Newton Energy Corporation
TSX VENTURE : NTN

Newton Energy Corporation

May 16, 2013 16:30 ET

Newton Energy Corporation Announces Update on Divestment of Non-Core Assets in the UK East Midlands

CALGARY, ALBERTA--(Marketwired - May 16, 2013) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) announces the Letter of Intent ("LOI"), referenced in the press release dated January 28, 2013, entered into with a Canadian based independent energy company for the disposal of non-core assets within the UK East Midlands has expired and the transaction did not close.

The parties did not enter into a formal Sale and Purchase Agreement, no consideration was received and the option to purchase the remainder of PEDL 254 and the entire PEDL 255 expired. The option, which was initially to expire on April 30, 2013, was extended until May 14, 2013.

Newton is focused on finalizing the land lease and securing funding to drill and complete two appraisal wells in the Belvoir field.

About Newton

Newton holds UK East Midlands assets and a farm-in agreement in the Gambia blocks A1 and A4. Newton is in discussions with several potential partners to facilitate field appraisal and development of the Belvoir Prospect.

ADVISORY

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans and operations. Statements included herein, other than statements of historical fact, including, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Newton's disclosure documents on the SEDAR website at www.sedar.com. Newton does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX venture 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

  • Newton Energy Corporation
    Merv Chia
    Interim CEO and Executive Chairman
    merv.chia@newtonenergy.ca

    Newton Energy Corporation
    Art Bray
    CFO
    art.bray@newtonenergy.ca

    Newton Energy Corporation
    Suite 200, 638-11th Avenue SW
    Calgary, Alberta T2R 0E2
    1 403 410-3822