Avatar Energy Ltd.
TSX VENTURE : AVG

Avatar Energy Ltd.

January 31, 2013 16:53 ET

Consent Judgment Filed Against Avatar

CALGARY, ALBERTA--(Marketwire - Jan. 31, 2013) - Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) announces that it has been notified that the farmor (the "Farmor") of its Brazeau well is enforcing a judgment to recover debts from Avatar in the amount of $654,191.04 as consented to by Avatar in accordance with a previously disclosed forbearance agreement. Avatar does not have funds available to repay the debt. Discussions with the Farmor and the Corporation's lender regarding repayment are ongoing. Avatar's debt levels and other liabilities cast significant doubt as to the Corporations' ability to continue as a going concern.

Neither the 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.

Contact Information

  • Avatar Energy Ltd.
    Mr. Alan D. Jack, P. Eng
    President & Chief Executive Officer
    (403) 517-8818

    Avatar Energy Ltd.
    Ms. Lorie J. Hynes, CA
    Chief Financial Officer
    (403) 517-8818