News Column

Verona Completes Sale of Gainsborough Leases / Settles Lawsuit

Apr 29 2013 12:00AM



VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/13 -- Verona Development Corp. (TSX VENTURE: VDC.H) ("Verona" or "the Company") has completed the sale of its 60% working interest in two oil and natural gas leases in the Gainsborough South area of Saskatchewan to Canadian Natural Resources ("CNR") for total consideration of $671,953.

The Company received a $75,000 cash payment on Closing. The balance of the purchase price was satisfied by way of set-off of $596,953.16 claimed by CNR for dewatering and effluent treatment charges. The sale transaction has settled the litigation commenced by CNR against the Company. The background to the litigation and the agreement is described in the Company's March 1, 2013 and April 4, 2013 news releases.

On Behalf of the Board of Directors


Gurminder Sangha, Director

Neither 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.

Verona Development Corp.
(604) 681-4653
(604) 568-4902 (FAX)

Source: Marketwire

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