CALGARY, Jan. 31, 2013 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company" -TSXV:TOL) confirms that on January 30, 2013 it received a letter from Andylan Capital Strategies Ltd. ("Andylan") requesting various initiatives be undertaken by TriOil as set forth in the Andylan press release dated January 30, 2013 (the "Andylan Letter"). TriOil advises that its Board of Directors (the "Board") will review the Andylan Letter and will take such steps as the Board determines to be in the best interests of the Company and its stakeholders. TriOil will provide an update to the market in that regard in due course.
Furthermore, in respect of the recently announced purchase by PetroBakken Energy Ltd.("PetroBakken") of 11,050,330 common shares of TriOil, which represents approximately 17.3% of the total issued and outstanding common shares of TriOil on a non-diluted basis, TriOil views this investment by PetroBakken in TriOil as validating TriOil's ongoing exploration and development activities and strong operational positions in two top-tier light oil resource projects in TriOil's core areas of Lochend and Kaybob, Alberta.
TriOil intends to release its 2013 capital expenditure budget and operational update following the close of business on February 7, 2013.
TriOil is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas.
TriOil trades on the TSX Venture Exchange under the symbol "TOL". As of January 31, 2013, there are approximately 64.0 million shares issued and outstanding (70.1 million fully diluted).
Forward Looking Statements
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "validates", "ongoing", "will", "should", "project", and similar expressions are intended to identify forward-looking information. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by TriOil.
Although TriOil believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because TriOil can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in TriOil's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com and TriOil's other public disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and TriOil 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 so required by applicable securities laws.
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: TriOil Resources Ltd.
For further information:
Russell J. Tripp, President & CEO, TriOil Resources Ltd.; Cheryne Lowe, VP Finance & CFO, TriOil Resources Ltd.; Andrew Wiacek, VP Exploration, TriOil Resources Ltd.; Corporate Phone: (403) 265-4115