Petromanas and Gallic Announce Extension of Outside Date for
Closing of Arrangement and Receipt of Final Court Approval
CALGARY,
Dec. 17, 2012 /CNW/ - Petromanas
Energy Inc. ("Petromanas") (TSXV: PMI) and Gallic Energy Ltd.
("Gallic") (TSXV: GLC) have extended the outside date for
completion of the proposed plan of arrangement involving Petromanas
and Gallic (the "Arrangement") from December
31, 2012 to January 31, 2013
following the approval of the Arrangement by Gallic shareholders
and warrantholders at a special meeting held on December 13, 2012. The extension will provide
additional time for the receipt of all government and regulatory
approvals required prior to closing the Arrangement.
Gallic has also received the final approval of
the Court of Queen's Bench in respect of the Arrangement following
its application to the Court on December 14,
2012.
Closing of the Arrangement is expected to occur
shortly after receipt of all required government and regulatory
approvals and the satisfaction or waiver of all other conditions to
closing.
About Petromanas
Petromanas is an international oil and gas
company focused on the exploration and development of its assets in
Albania. Petromanas, through its
wholly-owned subsidiary, holds three Production Sharing Contracts
("PSCs") with the Albanian government. Under the terms of the PSCs,
the Company has a 100% working interest in Blocks A, B, D, and E
and a 50% working interest in Blocks 2 and 3 that comprise more
than 1.4 million gross acres across Albania's Berati thrust belt.
About Gallic
Gallic is an international oil and gas company
with assets in France and
Australia. Current operations are
focused on France and, in
particular, on the Aquitaine Basin where Gallic holds a 100%
working interest in approximately 320,000 net acres of exploration
lands. Gallic also holds acreage in the prospective Canning Basin
in Australia.
Forward-Looking Information
This press release contains forward-looking
information and statements within the meaning of applicable
securities laws and are based on the expectations, estimates and
projections of management of Petromanas and Gallic as of the date
of this news release unless otherwise stated. The use of any of the
words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information or statements. More particularly and
without limitation, this press release contains forward-looking
information and statements concerning: the timing and anticipated
receipt of required regulatory and court approvals for the
transaction; the ability of Petromanas and Gallic to satisfy the
other conditions to, and to complete, the Arrangement; and the
closing of the Arrangement.
In respect of the forward-looking information
and statements concerning the anticipated timing for completion of
the Arrangement, Petromanas and Gallic have provided such in
reliance on certain assumptions that it believes are reasonable at
this time, including assumptions as to the ability of Petromanas
and Gallic to receive, in a timely manner, the necessary
government, regulatory, court, stock exchange and other third party
approvals, including but not limited to the receipt of applicable
competition approvals and foreign government approvals; the ability
of Petromanas and Gallic to satisfy, in a timely manner, the other
conditions to the closing of the Arrangement; and expectations and
assumptions concerning, among other things: commodity prices and
interest and foreign exchange rates; planned synergies, capital
efficiencies and cost-savings; applicable tax laws; future
production rates; the sufficiency of budgeted capital expenditures
in carrying out planned activities; and the availability and cost
of labour and services. The anticipated dates provided may change
for a number of reasons, including the inability to secure
necessary government, regulatory, court or other third party
approvals in the time assumed or the need for additional time to
satisfy the other conditions to the completion of the
Arrangement. Accordingly, readers should not place undue
reliance on the forward-looking information and statements
contained in this press release.
In respect of the forward-looking information
and statements, Petromanas and Gallic have provided such in
reliance on certain assumptions that it believes are reasonable at
this time, including assumptions in respect of: prevailing
commodity prices, margins and exchange rates; that Petromanas'
future results of operations will be consistent with past
performance and management expectations in relation thereto; the
continued availability of capital at attractive prices to fund
future capital requirements relating to existing assets and
projects, including but not limited to future capital expenditures
relating to expansion, upgrades and maintenance shutdowns; the
success of growth projects; future operating costs; that
counterparties to material agreements will continue to perform in a
timely manner; that there are no unforeseen events preventing the
performance of contracts; and that there are no unforeseen material
construction or other costs related to current growth projects or
current operations.
Since forward-looking information and
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to the risks associated with the industries in which
Petromanas and Gallic operate in general such as: operational
risks; delays or changes in plans with respect to growth projects
or capital expenditures; costs and expenses; health, safety and
environmental risks; commodity price, interest rate and exchange
rate fluctuations; environmental risks; competition; failure to
realize the anticipated benefits of the Arrangement and to
successfully integrate Gallic and Petromanas; ability to access
sufficient capital from internal and external sources; and changes
in legislation, including but not limited to tax laws and
environmental regulations. Risks and uncertainties inherent in the
nature of the Arrangement include the failure of Petromanas or
Gallic to obtain necessary government, regulatory, court and other
third party approvals, or to otherwise satisfy the conditions to
the Arrangement, in a timely manner, or at all. Failure to so
obtain such approvals, or the failure of Petromanas or Gallic to
otherwise satisfy the conditions to the Arrangement, may result in
the Arrangement not being completed on the proposed terms, or at
all.
Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on other
factors that could affect the operations or financial results of
Petromanas, Gallic and the combined company, are included in
reports on file with applicable securities regulatory authorities,
including but not limited to; Petromanas' Annual Information Form
for the year ended December 31, 2011
which may be accessed on Petromanas' SEDAR profile at
www.sedar.com and the Annual Information Form of Gallic for the
year ended December 31, 2011 which
may accessed on Gallic's SEDAR profile.
The forward-looking information and
statements contained in this press release are made as of the date
hereof and Petromanas undertakes no obligation to update publicly
or revise any forward-looking information or statements, whether as
a result of new information, future events or otherwise, unless so
required by applicable securities laws.
Neither TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Petromanas Energy Inc.