VANCOUVER, July 16, 2015 /CNW/ - Petromin Resources Ltd. ("Petromin" or the "Company") is pleased to announce that it has entered into an agreement with Aboriginal Financial Services Corporation ("AFSC"), to acquire and terminate AFSC's existing 1.5% gross overriding royalty interest (the "Acquisition") held on Petromin's Frog Lake property in East-Central Alberta. In consideration for the Acquisition, Petromin will issue 500,000 common shares of the Company to AFSC.
Completion of the Acquisition is subject to certain conditions, including regulatory and TSX Venture Exchange approvals. All securities issued in the Acquisition will be subject to a four-month hold period pursuant to applicable securities laws.
Petromin Resources Ltd. (TSXV: PTR) is an oil and natural gas exploration and production company listed as a Tier 1 issuer on the TSX Venture Exchange. The Company is currently focused on its core operations, which include four oil and natural gas producing properties in central Alberta, Canada along the Western Canada Sedimentary Basin.
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 release.
FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the Acquisition. Although Petromin believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because Petromin cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory approval of the Acquisition.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on Petromin's future operations. Petromin's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits Petromin will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Petromin disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE Petromin Resources Ltd.
For further information: please refer to the Company's profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.petromin.ca.