APIC Petroleum Corporation
TSX VENTURE : API

APIC Petroleum Corporation

July 25, 2012 09:46 ET

APIC Petroleum Corporation Announces Its Withdrawal from the Bidding Process to Acquire Albpetrol

TORONTO, ONTARIO--(Marketwire - July 25, 2012) - APIC PETROLEUM CORPORATION (TSX VENTURE:API) (the "Company" or "APIC") announced in a January 31, 2012 press release that it had entered into a memorandum of understanding with an Albanian business partner to participate in the bidding process to acquire 100% of the shares in the Albanian state oil company, Albpetrol Sh. A. ("Albpetrol"), pursuant to an Albanian Parliament approved privatization law.

APIC has now completed its evaluation pertaining to Albpetrol. Based upon information and data made available by the Albanian government and from other sources deemed to be reliable, APIC has concluded that it is not in the interest of APIC shareholders to participate further in the bidding process and, accordingly will not be submitting a bid.

During the past several months, APIC has been simultaneously evaluating several other international and Canadian opportunities to acquire oil and gas properties. Management has concluded that more attractive options are available elsewhere and intends to pursue these opportunities vigorously with a view to providing an update to shareholders in a timely manner.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements" that involve various 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, including the ability of APIC to identify other international and Canadian opportunities to acquire oil and gas properties. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.

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.

Contact Information

  • APIC Petroleum Corporation
    Dennis A. Sharp
    Chief Executive Officer
    416.367.0150
    416.367.0165 (FAX)

    APIC Petroleum Corporation
    John M. Clark
    Chief Financial Officer
    416.367.0150
    416.367.0165 (FAX)