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Sagres Announces Debt Extension

Feb 14 2013 12:00AM

Marketwire

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CALGARY, ALBERTA -- (Marketwire) -- 02/14/13 -- Sagres Energy Inc. (TSX VENTURE: SGI) reports that it has entered into a debt extension agreement with Canacol Energy (Guyana) Inc. ("Canacol Guyana") relating to outstanding amounts owed by Sagres and its subsidiaries to Canacol Guyana.

Sagres has outstanding debt owed to Canacol Guyana related to the disposition of its 25% interest in a petroleum prospecting license for a 7,800 km2 oil and gas exploration block in the Takutu Basin in Central Guyana (the "Guyana Block"). Pursuant to the Debt Extension Agreement Sagres and its subsidiaries will pay Canacol Guyana all outstanding amounts related to the Guyana Block on or before June 30, 2013.

About Sagres

Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol "SGI".

Regulatory Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the disposition of the Guyana Block, the extension of outstanding debt and future plans of Sagres. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with 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.



Contacts:
Sagres Energy Inc.
Jaime Lalinde
Chief Executive Officer
(+571) 805-0240





Source: Marketwire


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