VANCOUVER, Feb. 23, 2016 /CNW/ - Petromin Resources Ltd. ("Petromin" or the "Company") advises that the British Columbia Supreme Court (the "Court") has denied applications (the "Applications") by dissident shareholders Ivano DeCotiis and Tyrone Daum (the "Dissidents"), made in connection with the legal actions commenced by them (the "Legal Actions"), as initially disclosed in the Company's news releases dated December 23, 2015 and January 11, 2016. In the Applications, the Dissidents asked the Court to impose an injunction preventing a private British Columbia company in which the Company is a 17.29% shareholder, from disbursing any funds that it may receive in the future in connection with international arbitration proceedings in which it is involved. In the course of the Applications, the Dissidents also made further unsubstantiated allegations of fraud against the Company's current and former directors.
Mr. Justice Ehrcke of the Court, in oral reasons of judgement, dismissed outright the Applications made by the Dissidents, and ordered costs against the Dissidents, payable forthwith. Mr. Justice Ehrcke also cautioned the Dissidents that if they continued to make highly controversial allegations against current and former directors of the Company without substantiation, they would suffer further costs awards on an increased or special scale. The denial of the Applications is not a final resolution of the Legal Actions.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
PETROMIN RESOURCES LTD.
A. Ross Gorrell,
President and Chief Executive Officer
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 anticipated results of the Legal Actions. Although the Company 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 the Company 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 any litigation proceedings or settlements, or costs incurred in connection therewith.
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 the Company's future operations. The Company'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 the Company 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, the Company 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 contact A. Ross Gorrell, the Company's President and Chief Executive Officer, at 604-682-8831, or refer to the Company's profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.petromin.ca.