VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 2, 2017) - Caspian Energy Inc. (NEX:CKZ.H) ("Caspian") is pleased to announce that its wholly-owned operating subsidiary, Aral Petroleum Capital LLP ("Aral") produced 158 thousand barrels of crude oil during 2016. That was the maximum production allowed under Aral's government-approved work program.
Commenting on the results, Chairman of the Board Frank Ingriselli stated: "Notwithstanding the challenges faced in the worldwide energy industry in 2016, Caspian Energy stayed focused on successfully settling major parts of its debt and reducing expenses and achieving the maximum production rates allowed. We will continue to focus on shareholder value in 2017."
During 2016 Aral sold its oil in the local Kazakhstan market and exported the oil to the Russian port of Ust-Luga. Average market price was equal to $21 per bbl.
The Company fulfilled its minimum commitments under the annual work program for 2016. Also on January 16, 2017 the Company received permission for gas flaring up to June 30, 2017. Permission for gas flaring for the second half of 2017 is expected to be received soon.
The Company settled major parts of debts to its trade creditors. With the remaining trade creditors agreed on the repayment schedules. So no legal suits from the trade creditors are expected.
Aral Petroleum has all necessary permissions, resources and documentation to successfully operate during 2017.
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" and include statements relating to the trading of the Company's securities. 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 Caspian believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its 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. Caspian does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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