Azabache Energy Inc.
TSX VENTURE : AZA

Azabache Energy Inc.

December 30, 2010 18:04 ET

Azabache Announces Results of TSX Venture Exchange Review

CALGARY, ALBERTA--(Marketwire - Dec. 30, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) announces that, as a result of a review by the TSX Venture Exchange ("TSX-V"), the TSX-V has withdrawn their approval granted on December 4, 2009 for a shares for debt submission made by the Company to the TSX-V.

The original submission was made to allow the Company to settle its remaining obligations with respect to a seismic program being carried out in Columbia through the issuance of 8 million common shares of Azabache ("Azabache Shares") (equal to 1.6 million Azabache Shares after the Company's share consolidation in December 2009). In error, the submission was made prior to work on the program being completed and the obligation by the Company to pay its supplier being realized. The Company will be required to re-apply to the TSX-V for approval should it seek to settle its obligations related to this program through the issue of Azabache Shares.

Cease Trade Order

The Company was subject to cease trade orders issued by the Alberta Securities Commission ("ASC") and Ontario Securities Commission ("OSC") for failing to file its financial statements for the year ended June 30, 2010 on or before October 28, 2010. As announced on December 29, 2010, the ASC and the OSC have revoked their cease trade orders. The Company had submitted its application for reinstatement of trading to the TSX-V and has now been advised that trading in the shares of the Company are scheduled to be reinstated effective the opening January 4, 2011. 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release contains forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Azabache. Although Azabache believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azabache can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this document are made as of the date hereof and Azabache 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.

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