CALGARY, ALBERTA--(Marketwire - Nov. 21, 2012) -
THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce that it is opening a representative office in Libya and is processing the opening of a local company registered under local Libyan laws.
Canoel has identified Libya as a country in which it will in the future seek to identify opportunities to conduct business and purchase exploration or production assets.
In Africa, Canoel already owns a small stake in Mafula Energy Ltd., a Zambia registered company, which has been awarded an exploration permit.
Andrea Cattaneo, the company's CEO, states "We are excited to start a settlement into Libya. We trust that this fast developing country will be a promising area where to deploy our exploration and & production skills."
Canoel's business plan is to grow through international acquisitions and exploration and to increase the production and reserves from its international inventory of oil and gas projects.
Libya's 2012 total oil and gas revenues are expected to be $54.9 Billion US Dollars.
(source: Libyan National Oil Corporation, NOC)
Earnings from oil exports account for more than 90% of Libya's National Income.
Certain information in this press release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated events and strategies. When used in this context, words such as will, anticipate, believe, plan, mandated, intend, target, and expect or similar words suggest future outcomes.
Forward-looking information in this press release includes, among other things, information relating to: (i) the identification of opportunities to conduct business and purchase exploration and production assets in Libya; and (ii) the Company's plan to grow through international acquisitions and exploration and to increase the production and reserves from its inventory of international oil and gas projects.
These statements are based on certain assumptions and analyses made by the Company in light of its experience, current conditions and expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements include, but are not limited to: (i) the ability of the Company to conduct business and identify potential oil and gas exploration and/or production assets in Libya; (ii) the ability of the Company to negotiate and/or enter into favourable transactions for such assets; (iii) the ability of the Company to raise the needed capital to acquire such assets; and (iv) that the Company will be able to explore and/or produce and market oil and gas from such assets, if any.
Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company's expectations. Such risks and uncertainties include, but are not limited to, risks relating to: (i) whether the Company will be able to identify potential oil and gas exploration and/or production assets; (ii) whether the Company will be able to negotiate and/or enter into favourable transactions for such assets; (iii) whether the Company will be able to raise the needed capital to acquire such assets. If any such risks actually occur, they could materially adversely affect the Company's business, financial condition or results of operations. In that case the trading price of the Company's common shares could decline, perhaps materially.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Canoel does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Canoel's expectations or any change in events, conditions or circumstances on which any such statement is based, except as 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.