CALGARY, May 9 /CNW/ - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSXV:  VLE) has been notified by Aladdin Middle East Ltd. ("AME") that AME's Rubai exploration licences Nos. 2759, 2598, 2599, 2600 and 2601 (the "Rubai Licences") in southeast Turkey have been cancelled by the General Directorate of Petroleum Affairs of the Republic of Turkey ("GDPA"), for a failure to meet the district timing requirements for drilling. Valeura has confirmed that the cancellation notification appeared in Turkey's Official Gazette on May 7, 2011. The cancellation order was signed by the Minister of Energy and Natural Resources as of April 26, 2011, but Valeura had not been notified or provided with a copy of the order. 

This development affects Valeura since the Rubai Licences were part of the farm-in lands associated with the AME and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret A.S. ("GYP") ("AME-GYP") farm-in. As announced on April 28, 2011, the Bostanci-1 well (50% funded by Valeura) was spudded on April 24, 2011 on Licence 2600 aimed at fulfilling the district drilling requirement on the Rubai Licences.

To date, the Corporation has invested approximately US$7.9 million toward the minimum Phase I earning requirement of US$8.8 million under the AME-GYP farm-in. Of this amount, US$2.7 million was directed to the Rubai Licences.  The Bostanci-1 exploration well had been undergoing pre-drilling work in March and April and Valeura had advanced US$1.525 million, representing its 50% share, to initiate drilling. The well was spudded on April 24, 2011, which Valeura and its partners judged would be acceptable.  As a result of the latest developments, drilling has been suspended and the well is in the process of being temporarily abandoned.

Valeura will be meeting with partners and the GDPA in the coming days to develop next steps. Valeura's intention would be to re-apply for one or more of the Rubai Licences. There can be no assurance that such an application would be successful and timing of any potential award is uncertain.

Other lands under the AME-GYP farm-in at Kahta and Karakilise should not be affected by these events, and all earning expenditures under the AME-GYP farm-in, regardless of where these expenditures are made on the farm-in lands, are credited to the earning account.


Valeura is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey and Western Canada.


This news release contains certain forward‐looking statements including, but not limited to:  the Corporation's plans to re-apply for the Rubai Licences, and results and timing thereof;  possible implications for the AME-GYP farm-in; and, future spending under Phase I and II of the AME-GYP farm-in (including timing and amounts thereof) and earning thereunder. Forward‐looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", "would" or similar words suggesting future outcomes. The Corporation cautions readers and prospective investors in the Corporation's securities to not 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 Corporation.

Forward-looking information is based on management's current expectations and assumptions regarding, among other things, the ability of the Corporation to arrange and conduct discussions with the GDPA and its partners regarding the Rubai Licences, the ability to re-apply for the Rubai Licences and to be successful in such application, the timing of the government award of the new licences, the terms of the AME-GYP farm-in agreement and the ability to complete the earning program under the AME-GYP farm-in, the results of future seismic programs, future drilling activity, future capital and other expenditures (including the amount, nature, and sources of funding thereof), future economic conditions, future currency and exchange rates, continued political stability of the areas in which the Corporation currently operates and in which it is anticipating completing transactions, and the receipt of all necessary approvals for applying for licences and other transactions. Although the Corporation 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. Exploration, appraisal, and development of oil and natural gas reserves are speculative activities and involve a significant degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Corporation including, but not limited to, the risk that Valeura may not be successful in obtaining new licences from the GDPA to replace the Rubai Licences that have been cancelled and uncertainty associated with AME-GYP farm-in agreement.  In addition, Valeura is also subject to the risks associated with the international oil and gas industry, the uncertainty associated with negotiating with third parties in countries other than Canada, the uncertainty regarding competitive bidding rounds and timing of results, the uncertainty regarding government and other approvals and the risk associated with international activity. The forward‐looking information included in this news release is expressly qualified in its entirety by this cautionary statement. The forward‐looking information included herein is made as of the date hereof and Valeura assumes no obligation to update or revise any forward‐looking information to reflect new events or circumstances, except as required by law.

Additional information relating to Valeura is also available on SEDAR at

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 news release.

SOURCE Valeura Energy Inc.

For further information:

Jim McFarland, President and CEO
Valeura Energy Inc.
(403) 930-1150

Steve Bjornson, CFO
Valeura Energy Inc.
(403) 930-1151


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