Quetzal Energy Ltd.
TSX VENTURE : QEI

Quetzal Energy Ltd.

February 07, 2012 17:52 ET

Quetzal Energy Ltd. Announces Satisfaction of Horden Lake Sale Escrow Release Conditions

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Quetzal Energy Ltd. ("Quetzal") (TSX VENTURE:QEI) announces that all of the escrow conditions relating to the previously announced sale of its Horden Lake Property to El Condor Minerals Inc. ("El Condor") have now been satisfied. Quetzal has received $2 million in cash and 16,666,667 common shares in the capital of El Condor at a deemed price of $0.12 per share, which represents the total aggregate consideration of $4 million paid by El Condor for the Horden Lake Property. In connection with the transaction, Quetzal has agreed to pay a finder's fee consisting of $180,000 and 1.5 million El Condor common shares. Payment of the finder's fee is subject to approval by the TSX Venture Exchange.

About Quetzal Energy Ltd.

Quetzal is a junior oil and gas company with private participating interests in 4 blocks in the Llanos Basin of Colombia.

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.

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