PetroWorth Resources Inc.

PetroWorth Resources Inc.

June 25, 2013 14:12 ET

PetroWorth Shareholders Approve Share Consolidation and Name Change

TORONTO, ONTARIO--(Marketwired - June 25, 2013) - PetroWorth Resources Inc. (CNSX:PTW)(FRANKFURT:T3F) announced today that all of the proposed resolutions were approved at the Company's Annual General Meeting (AGM) and Special Shareholders Meeting yesterday.

The approved resolutions include:

  • The consolidation of the Company's issued and outstanding shares on the basis of one new share for ten existing shares.

  • The change of the Company's name to First Sahara Energy Inc. Once all of the paperwork has been processed, First Sahara Energy Inc. will trade under the symbol "FSE" on the Canadian National Stock Exchange (CNSX).

During the AGM, the Company indicated that the previously announced acquisition of the assets of Giant Exploration Inc. ("Giant") was approved by Giant's shareholders at a meeting in Calgary on June 21. However, due to the current state of emergency in Calgary, the closing of the transaction is expected to be delayed by approximately one week.

PetroWorth Resources Inc. is a junior oil and gas exploration company with properties in Alberta and eastern Canada.


Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements. The Corporation has adopted the standard of 6 Mcf:1 BOE when converting natural gas to BOE. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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