Paris Energy Inc.

May 29, 2012 09:00 ET

Paris Energy Inc. Announces the Filing of its Q1 2012 Interim Report and Entering into a $250,000 Line of Credit With Humboldt Capital Corporation

CALGARY, ALBERTA--(Marketwire - May 29, 2012) - Paris Energy Inc. (TSX VENTURE:PI) announces the filings of its interim financial statements and management discussion and analysis for the three months ended February 29, 2012. These documents can be accessed on the SEDAR website (

Paris also announces that it has entered into a loan agreement with Humboldt Capital Corporation ("Humboldt") providing for a secured demand loan of up to $250,000 with an interest rate of Prime plus 5.5% (the "Transaction"). The proceeds of the loan will be used to fund working capital requirements for Paris' current operations and to establish a new business plan.

The Transaction has been approved by the board of directors, with all interested parties abstaining from the vote thereon. Robert W. Lamond, the Chairman, President and Chief Executive Officer of Paris, owns 71% of the outstanding shares of Humboldt. Mr. Lamond and Humboldt collectively hold, directly and indirectly, an aggregate of 10,107,735 common shares, or an aggregate of 57% of the issued and outstanding common shares of Paris. Certain directors and officers of Paris are also directors and officers of Humboldt.

Certain information and statements contained in this press release constitute forward-looking information under applicable securities legislation, including, without limitation, statements regarding the use of proceeds of the loan and Paris' plans to establish a new business plan. These forward-looking statements are based upon the opinions, expectations, estimates and assumptions of management as at the date the statements are made, including, without limitation, assumptions regarding: global economic conditions; industry conditions; changes in laws and regulations and changes in how they are interpreted and enforced; and fluctuations in commodity prices. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, the inability to obtain the required regulatory approvals; failure to secure required equipment and personnel; changes in general global economic conditions; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Paris's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Paris will derive therefrom. Paris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service 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

  • Paris Energy Inc.
    Robert W. Lamond
    President & CEO
    (403) 264-5545
    (403) 261-4072 (FAX)

    Paris Energy Inc.
    Charles A. Teare
    Chief Financial Officer
    (403) 269-9889
    (403) 269-9890 (FAX)

    Paris Energy Inc.
    1800, 633 - 6th Avenue S.W.
    Calgary, Alberta T2P 2Y5