Canoro Resources Ltd. Update on Amguri Litigation

    <<



    >>

VANCOUVER, British Columbia, May 19, 2011 /CNW/ -- Canoro Resources Ltd. (the "Company") (TSXV: CNS) announces that, after considering, among other things, advice from counsel and the associated costs, expenses and time commitment to continue to pursue the matter, it has withdrawn its appeal of the High Court of Delhi's decision to dismiss the Company's petition for an injunction against the termination of the Company's Amguri Production Sharing Contract (the "Amguri PSC") by the Ministry of Petroleum and Natural Gas of India.

The Company is still however proceeding with arbitration proceedings under the Amguri PSC, wherein it is seeking all available remedies, including, among others, compensation.

    <<

    For further information, please contact:

    >>

    <<
    James Carter
    Tel: 604-408-8538


    Disclaimer

    >>

Certain information regarding the Company in this news release including management's assessment of future plans and operations, the completion of projects and future production levels, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with litigation respecting the Company's oil and gas interests, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company 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 laws.

    <<




    >>

SOURCE Canoro Resources Ltd.

Organization Profile

Canoro Resources Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890