Petrostar Re-files Rezoning Proposal with Vulcan County and Terminates LOI for PN&G Assets
December 13 2013 - 4:13PM
Access Wire
Petrostar Petroleum Corporation
("Petrostar" or the "Company") wishes to announce
that it has re-filed the rezoning proposal for its Tank Farm
development in Vulcan County, Alberta, originally announced on
December 5, 2013.
Management decided that it was appropriate to revise the proposal
in order to include a larger parcel of land than the one that was
included in the original proposal submitted to the County. The
first reading of the revised rezoning proposal at the municipal
council level will take place on January 15, 2014.
The Company also
wishes to announce it has terminated the letter of intent
originally announced on May 24, 2013 to divest certain PN&G
assets to a private oil and gas producer. Certain conditions of the
LOI had not been met by the proposed purchaser, and Petrostar's
management decided to cancel the deal as a result. As stated in the
original news release announcing the LOI, all assets that were the
subject of the proposed sale will remain with Petrostar. Management
is looking at other possible opportunities at this time and will
continue to update the public on the status of these
assets.
About
Petrostar Petroleum Corp.
Petrostar is a Tier 2
Canadian-based oil and gas exploration company trading on the TSX
Venture Exchange with property assets in both Alberta and
Saskatchewan.
For further information,
please contact:
Bruce Scafe, IR and
Communications Officer
1-877-737-8864 or
bscafe@petrostarpetroleum.com
Alternate Contact.
Mackenzie Loree,
CEO
1-403-861-6779 or
mloree@petrostarpetroleum.com
Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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, information with respect to the Company's beliefs,
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words "may", "could", "should", "would", "suspect", "outlook",
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"target" and similar words and expressions are used to identify
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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 a conclusion,
forecast or projection in such forward-looking information include,
among others, risks arising from general economic conditions and
adverse industry events.
When relying on
forward-looking information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. The Company has 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 COMPANY 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 COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE
THIS INFORMATION ON AT ANY PARTICULAR TIME.
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