Canadian Phoenix Resources Corp.

Canadian Phoenix Resources Corp.

March 09, 2010 19:20 ET

Corporate Update- Serrano Energy Ltd Enters Into an Agreement to Dispose of Its Blackrod Property

CALGARY, ALBERTA--(Marketwire - March 9, 2010) - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") (TSX VENTURE:CXP) is pleased to provide the following update:

The Corporation's controlled subsidiary Serrano Energy Ltd ("Serrano") announced today that it has entered into a binding Purchase and Sale agreement with an arm's length party to dispose of Serrano's 20% working interest in the Blackrod SAGD project. The effective date of the divestment is January 1, 2010 and the closing date is expected to be on or before April 7, 2010. The proceeds from the disposition, prior to adjustments at closing, will be $21 million. The Blackrod disposition is subject to standard industry terms including a right of first refusal held by the operator. The net proceeds of the disposition will be used to repay the existing debt owed to the Alberta Treasury Branch and for general corporate purposes.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".

FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information. All statements and information other than statements of historical fact are forward-looking information. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Canadian Phoenix, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Canadian Phoenix will derive therefrom. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix 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 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.

Contact Information

  • Canadian Phoenix Resources Corp.
    Michael Atkinson
    President & CEO
    (403) 920-0040
    Canadian Phoenix Resources Corp.
    Tim Moran
    Chief Financial Officer
    (403) 705-1198