MONTREAL, June 25 /CNW Telbec/ - PEBERCAN INC. (The "Company"),
(TSX: PBC) - Given the difficult economic situation and the general context of
increases in the cost of raw materials and food staples, Cupet has been unable
to make April and May 2008 payments, as provided for in the November 2007
agreement which rescheduled the terms of payment of an outstanding debt.
Of the $39,136M owed to the Company, only $2M has been paid so far. For
the record, this agreement stipulated the terms and conditions of monthly
payments, of which $118,9M was payable from November 2007 to November 2008 and
was partially guaranteed by the Banco Nacional of Cuba. Amounts previously
stated relate to 100 % of Block 7, of which approximately 55 % is attributable
to the Company.
Discussions are ongoing with Cupet, the Banco Nacional of Cuba as well as
with Cuban authorities; however, these have not yet been conclusive but
should, as in past, lead to a positive outcome.
As well, works on the Canasi 100 well were interrupted after numerous
attempts to selectively isolate an important water gush. Both the logs and a
few hours of testing have confirmed the presence of oil; therefore, the
Company is contemplating drilling a second well in the same zone after
detailed analysis of all relevant information.
Finally, the daily production of Block 7 is, since the beginning of the
year, 20,004 barrels versus 19,650 barrels for the same period in 2007.
Pebercan's interim consolidated financial statements and management
report for the period ended December 31, 2008 are available on our Web site at
www.pebercan.com, as well as on SEDAR at www.sedar.com.
Pebercan is involved in the exploration, development and exploitation of
oil reserves in the Republic of Cuba. Pebercan sells its entire production to
the Cuban government but is not bound by any restrictions regarding the sale
of its oil. The Company's shares are listed on the TSX and trade under the
Legal Notice - Forward-Looking Statements
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. We consider that these forward-looking
statements are reasonable given the hypothesis on which they are based and
which the Board of Directors of the Company has reviewed and ascertained as
being well founded. Pebercan disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Important additional information
identifying risks and uncertainties is contained in the Company's most recent
annual and interim reports and forms filed with the applicable Canadian
securities regulatory authorities.
For further information: Renmark Financial Communications Inc.: Henri
Perron: firstname.lastname@example.org; Dan Symons:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; PEBERCAN Inc.: Christophe Ranger,
firstname.lastname@example.org, (514) 286-5200; Fax: (514) 286-5177