Sagres Energy Inc.
TSX VENTURE : SGI

Sagres Energy Inc.

May 06, 2013 16:30 ET

Sagres Announces El Triunfo Update

CALGARY, ALBERTA--(Marketwired - May 6, 2013) - Sagres Energy Inc. (TSX VENTURE:SGI) reports that the extension request made by the consortium partners on the El Triunfo block in Colombia (the "Block") has been rejected by the Agencia Nacional de Hibrocarburos in Colombia (the "ANH"). Union Temporal El Triunfo made a request to the ANH for a seven month extension of the Hydrocarbon Exploration and Production Agreement for the Block (the "E&P Agreement") on behalf of the consortium partners on December 21, 2012.

As a result of the rejection of the extension request, the E&P Agreement has expired and Sagres no longer holds an interest in the Block. Sagres may have continuing liabilities related to the Block following the expiration of the E&P Agreement.

About Sagres

Sagres Energy Inc. is a Canadian based international oil and gas exploration company with exploration interests in Colombia. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol "SGI".

Regulatory Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the rejection of the extension request related to the El Triunfo block and Sagres potentially having continuing liabilities related to the El Triunfo block. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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.

Contact Information

  • Sagres Energy Inc.
    Jaime Lalinde
    Chief Executive Officer
    (+571) 805-0240