shareholder value by evaluating and developing future prospects into commercially viable assets.
ON BEHALF OF THE BOARD OF DIRECTORS “David C. Greenway” President & Director
For further information, please contact: Stamper Investor Relations Phone: (604) 684-2401 Email: info@stamperoilandgas.com
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.
Forward-Looking Statements This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
