Petaquilla Minerals Ltd.
TSX : PTQ
OTC Bulletin Board : PTQMF
FRANKFURT : P7Z

Petaquilla Minerals Ltd.

September 01, 2009 18:13 ET

Petaquilla Announces Delay in Filing Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2009) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) reports that it has been delayed in filing its annual financial statements, annual Management Discussion & Analysis related thereto and its Annual Information Form in Form 20-F, for the fiscal year ended May 31, 2009, by the required filing date under applicable Canadian securities laws, namely August 31, 2009. The delay is attributable to additional time required for completion of the May 31, 2009 audit.

The Company has notified the British Columbia and Ontario securities regulators of the filing default and has applied for the issuance of a management cease trade order, which, until the Company has made the required filings, will prohibit trading in Petaquilla shares by Petaquilla directors, officers and other insiders of the Company and those who have been directors, officers or insiders of the Company during the period that the financial statements are being prepared.

The Company is working with its auditor to complete the audit of the Company's financial statements as soon as possible and anticipates filing its annual financial statements and related annual filings in approximately one week's time. Until its annual financial statements and related annual filings are filed, the Company intends to satisfy the requirements described in National Policy 12-203 including the issuance of bi-weekly default status reports. The current Notice of Default follows and is also available for viewing on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.

Bassam Moubarak, Chief Financial Officer

National Policy 12-203

Notice of Default

Petaquilla Minerals Ltd. (the "Issuer") hereby gives notice to the British Columbia Securities Commission and the Ontario Securities Commission pursuant to National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults, as follows:

1. the Issuer was not able to file its audited annual financial statements and related management discussion and analysis for the period June 1, 2008, to May 31, 2009 (the "Financial Statements") by August 31, 2009, the filing date prescribed by Section 4.2 of National Instrument 51-102, Continuous Disclosure Obligations;

2. the filing of the Financial Statements has been delayed due to additional time required for completion of the May 31, 2009 audit;

3. the Issuer intends to file the Financial Statements by September 4, 2009, and in any event will file the Financial Statements no later than September 30, 2009;

4. the Issuer intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of the Financial Statements filing requirement;

5. the Issuer is not subject to any insolvency proceedings; and

6. except as may be contained in the Financial Statements, there is no material information concerning the affairs of the Issuer that has not been generally disclosed.

DATED this 1st day of September, 2009.

PETAQUILLA MINERALS LTD.

Per: /s/ Bassam Moubarak

Bassam Moubarak, CA

Chief Financial Officer

No stock exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Bassam Moubarak
    Chief Financial Officer
    (604) 694-0021 or Toll free: 1-877-694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com