(All amounts are in Canadian dollars, unless stated otherwise)
CALGARY, July 25 /CNW/ - Iteration Energy Ltd. (TSX-ITX) ("Iteration" or
the "Company") announced today that is has potential exposure of approximately
$16 million to SemCanada Crude Company ("SemCanada") and SemCAMS ("SemCAMS"),
both Canadian subsidiaries of SemGroup, L.P. ("SemGroup"), relating to the
marketing of a portion of the Company's crude oil, natural gas liquids and
natural gas production.
SemGroup filed a voluntary petition for reorganization under Chapter 11
of the Bankruptcy Code in the United States Bankruptcy Court for the District
of Delaware. SemCanada and SemCAMS filed for creditor protection in Canada
under The Companies' Creditors Arrangement Agreement. As of this date, the
Company is not able to quantify the portion, if any, of the $16 million
exposure that will be collectible.
Advisory - Forward-Looking Information
This press release contains forward-looking statements relating to future
events or future performance and was prepared on July 25, 2008. It is
management's assessment of Iteration's potential exposure arising from the
credit protection actions taken by SemCAMS, SemCanada and SemGroup based on
information available at the time. These statements represent management's
expectations or beliefs concerning, among other things, future operating
results and various components thereof affecting the economic performance of
Iteration. Undue reliance should not be placed on these forward-looking
statements which are based upon management's assumptions and are subject to
known and unknown risks and uncertainties, which may cause actual performance
and financial results in future periods to differ materially from any
projections of future performance or results expressed or implied by such
forward-looking statements. Accordingly, readers are cautioned that events or
circumstances could cause results to differ materially from those predicted.
The Company undertakes no obligation, except as required by applicable
securities legislation, to update publicly or to revise any of the included
forward looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Mr. Brian Illing, President and CEO, or Mr.
Sean Johnson, CFO at (403) 261-6883