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Verona Development Corp. Agrees to Sell Gainsborough Leases/Settles Lawsuit

Apr 4 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- Verona Development Corp. (TSX VENTURE: VDC.H) ("Verona" or "the Company") has entered into an agreement with Canadian Natural Resources ("CNR") to sell its 60% working interest in two oil and natural gas leases in the Gainsborough South area of Saskatchewan to CNR, the owner of the remaining 40% working interest, for total consideration of $671,953. CNR is a general partnership managed by Canadian Natural Resources Limited. The proposed transaction will settle 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 news release.

The agreement provides for a $75,000 cash payment to Verona on Closing, which is scheduled for April 29, 2013. The balance of the purchase price will be satisfied by way of set-off of $596,953.16 claimed by CNR for dewatering and effluent treatment charges. Completion of the proposed sale is subject to acceptance by the NEX Board of the TSX Venture Exchange.

On Behalf of the Board of Directors

VERONA DEVELOPMENT CORP.

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.



Contacts:
Verona Development Corp.
Gurminder Sangha
Director
(604) 681-4653
(604) 568-4902 (FAX)
www.veronadevelopment.com





Source: Marketwire


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