CALGARY, May 14, 2013 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the
"Company") (TSXV: RPT) announces that its wholly-owned U.S. subsidiary
has reached an agreement to sell its overriding royalty interests in
non-operated properties in the Williston Basin of North Dakota to a
private entity for gross proceeds of approximately US$595,000. The
purchase price is subject to customary operating and revenue
adjustments, based on an effective date of May 15, 2013. Proceeds from
the sale will be used for general corporate purposes and to pay U.S.
tax arising from the disposition.
Completion of the sale of the royalty interests is subject to customary
closing conditions, and closing is expected to occur within the next
About ArPetrol Ltd.
ArPetrol is a Calgary-based publicly traded company engaged in oil and
natural gas exploration, development and production and third-party
natural gas processing in Argentina, where it owns and operates a gas
processing facility with capacity of 85 million cubic feet (MMcf) per
day. The Company's common shares are listed on the TSXV under the
This news release contains certain forward‐looking statements relating,
but not limited, to closing the sale of the Corporation's royalty
interests in North Dakota, satisfaction of closing conditions and
expected timing for closing. Forward‐looking information typically
contains statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project", or
similar words suggesting future outcomes. The Company cautions readers
and prospective investors in the Company's securities not to place
undue reliance on forward‐looking information as, by its nature, it is
based on current expectations regarding future events that involve a
number of assumptions, inherent risks and uncertainties, which could
cause actual results to differ materially from those anticipated by the
Company. Forward-looking information is based on management's current
expectations and assumptions regarding, the sale of the North Dakota
royalty interests, satisfaction of closing conditions and timing for
closing. Although the Company believes the expectations and assumptions
reflected in such forward‐looking information are reasonable, they may
prove to be incorrect.
Forward‐looking information involves significant known and unknown risks
and uncertainties. A number of factors could cause actual results to
differ materially from those anticipated by the Company, including but
not limited to risks associated with uncertainty regarding the ability
to satisfy the closing conditions, completing the sale of the royalty
interests and the purchaser funding and completing the acquisition.
The forward‐looking information included herein is expressly qualified
in its entirety by this cautionary statement. The forward‐looking
information included herein is made as of the date hereof and the
Company assumes no obligation to update or revise any forward‐looking
information to reflect new events or circumstances, except as required
Additional information relating to the Company is also available on
SEDAR at www.sedar.com.
ArPetrol's head office address is 700, 815 8 Avenue S.W., Calgary, AB
Neither the TSXV nor its Regulation Services Provider (as defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE: ArPetrol Ltd.
For further information:
Tim Thomas, President and Chief Executive Officer
Ian Habke, Chief Financial Officer
Main Telephone: 403-263-6738