Candax Energy Inc.
TSX : CAX

Candax Energy Inc.

February 13, 2015 09:00 ET

Candax Energy Inc. Updates on Strategic and Financial Alternatives

TORONTO, ONTARIO--(Marketwired - Feb. 13, 2015) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, announces that it has completed most of the G&G review of its Tunisian assets which has been initiated in 2012.

The Company believes to be now in a position to provide to Interested Parties a documented and updated technical review of the remaining potential of its producing assets and exploration upside potential. A document in the form of a "Candax Flyer" has been compiled and is available on the company website.

Jean Pouzet, Candax Independent Director and Chairman of the Geoscience committee, declares: "We thank the team for the hard groundwork delivered within the past 3 years. We are confident that it does provide a sound basis to develop the strategic and financial alternatives contemplated by the Board of Directors".

In line with the recent announcement of the partial debt repayment and waiver, the Company announces that Geofinance N.V., Candax's majority shareholder (64%) and principal debt-holder has appointed a financial investment advisor, DragonKnight Advisors (Mr. Stephan Gaude), to explore various options in relation with Candax, including a possible assignment or transfer of the debt to a third party.

Steve Drinkwater, Candax's Lead Independent Director, declares: "As Geofinance is both the controlling shareholder and its major debt-holder, we at Candax see this initiative from Geofinance as a positive step towards determining Candax's future status".

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

About Candax

Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar.

To view the Candax Flyer, please visit the following link: http://media3.marketwire.com/docs/CandaxFlyer.pdf.

Contact Information