Esrey Announces Debt Settlement
29 April 2014 - 9:19AM
Marketwired
Esrey Announces Debt Settlement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 28, 2014) -
Esrey Energy Ltd. ("Esrey" or the "Company") (TSX-VENTURE:EEL) is
pleased to announce that it has received TSX Venture Exchange
approval and has closed the transaction to settle US$2,636,363
(CDN$2,900,000) of the non-revolving credit facilities owed by the
Corporation's wholly owned subsidiary Kaynes Capital S.a.r.l.
("Kaynes") to arm's length creditors through the issuance of an
aggregate 10,943,396 common shares of Esrey at a deemed price of
CDN$0.265 per common share, as announced in the Corporation's March
24, 2014 news release.
About Esrey
Esrey is a Canadian
exploration and development company focused on developing oil and
gas properties in Papua New Guinea, Poland, Bulgaria and the USA.
In Papua New Guinea, Esrey holds a 16.85% net interest in PPL 319,
an 84.25% interest in 3 PPLs in northern Papua New Guinea (which
collectively cover approximately 5.5 million gross acres) and a 20%
net interest in PRL 13 (which covers approximately 42,000 gross
acres). Esrey has entered into a farm-in agreement with
subsidiaries of Heritage Oil PLC under which those subsidiaries
acquired an 80% interest in PPL 319 and PRL 13, subject to
fulfillment of work commitments under the farm-in agreement. Esrey
has a 42.96% net interest in approximately 734,000 gross acres of
prospective shales in Poland together with BNK Petroleum Inc. Esrey
is operator and has a 50% net interest in approximately 360,000
gross acres of prospective shales in Poland together with San Leon
Energy. Esrey has entered into a farm-in agreement relating to
405,080 acres of prospective argillite formation in Bulgaria with
Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic
Petroleum Ltd. Esrey also holds a 100% working interest (80% net
revenue interest) in approximately 2,250 net mineral acres of oil
and gas leases in Daniels and Sheridan Counties located in north
east Montana as well as a 100% working interest (79% net revenue
interest) in approximately 46,700 net acres of oil and gas leases
in Cascade County, in western Montana. Esrey shares trade on the
TSX Venture Exchange under the symbol "EEL".
ESREY ENERGY LTD.
Per: David
Nelson, President & CEO
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.
Cautionary Note
Regarding Forward-Looking Statements
Certain statements
contained in this news release constitute "forward-looking
information" as such term is used in applicable Canadian securities
laws, including information regarding the proposed debt settlement.
Forward-looking information is based on plans and estimates of
management at the date the information is provided and certain
factors and assumptions of management. Forward looking information
is subject to a variety of risks and uncertainties and other
factors that could cause plans, estimates and actual results to
vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risks related to
unsatisfactory results of due diligence, international operations
and doing business in foreign jurisdictions, risks associated with
the oil and gas industry and exploratory and development activities
generally (e.g., operational risks in development, exploration and
production, delays or changes in plans with respect to exploration
or development projects or capital expenditures, risks associated
with equipment procurement and equipment failure), the risk of
commodity price and foreign exchange rate fluctuations, risks
related to future royalty rate changes, and risks and uncertainties
associated with securing and maintaining necessary regulatory
approvals, and counterparty risk related to the stability and
viability of the Company's joint venture participants.
Shares Outstanding:
39,762,771
Esrey Energy Ltd.Investor Relations1-778-373-0103604 434
1487info@esreyenergy.com
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