TriOil Provides Clarification Regarding Shareholder Rights Plan and Strategic Process
CALGARY, Feb. 20, 2013 /CNW/ - (TSXV:TOL) TriOil Resources Ltd. ("TriOil" or the "Corporation"), in reply to shareholder inquires, wishes to clarify that the timing of shareholder approval for the recently adopted shareholder rights plan (the "Rights Plan") does not impact upon the timing of the strategic alternatives process being undertaken by the Corporation.
As indicated in the Corporation's February 19, 2013 press release, the independent committee of directors (the "Special Committee") has already commenced the strategic alternatives process. Furthermore, as stated in yesterday's press release, following receipt of TriOil's December 31, 2012 reserve report (anticipated for late March, 2013) the financial advisor to the Special Committee will be immediately contacting a broad spectrum of parties to solicit interest in a possible strategic transaction with the Corporation.
The reference in the February 19, 2013 press release to the fact that the Rights Plan requires confirmation by shareholders at a meeting to be held within six (6) months of its adoption merely states the outside date for approval prescribed by the rules and policies of the TSX Venture Exchange. The intent of TriOil is that its Rights Plan will be put forward for approval by shareholders at TriOil's regularly scheduled annual general meeting of shareholders.
TriOil is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas.
TriOil trades on the TSX Venture Exchange under the symbol "TOL". As of February 19, 2013, there are approximately 64.0 million shares issued and outstanding (70.1 million fully diluted).
Neither the TSX Venture Exchange not 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 news release.
The information in this press release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond TriOil's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry, geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. TriOil's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that TriOil will derive from them. Except as required by law, TriOil undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE: TriOil Resources Ltd.For further information:
Russell J. Tripp
President & CEO
TriOil Resources Ltd.
Phone: (403) 265-4115