Sagres Energy Inc.
TSX VENTURE : SGI

Sagres Energy Inc.

July 15, 2013 19:00 ET

Sagres Announces Litigation Claim

CALGARY, ALBERTA--(Marketwired - July 15, 2013) - Sagres Energy Inc. (TSX VENTURE:SGI) reports that it has received a copy of a legal action filed against one of the company's wholly owned subsidiaries in the Alberta Court of Queen's Bench seeking to recover back-costs related to a pre-existing agreement.

The plaintiff is claiming damages of approximately US$2.5 million, plus costs, loss of profits and consequential damages. Sagres disputes the merits of the claim and is in discussions to reach an amicable resolution.

About Sagres

Sagres Energy Inc. is a Canadian based international oil and gas exploration company with exploration assets 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 legal claim against the company. 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