VANCOUVER, Dec. 23, 2015 /CNW/ - Petromin Resources Ltd. ("Petromin" or the "Company") advises that Ivano DeCotiis, a dissident shareholder who has nominated a slate for election as directors at the Company's AGM scheduled for December 29, 2015, has initiated a petition (the "Petition") seeking leave to commence a derivative action in the Supreme Court of British Columbia on behalf of the Company against the Company's current and former directors and certain companies, based on unfounded allegations that the current and former directors of the Company have transferred the Company's interest in TerraWest Energy Corp. ("TWE"), a private British Columbia company, to shell corporations controlled by such directors. Mr. DeCotiis also included similar allegations in his dissident proxy circular.
Petromin and its directors state categorically that the claims of wrongdoing made by Mr. DeCotiis in the Petition and his dissident proxy circular are completely false and have no basis in fact. Petromin and its directors will vigorously defend the court action commenced by Mr. DeCotiis, and look forward to addressing these allegations in court.
Petromin has always fully disclosed its interest in TWE in its financial statements and other continuous disclosure documents. As stated in Petromin's December 17, 2015 news release in response to the misrepresentations contained in the dissident circular, Petromin still holds an aggregate of 73,333,334 common shares and 700,000 preferred shares of TWE. Petromin has never sold or otherwise transferred any of its shares of TWE, but its percentage ownership position has been diluted as TWE has conducted further private placement financings which Petromin chose not to participate in, resulting in Petromin's current 17.29% interest in TWE.
Petromin Resources Ltd. (TSXV: PTR) is an oil and natural gas exploration and production company listed as a Tier 1 issuer on the TSX Venture Exchange. The Company is currently focused on its core operations, which include four oil and natural gas producing properties in central Alberta, Canada along the Western Canada Sedimentary Basin.
ON BEHALF OF THE BOARD OF DIRECTORS
PETROMIN RESOURCES LTD.
A. Ross Gorrell,
President and Chief Executive Officer
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 release.
SOURCE Petromin Resources Ltd.
For further information: please contact A. Ross Gorrell, the Company's President and Chief Executive Officer, at 604-682-8831, or refer to the Company's profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.petromin.ca.