Notice of Disputed Default Notices and Audit of
Operator
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
CALGARY, Jan. 23, 2015 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY)
Highlights
- The Company has received two notices of default from President
Energy PLC, the Operator of the Pirity Concession, both of which
the Company disputes. If the issues cannot be resolved by
March 2, 2015, President Energy has
indicated that they have the right to sell or take over the
Company's working interest in the Pirity Concession. The
Company disputes the basis for this belief and also disputes the
validity of the underlying Cash Calls, but no assurance can be
given regarding the eventual outcome. The parties continue to
discuss the issues with the intent of reaching a mutually
beneficial conclusion.
- The Company has requested and initiated an audit of the 2013
and 2014 joint account records regarding the Pirity
Concession. On December 1,
2014, the Company notified President Energy, as Operator of
the Pirity Concession, of its intent to audit the Joint Account and
the records of the Operator for the years 2013 and 2014.
The Company has started reviewing the electronic data provided
and has engaged a contract audit firm to conduct the audits.
It is premature to know if all of the requested information has
been provided, and similarly too early to arrive at any conclusions
that might be reached as a result of the audits. The auditor
is scheduled to commence field work on February 2, 2015.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States unless an exemption from such registration is
available.
Cautionary Note
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 release.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and
potential investors with information regarding Petro-Victory,
including management's assessment of Petro-Victory's future plans
and operations, certain statements in this press release are
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation (collectively, "forward-looking
statements"). In some cases, forward-looking statements can be
identified by terminology such as "anticipate", "believe",
"continue", "could", "estimate", "expect", "forecast", "intend",
"may", "objective", "ongoing", "outlook", "potential", "project",
"plan", "should", "target", "would", "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release speak
only as of the date thereof and are expressly qualified by this
cautionary statement.
Specifically, this press release contains forward-looking
statements relating to but not limited to: the Default Notices, the
audit of the Joint Accounts and Records of the operator of the
Pirity Concession, our business strategies, plans and objectives,
and drilling, testing and exploration expectations. These
forward-looking statements are based on certain key assumptions
regarding, among other things: the facts related to the various
cash calls received from President Energy, our ability to add
production and reserves through our exploration activities; the
receipt, in a timely manner, of regulatory and other required
approvals for our operating activities; the availability and cost
of labour and other industry services; the continuance of existing
and, in certain circumstances, proposed tax and royalty regimes;
and current industry conditions, laws and regulations continuing in
effect (or, where changes are proposed, such changes being adopted
as anticipated). Readers are cautioned that such assumptions,
although considered reasonable by Petro-Victory at the time of
preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors. These and additional risk factors
are discussed in our Final Prospectus dated July 11, 2014, as filed with Canadian securities
regulatory authorities at www.sedar.com.
The above summary of assumptions and risks related to
forward-looking statements in this press release has been provided
in order to provide shareholders and potential investors with a
more complete perspective on Petro-Victory's current and future
operations and such information may not be appropriate for other
purposes. There is no representation by Petro-Victory that actual
results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and Petro-Victory does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
SOURCE Petro-Victory Energy Corp.