Sagres Energy Inc.
TSX VENTURE : SGI

Sagres Energy Inc.

September 11, 2013 08:00 ET

Sagres Announces Enforcement of Consent Judgment by Canacol

CALGARY, ALBERTA--(Marketwired - Sept. 11, 2013) - Sagres Energy Inc. (TSX VENTURE:SGI) reports that Canacol Energy (Guyana) Inc., a subsidiary of Canacol Energy Ltd. ("Canacol"), has commenced the process of enforcing a consent judgment against the property of Sagres in the amount of $1,116,150.43 (the "Consent Judgment"). The Consent Judgment was previously provided by Sagres as part of an agreement for outstanding amounts owed by Sagres to Canacol for costs related to historical exploration drilling operations on a block located in Guyana in which Sagres was a partner in 2010 and 2011.

Sagres will continue its efforts to try and reach an amicable settlement with Canacol.

Sagres also reports that Mr. Maurice Colson, Mr. Ahmed Said and Mr. Scott Moore have resigned from the board of directors of Sagres. Mr. Jaime Lalinde has resigned as Chief Executive Officer of Sagres and Mr. Neil Said has resigned as Corporate Secretary of Sagres.

About Sagres

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 enforcement of the Consent Judgment. 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