CALGARY, ALBERTA--(Marketwired - Oct. 1, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Poplar Creek Resources Inc. ("Poplar" or the "Company"), (TSX VENTURE:PCK), "PCK" on the TSX Venture Exchange, is pleased to announce it has closed the previously announced sale of its 3.5% interest in the Smoky Lake Asset Complex (Asset Complex) located in the general Smoky Lake Area of Northeastern Alberta for a consideration of $170,000. The sale is effective October 1, 2013 and includes the Company's interest in land and producing facilities within the Asset Complex. The sale relieves the Company of its share of the Asset Complex de-commissioning liability which as at the end of Q2 2013 stood at approximately $225,000 along with relief from overhead associated with the Asset Complex's significantly reduced production base. As previously advised the former operator of the Asset Complex was placed into receivership earlier this year. The former operator's 96.5% interest in the Asset Complex was purchased by a private Alberta oil and gas company in August 2013.
Poplar will now focus on evaluating strategic alternatives for the Company including possible corporate opportunities along with the re-evaluation of its oil sands lease located in Fort McMurray, Alberta and production opportunities with respect to its property located at Thorhild, Alberta.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, which address future activities including the closing of the financing, exploration drilling and activity, and events or developments that the Corporation intends, plans, anticipates, believes, estimates or expects are forward-looking statements. Actual results may differ materially. Although the Corporation believes such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause results to differ materially from those in the forward-looking statements include, but are not limited to: market conditions and difficulties of raising funds in this economic environment, availability and costing of exploration contractors; exploration success; continued availability of capital government regulations, laws and charges; environmental developments; exploitation economics; and generally the economic, market, financial and business conditions in the present volatile and uncertain economic period. Investors are cautioned that any statements are not guarantees of future performance and actual results or developments may differ materially from those stated in the forward-looking statements. The Corporation does not intend, and does not assume any obligation to update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Poplar Creek. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.
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 release.