ACL International Ltd.
TSX VENTURE : ACL

July 06, 2015 07:30 ET

ACL Announces Purchase of Additional Northern Sumatra Oil and Gas Assets and Shares for Debt

CALGARY, ALBERTA--(Marketwired - July 6, 2015) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

ACL International Ltd. (TSX VENTURE:ACL) ("ACL" or the "Corporation") is pleased to announce that it has acquired a 38.25% working interest in a Production Sharing Contract for a block referred to as "South Block A" (the "Assets") located onshore, North Sumatra, Indonesia, from Peak Oil & Gas (Australia) Pty Ltd. ("Peak") for an aggregate purchase price of $800,000 Australian dollars (approx. CDN$752,000) (the "Transaction"). The Transaction involved the acquisition of all of the issued and outstanding shares of Peak Oil & Gas SBE Pte Ltd., the registered owner of the Assets, along with an intercorporate loan as between Peak and its subsidiary in the aggregate amount of USD$4,164,673.

The Assets consist of an aggregate 2105 km2 of exploration acreage and are surrounded by oil & gas fields in the prolific North Sumatra Basin. The Assets also include 180 km of 2D Seismic, 50 km2 of 3D Seismic and 4 exploratory wells. South Block A lies in the North Sumatra Basin which is one of the most productive hydrocarbon provinces in Indonesia with over 80 known oil and gas fields.

It is the intention of the Corporation to actively develop a number of oil and gas fields from its recently acquired Langsa property as well as from areas identified in South Block A in the coming years.

ACL has also applied to the TSX Venture Exchange to issue 833,333 common shares of the Corporation at a price of $0.12 per share to settle CDN$100,000 of previously incurred debt held by a private lender (the "Debt Settlement"). Closing of the Debt Settlement is subject to receipt of all necessary regulatory approvals, including the approval of the TSXV. All of the ACL Shares issued pursuant the Debt Settlement are subject to a 4-month hold period.

Statements in this press release may contain forward-looking information including, operating costs, administrative costs, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. 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 ACL. 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 press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and ACL 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 securities law.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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

  • ACL International Ltd.
    Mohammad Fazil
    President and CEO
    (403) 613-7310