/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
CALGARY, Nov. 23, 2011 /CNW/ - Griffiths Energy International Inc.
("Griffiths Energy" or the "Company") is pleased to announce that it
has filed a preliminary prospectus (the "Prospectus") dated November
22, 2011, with the securities commissions of each of the provinces of
Canada, except Quebec, in connection with an initial public offering of
its common shares.
Based in Canada, Griffiths Energy is an international exploration and
development company focused on oil and gas exploration, development and
production activities in the Republic of Chad, Africa. In 2011, the
Company acquired three Production Sharing Contracts (the "PSCs") from
the government of the Republic of Chad. These PSCs provide exclusive
rights to explore and develop reserves and resources over a combined
area of 25,776 square kilometres in southern Chad. The area covering
the PSCs was historically held by a consortium of super-majors, most
recently led by ExxonMobil, and have been subject to 30 years of
premium exploration work, to which the Company has unrestricted access.
The Company's management team is led by Gary Guidry, President and Chief
Executive Officer, who joined the Company on July 1, 2011. Mr. Guidry
has over 30 years of experience in the oil and gas industry, including
experience with the Republic of Chad. In addition, the Board of
Directors has significant financial and technical expertise in the oil
and gas industry through their involvement with Canadian publicly
listed oil and gas companies, operating both domestically and
internationally. The Company believes that the properties covered by
the PSCs provide significant near and longer term potential.
The underwriting syndicate for the offering is led by Canaccord Genuity
Corp. ("Canaccord") and will also include such other underwriters as
agreed to by Griffiths Energy and Canaccord. The offering will be
priced in the context of the market and will be offered in all
provinces of Canada, except Quebec.
The Prospectus notes that an investment in the common shares of
Griffiths Energy is speculative and involves a high degree of risk. The
Company's business is subject to risks normally encountered in the oil
and gas industry as well as additional risks typical of conducting oil
and gas operations in developing countries in Africa. Among the risks
noted in the Prospectus is an ongoing internal investigation into
certain consulting agreements entered into by prior management. For
more information, potential investors should read the Prospectus,
including the "Risk Factors."
A copy of the Prospectus is available on the SEDAR website at www.sedar.com.
About Griffiths Energy International Inc.
Griffiths is a Canadian based international exploration and development
company which is focused on oil and gas exploration, development and
production activities in the Republic of Chad, Africa.
Forward looking Statements or Information and Resource Advisory
Certain statements included in this press release constitute
forward-looking statements or forward-looking information under
applicable securities legislation. Such forward-looking statements or
information are provided for the purpose of providing information about
management's current expectations and plans relating to the future.
Readers are cautioned that reliance on such information may not be
appropriate for other purposes, such as making investment decisions.
Forward-looking statements or information typically contain statements
with words such as "anticipate", "believe", "expect", "plan", "intend",
"estimate", "propose", "project" or similar words suggesting future
outcomes, anticipated events or results or statements regarding an
outlook. Forward-looking statements or information in this press
release may include, but are not limited to, statements or information
with respect to the proposed initial public offering; potential
reserves and resources; seismic results; oil pay estimates; business
strategy and objectives; and development and exploration plans.
Forward-looking statements or information are based on a number of
factors and assumptions which have been used to develop such statements
and information but which may prove to be incorrect. Although the
Company believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because the
Company can give no assurance that such expectations will prove to be
correct. Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which have been used.
Forward-looking statements or information are based on current
expectations, estimates and projections that involve a number of risks
and uncertainties which could cause actual results to differ materially
from those anticipated by the Company and described in the
forward-looking statements or information. The exploration, appraisal
and development of crude oil reserves and resources is speculative and
involves a significant degree of risk. Few properties that are explored
are ultimately developed into new reserves. In addition, the Company's
operations are subject to all the risks normally incident to the
exploration for, and development and production of, crude oil,
including encountering unexpected formations or pressures, premature
declines in reservoirs, potential environmental damage, blow-outs and
The forward-looking statements or information contained in this press
release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise unless required by applicable securities laws. The forward
looking statements or information contained in this press release are
expressly qualified by this cautionary statement.
The common shares of Griffiths have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), or the securities laws of any state, and may not be offered or
sold in the United States or to, or for the account or benefit of, U.S.
persons absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and all applicable
state securities laws. This press release does not constitute an offer
to sell or the solicitation of an offer to buy the common shares in the
United States or to, or for the account or benefit of, U.S. persons.
SOURCE Griffiths Energy International Inc.
For further information:
President and Chief Executive Officer
Griffiths Energy International Inc.
Chief Financial Officer
Griffiths Energy International Inc.
Alan Bayless, Longview Communications
Joel Shaffer, Longview Communications