Sonde Resources Corp. Announces:
February 24 2011 - 6:56PM
Marketwired
Sonde Resources Corp. ("Sonde") (TSX: SOQ) (NYSE Amex: SOQ)
announced today that it has completed definitive documentation and
closed the previously announced sale of Liberty Natural Gas LLC
(the "Company") which owns a 100% working interest in the Liberty
Natural Gas LNG project (the "Project") to an entity related to
West Face Capital Inc. (the "Purchaser"). The transaction closed on
February 22, 2011.
Subsequent to Sonde's January 28, 2011 press release with
respect to the proposed sale, the Office of the Governor for the
State of New Jersey publicly issued a statement indicating that it
would not approve a licence for the Project. In light of the
increased uncertainty regarding the Project the terms of the
transaction were renegotiated with the Purchaser agreeing to assume
control over the Project's future. Pursuant to the sale, Sonde
received a U.S.$1.0 million cash payment upon closing in respect of
reimbursable expenses, and is entitled to receive deferred cash
consideration of U.S.$12.5 million payable upon the Company's first
successful gas delivery.
West Face Capital Inc. is a Toronto-based institutional
investment manager with over $1.5 billion in assets under
management.
In addition, Sonde has increased the maximum amount available
under its credit facilities with National Bank of Canada by an
additional $20 million (Cdn) in the form of development demand
loan. This will assist Sonde in its continued drilling program in
Western Canada.
Sonde Resources Corp. is a Calgary, Alberta; Canada based
diversified global energy company engaged in the exploration and
production of oil and natural gas. Its operations are located in
Western Canada and North Africa. See Sonde Resources' website at
www.sonderesources.com to review further detail on Sonde Resources'
operations.
This news release contains "forward-looking information" (within
the meaning of applicable Canadian securities laws) and "forward
-looking statements" (within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995). Such statements or
information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project" or similar words suggesting future outcomes or
statements regarding an outlook. Such statements include, among
others, those concerning the payment of any deferred cash
consideration from the sale of the Project and future acquisition
and development plans.
Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause
actual results or other expectations to differ materially from
those anticipated and which may prove to be incorrect, including
obtaining required governmental approvals for the Project and risks
affecting Sonde's ability to execute projects. Additional
assumptions and risks are set out in detail in the Company's Annual
Information Form, available on SEDAR at www.sedar.com, and the
Company's annual reports on Form 40-F or Form 20-F on file with the
U.S. Securities and Exchange Commission.
Although the Company believes that the expectations reflected in
the forward-looking information or statements are reasonable,
prospective investors in the Company's securities should not place
undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in
this news release is as of the date of this news release and the
Company assumes no obligation to update or revise this
forward-looking information except as required by law.
Contacts: Sonde Resources Corp. Investor Relations (403)
294-1411 (403) 216-2374 (FAX) Sonde Resources Corp. Suite 3200, 500
- 4th Avenue S.W. Calgary, Alberta, Canada T2P 2V6
www.sonderesources.com
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