Caspian Energy Inc.
TSX VENTURE : CEK.H

Caspian Energy Inc.

November 20, 2013 15:07 ET

Caspian Announces Revocation of Cease Trade Order

CALGARY, ALBERTA--(Marketwired - Nov. 20, 2013) - Caspian Energy Inc. ("Caspian") (NEX:CEK.H) is pleased to announce that the Alberta Securities Commission (the "ASC") has granted a full revocation of the cease trade order relating to the trading of Caspian's securities issued by the ASC on April 8, 2013. Caspian's securities were cease traded by each of the ASC, the British Columbia Securities Commission ("BCSC") and the Ontario Securities Commission ("OSC") between April 8 and April 12, 2013 as a result of the Caspian's failure to file its December 31, 2012 audited consolidated financial statements and related management discussion and analysis. The BCSC revoked its cease trade order on April 29, 2013 and the OSC cease trade order expired on April 27, 2013 after these documents were filed. On September 26, 2013, Caspian filed amended management discussion and analysis for the year ended December 31, 2012, an amended Annual Information Form and amended management discussion and analysis for the quarters ended March 31, 2013 and June 30, 2013. On November 20, 2013, the ASC revoked its cease trade order.

Caspian's common shares are listed on NEX but the listing is currently suspended which means that its shares are not trading on NEX. Caspian is working diligently to have the listing suspension removed.

About Caspian

Caspian is an oil and gas exploration company operating in Kazakhstan where it has a number of targets in the highly prospective Aktobe Oblast of Western Kazakhstan. Caspian holds these assets by virtue of its 40% equity stake in Aral Petroleum Capital LLP (which as noted in Caspian's material change report of June 24, 2013 will be reduced to 33.5% upon satisfaction or waiver of all conditions precedent in a purchase and sale agreement). Aral Petroleum Capital LLP holds an exclusive license, which entitles it to explore and develop certain oil and gas properties known as a "North Block", an area of 1500 sq.km. as well as a 25-year production contract for the East Zhagabulak field. The Company's license area lies immediately adjacent to the various producing fields, including the Alibekmola, Zhanazhol, and Kenkiyak fields.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which we refer to herein, collectively, as "forward-looking information". Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Caspian's actual performance, developments and/or results may differ materially from any or all of the forward-looking statements. Further information which may cause results to differ materially from those projected in the forward-looking statements is contained in Caspian's filings with Canadian securities regulatory authorities. All material assumptions used in making forward-looking information are based on management's knowledge of current business conditions and expectations of future business conditions and trends. Although we believe the assumptions used to make such statements are reasonable at this time and have attempted to identify in our continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. We do not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Caspian Energy Inc.
    William Ramsay
    President and Chief Executive Officer
    44 (0)773663 1378

    Caspian Energy Inc.
    Brian Korney
    Chief Financial Officer
    (403) 513-3375