Octant Energy Corp.
TSX VENTURE : OEL

Octant Energy Corp.

March 02, 2015 12:37 ET

Octant Energy Corp. Announces Agreement for the Sale of Its Saskatchewan Oil and Gas Assets

CALGARY, ALBERTA--(Marketwired - March 2, 2015) - Octant Energy Corp. (TSX VENTURE:OEL) (the "Corporation" or "Octant") announces that it (and its subsidiary) has entered into a purchase and sale agreement on February 27, 2015 with an arm's length private company (the "Purchaser") to sell certain oil and gas assets to the Purchaser. Under the terms of the agreement, the Purchaser will purchase the assets for cash consideration of $1,750,000. The transaction is subject to ordinary closing conditions, including TSX Venture Exchange acceptance and Octant shareholder approval. Shareholders of Octant holding approximately 40% of the Common Shares have agreed to enter into support agreements in favour of the sale. The asset being sold comprise all, or substantially all, of the oil and gas assets of the Corporation, on a consolidated basis.

Funds from the sale, if completed will be used for general working capital and the advancement of international oil and gas opportunities for Octant.

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 NEWS RELEASE.

This news release contains certain statements that constitute forward-looking statements under applicable securities legislation including estimates as to: completion of the transaction and future opportunities for Octant. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and Octant does not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. Forward-looking statement are based on current expectations, estimates, projections and assumptions, which Octant believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. These forward-looking statements involve known and unknown risks and uncertainties which may cause actual results or performance to be materially different from any future results or performance expressed or implied herein.

Actual timelines may vary from those anticipated in this news release and such variations may be material. Octant undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law.

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