/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
Common Shares: 16,096,084
CALGARY, Oct. 15 /CNW/ - International Sovereign Energy Corp. ("ISR" or the "Company") reports, that it has granted an extension to October 30, 2009 to potential purchaser of its interest in the Charapa contract in Ecuador to complete its due diligence. Upon successful completion the Company will to move to a definitive agreement.
The non-binding letter of intention, which was reported on September 29, 2009 offers the Company USD$3 million for the Charapa contract and replacement of the Company's bank guarantee of USD$2,340,000.
International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada.
Forward-Looking Statements: This news release contains certain forward-looking statements and future oriented financial information, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements, or future oriented financial information will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. 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). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements and future oriented financial information 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.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
SOURCE INTERNATIONAL SOVEREIGN ENERGY CORP.
For further information: For further information: Eugene N. Hretzay, President & CEO, T: (403) 263-2472, F: (403) 264-7035, E: firstname.lastname@example.org