CALGARY, ALBERTA--(Marketwired - April 8, 2014) - Century Energy Ltd. ("Century") (TSX VENTURE:CEY) announces the sale of the Vawn Heavy Oil assets, subject to shareholder and regulatory approval. Century has entered into a sale and conveyance agreement with an arm's length party of its right, title, estate and interest in and to the Vawn Heavy Oil assets located in the Edam area of Saskatchewan for cash consideration of $475,000.
Following closing of the transaction, Century plans to seek other energy opportunities in Canada and the United States of America.
An annual and special meeting will be held on April 17th in Calgary to seek, among other things, shareholder approval of the sale. Shareholders who wish to vote their shares may visit Century's website www.centuryenergyltd.com for instructions on voting procedures.
Century Energy Ltd. is an oil and gas exploration company pursuing opportunities in Canada and the United States.
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.
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Century's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "intends" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" 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". Such forward-looking statements include those with respect to the Century's intention to seek shareholder approval of the sale, the date established for the shareholders meeting and its plans for the use of proceeds of the sale. These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the conditions for completion of the sale of the assets including shareholder and regulatory approval, will be met. Although Century believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. There are risks which could affect Century's ability to hold the shareholder meeting on the date established, if at all, including failure or delay due to general economic conditions in Canada, not satisfying the conditions of the third party in the sale agreement, the risk that the required consents and approvals from regulatory authorities will not be obtained. There are also risks that Century will, if the sale of assets is consummated, be able to readily identify, acquire or otherwise engage in suitable energy opportunities with the funds in hand. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Century assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.