Press release from CNW Group
TriOil provides update on strategic process
Wednesday, July 03, 2013
TriOil provides update on strategic process16:17 EDT Wednesday, July 03, 2013
CALGARY, July 3, 2013 /CNW/ - (TSXV:TOL) TriOil Resources Ltd. ("TriOil" or the "Company") announces that it has entered into exclusive negotiations with another party in connection its previously announced strategic alternatives process. The exclusive negotiation period will likely continue through the end of August 2013. Although the terms, conditions and structuring details of any potential transaction are to be negotiated and discussed, TriOil and its counterparty are contemplating that the potential transaction will represent an acquisition of the Company or all of its assets. At the present time, there can be no assurances or guarantees that these negotiations will result in an acceptable transaction. Further updates in respect of the Company's strategic alternative process will be made in due course.
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 July 3, 2013, there are approximately 64.0 million shares issued and outstanding (70.1 million fully diluted).
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", "seek", "anticipate", "continue", "estimate", "approximate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "predict", "potential", "targeting", "could", "would", and similar expressions are intended to identify forward-looking information. More particularly, this document contains forward-looking statements which include, but are not limited to, expected details of any potential transaction and TriOil providing further updates on TriOil's strategic alternatives process. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by TriOil, including with respect to the ability of the Company to successfully negotiate terms of a potential transaction with the other party. 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, ability to successfully negotiate terms of a potential transaction with the other party and satisfying all conditions of such a transaction. 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 not 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: TriOil Resources Ltd.
For further information:
Cheryne Lowe, VP Finance & CFO, TriOil Resources Ltd.; Russell J. Tripp, President & CEO, TriOil Resources Ltd.; Corporate Phone: (403) 265-4115