Carmen Energy Inc. announces termination of letter of intent to acquire Shorthorn Exploration Ltd.
November 16 2011 - 2:02PM
PR Newswire (Canada)
CALGARY, Nov. 17, 2011 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") is, effective immediately, terminating its
obligations under the letter of intent between Carmen and Shorthorn
Exploration Ltd. ("Shorthorn") dated September 15, 2011 (the
"LOI"). Unfortunately a mutually acceptable definitive acquisition
agreement has not yet been reached between Carmen and Shorthorn.
Carmen will no longer pursue the acquisition of Shorthorn. Carmen
will retain a 60% working interest in the horizontal Glauconitic
development well in the Viking-Kinsella, Alberta area. Under the
terms of the farmin agreement, Carmen is paying 100% of the costs
to drill to the contract depth, abandonment, capping or completion,
equipping and tie-in to earn a 60% working interest in the well and
half-section of land the well is located on. About Carmen Energy
Inc.: Carmen is based in Calgary, Alberta and a publicly traded oil
and gas exploration and production company. The focus is on
exploration and development of Western Canadian Sedimentary Basin
based oil and gas properties. The current projects are the Jumpbush
properties in south eastern Alberta, the Ferrybank properties in
central Alberta, the Sylvan Lake area properties in Southern
Alberta and the Hamburg properties in northern western Alberta.
FORWARD LOOKING INFORMATION Certain information in this news
release is forward-looking within the meaning of certain securities
laws, and is subject to important risks, uncertainties and
assumptions. This forward-looking information includes, among other
things, the earning of the working interest and information with
respect to the Corporation's beliefs, plans, expectations,
anticipations, estimates and intentions and the activities of the
Corporation after the Transaction. The words "may", "could",
"should", "would", "suspect", "outlook", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "target" and similar words
and expressions are used to identify forward-looking information. .
The forward-looking information in this news release describes the
Corporation's expectations as of the date of this news release. The
results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or
events. Material factors which could cause actual results or
events to differ materially from such forward-looking information
include, among others, the risks associated with the oil and gas
industry in general, risks arising from general economic conditions
and adverse industry events, risks arising from operations
generally, reliance on contractual rights such as licences and
leases in the conduct of its business, the uncertainty of reserve
and resource estimates; the uncertainty of estimates and
projections relating to reserves, resources, production, costs and
expenses; reliance on third parties, reliance on key personnel,
possible failure of the business model or business plan or the
inability to implement the business model or business plan as
planned, competition, environmental matters, and insurance or lack
thereof; failure to realize the anticipated benefits of
acquisitions including the Acquisition; ability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations. The Corporation cautions that the
foregoing list of material factors is not exhaustive. When
relying on the Corporation's forward-looking information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential
events. The Corporation has assumed a certain progression,
which may not be realized. It has also assumed that the
material factors referred to in the previous paragraph will not
cause such forward-looking information to differ materially from
actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF the Corporation AS
OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO
CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE
IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE the Corporation
MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT
ANY PARTICULAR TIME. 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 press release. Carmen Energy Inc
CONTACT: Brian DohertyPresident and Chief Executive Officer(403)
537-5590
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