"RAL" - TSX Exchange
"RLE" - Frankfurt Stock Exchange
CALGARY, Sept. 21 /CNW/ - Rally Energy Corp. ("Rally") today announced it
has been advised by Logria Corporation, an affiliate of Citadel Capital
Company and National Petroleum Company S.A.E., that the Arrangement closing is
now expected to occur on or before Friday, September 28, 2007. The delay is
required in order to complete the satisfaction and/or waiver of a few
remaining conditions for completion of the transaction, coupled with logistics
related to multi-jurisdictional banking operations.
Based in Calgary, Alberta, Canada, Rally Energy is an oil and gas
exploration, development and production company. The Corporation's primary
area of operations is in Egypt, where it has a 100% operating interest in the
Issaran Oilfield, a significant heavy oil development opportunity. In
Pakistan, the Corporation holds a 30% interest in the Safed Koh Block, where
it is participating in the development of a natural gas/condensate discovery.
Except for statements of historical fact, all statements in this news
release - including, without limitation, statements regarding the Transaction
and future plans and objectives of Rally - are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from anticipated results
include risks and uncertainties most of which are beyond Rally's control such
as: risks relating to the arrangement; estimates of reserves and recoveries;
production rates and operating cost assumptions; development risks and costs;
the risk of commodity price and currency fluctuations; general economic and
industry conditions; political and regulatory risks; environmental risks;
stock market volatility; access to sufficient capital from internal and
external sources; and other risks and uncertainties as disclosed under the
heading "Risk Factors" and elsewhere in Rally's documents filed from
time-to-time with the Toronto Stock Exchange and other regulatory authorities.
The reader is cautioned that assumptions used in the preparation of such
information, while considered reasonable by Rally at the time, may prove to be
incorrect. Rally disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
The TSX has neither approved nor disapproved of the contents
of this news release.
For further information:
For further information: Abby Badwi, President & CEO; Douglas Urch, Vice
President, Finance & CFO, Tel: (403) 538-0000, Fax: (403) 538-3705