CALGARY, ALBERTA--(Marketwired - April 21, 2017) - Vital Energy Inc. ("Vital") (TSX VENTURE:VUX) announces that, further to its news release dated March 31, 2017, and the agreement with a Third Party described therein, the Third Party has made the first cash advance to Vital under the terms of the agreement. Vital was successful in acquiring 4 leases at the April 11, 2017, Saskatchewan crown land sale. The lease acquisitions totaled 5,220 acres more than doubling Vital's current Pennant Area project lands and bringing the total 100% owned Pennant Area, S.W. Saskatchewan project lands to approximately 8,337contiguous gross and net acres (13 contiguous Sections). The Phase 1 seven (7) well drilling program referred to in the March 31, 2017 news release is expected to commence immediately after spring breakup 2017.
Vital Energy Inc. is a publicly traded junior oil and gas company ("VUX" TSX-V) whose primary focus is developing light and medium crude oil production in Western Canada.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of Vital Energy Inc. and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Vital Energy Inc., are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Vital's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vital. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Vital does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.