/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Jan. 29 /CNW/ - Coral Sea Resources Inc. ("Coral Sea") (TSXV: CSX) and Sagres Energy Inc. ("Sagres"), an international oil and gas exploration company with an exploration portfolio in Guyana and Jamaica, announce, further to their joint news releases issued on September 24 and December 17, 2009, and January 26, 2010, that they expect trading in common shares of Coral Sea on the facilities of the TSX Venture Exchange to commence at the open of markets on Monday, February 1, 2010.
Guyana farm-in clarification
On January 26, 2010, Coral Sea and Sagres issued a joint press release relating to proposed reverse take-over of Coral Sea by Sagres. Amongst other properties, Sagres has entered into a farm-in agreement to acquire a 25% interest in a petroleum prospecting license for the right to explore and develop approximately 7,800 km(2) in the Takutu Basin in Central Guyana. The farm-in agreement was entered into with a wholly owned subsidiary of Canacol Energy Ltd., whose proper name is Canacol Energy (Guyana) Inc. We apologize for any confusion this may have caused.
About Coral Sea
Coral Sea Resources Inc. is a publicly traded company listed on the TSX Venture Exchange and trading under the symbol "CSX". Coral Sea owns petroleum and natural gas assets in the Nevis area of Alberta.
About Sagres Energy
Sagres Energy Inc. is a privately-held international oil and gas exploration company with an exploration portfolio in Guyana and Jamaica.
Completion of the proposed reverse take-over of Coral Sea by Sagres (the "Acquisition") and the proposed subscription receipt financing of Sagres (the "Brokered Financing") is subject to a number of conditions, including TSXV acceptance and shareholder approval (including on a disinterested basis to the extent required). The Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition and Brokered Financing will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Coral Sea Resources Inc. should be considered highly speculative. Information contained in this news release relating to Sagres, including financial information and description of its assets and related rights, has been provided to Coral Sea by management of Sagres and has not been independently verified by management of Coral Sea.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release contains forward-looking statements relating to the resumption of trading in common shares of Coral Sea, the Acquisition and the Brokered Financing. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections in the forward-looking statements will not occur, and that actual performance and results in future periods may differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the Acquisition will not be completed if the definitive agreement is terminated or that the necessary approvals and/or exemptions are not obtained or some other condition to the closing of the Acquisition is not satisfied; the risk that the terms of the Brokered Financing will be changed; the risk that closing of the Acquisition and Brokered Financing could be delayed if the parties are not able to obtain the necessary approvals on the timelines they have planned; the risk that the intended use of the net proceeds of the Brokered Financing might change if the board of directors of the combined company determines that it would be in the best interests of the combined company to deploy the proceeds for some other purpose; risks that the marketing efforts will not result in the completion of the Brokered Financing or the realization of the anticipated proceeds under the Brokered Financing; the assumptions relating to the parties holding their respective shareholder meetings and the timing thereof, the timing of obtaining required approvals and satisfying closing conditions for the Acquisition and the Brokered Financing, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of Coral Sea and Sagres, the ability of the Agents to successfully market the Brokered Financing and the exploration and development risks described below.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Coral Sea and Sagres disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coral Sea and Sagres undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
SOURCE CORAL SEA RESOURCES INC.
For further information: For further information: John Mackay, President, Coral Sea Resources Inc., (403) 218-6509; Dr. David Johnson, President, Sagres Energy Inc., (403) 978-9878; Jason Bednar, Chief Financial Officer, Sagres Energy Inc., (403) 607-4607