Octant Energy Corp.

July 09, 2012 10:35 ET

Octant Energy Corp. (Formerly Rain Resources Inc.) Announces Corporation Update

CALGARY, ALBERTA--(Marketwire - July 9, 2012) -


Octant Energy Corp. ("Octant" or the "Corporation") (TSX VENTURE:OEL) has been advised by the TSX Venture Exchange that its common shares will commence trading on July 9, 2012 under the new symbol of OEL and new name of Octant Energy Corp.

Madagascar Operations Update

The Corporation has been working diligently with Ophir Energy in preparation for drilling activities in Madagascar Block 2102 including a tender process for drilling contracts and related support services. At this time and after consultation with partners, it is anticipated that drilling of Madagascar Block 2102 will commence in Q2 of 2013. Site preparation work continues in Madagascar and the executive team at Octant is excited about drilling a near term well in Madagascar. Ophir and Octant anticipate entering into a new arrangement that involves Octant entering into a 'Drilling Services Agreement' and provides Octant with the non-exclusive option to farm into Block 2102.

Financing Update

As a result of current market conditions the Corporation has decided not to continue with its previously announced equity financing.

About The Corporation

The Corporation is a public oil and gas company engaged in the acquisition, exploration and development of petroleum and natural gas assets in Africa and North America.

Cautionary Note

Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, without limitation, statements with respect to receipt of all necessary regulatory and third party approvals, the listing of the Common Shares, the resumption of the Corporation. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of the Corporation) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Corporation does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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 press release.

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