/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES /
CALGARY, June 16, 2011 /CNW/ - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSXV: VLE) announces that, at its annual general and special meeting
of shareholders of the Corporation held on June 15, 2011, shareholders
approved the consolidation of the Corporation's issued and outstanding
common shares on the basis of one post-consolidation common share for
each ten pre-consolidation common shares (the "Share Consolidation").
Following the successful results of the shareholder meeting, the Board
of Directors of the Corporation approved proceeding to seek graduation
of the Corporation to the Toronto Stock Exchange (the "TSX") from the TSX Venture Exchange and, upon approval by the TSX, the
Corporation intends to complete the Share Consolidation at the time the
Corporation's shares become listed on the TSX. The Corporation
expects to submit an application to graduate to the TSX as soon as
possible, and the process for approval is anticipated to take
approximately two months.
At the annual and special meeting, the shareholders also approved the
other matters presented for approval including the election of Abdel
Badwi, William Fanagan, Claudio Ghersinich, James McFarland, Kenneth
McKay and Ronald Royal as directors of the Corporation, the appointment
of KPMG LLP as the Corporation's auditor and the approval of the
Corporation's existing stock option plan and existing performance share
ABOUT THE CORPORATION
Valeura Energy Inc. is a Canada-based public company currently engaged
in the exploration, development and production of petroleum and natural
gas in Turkey and Western Canada.
FORWARD LOOKING INFORMATION
This news release contains certain forward‐looking statements relating,
but not limited to, the graduation of the Corporation to the TSX and
timing for completion of the Share Consolidation. Forward‐looking
information typically contains statements with words such as
"anticipate", "estimate", "expect", "potential", "could", or similar
words suggesting future outcomes. The Corporation cautions readers and
prospective investors in the Corporation's securities not to place
undue reliance on forward‐looking information as, by its nature, it is
based on current expectations regarding future events that involve a
number of assumptions, inherent risks and uncertainties, which could
cause actual results to differ materially from those currently
anticipated by the Corporation.
Forward looking information is based on management's current
expectations and assumptions regarding, among other things: the
Corporation's continued ability to meet listing requirements of the TSX
and receipt of all necessary approvals for graduation and listing of
the Corporation's shares on the TSX. Although the Corporation believes
the expectations and assumptions reflected in such forward‐looking
information are reasonable, they may prove to be incorrect.
Forward‐looking information involves significant known and unknown risks
and uncertainties. A number of factors could cause actual results to
differ materially from those anticipated by the Corporation including,
but not limited to, risks associated with the uncertainty regarding
stock exchange approvals. The forward‐looking information included in
this news release is expressly qualified in its entirety by this
cautionary statement. The forward‐looking information included herein
is made as of the date hereof and Valeura assumes no obligation to
update or revise any forward‐looking information to reflect new events
or circumstances, except as required by law.
Additional information relating to Valeura is also available on SEDAR at
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 news
SOURCE Valeura Energy Inc.
For further information:
Jim McFarland, President and CEO
Valeura Energy Inc.
Steve Bjornson, CFO
Valeura Energy Inc.