Sahara Energy Ltd.
TSX VENTURE : SAH
PINK SHEETS : SAHRF

Sahara Energy Ltd.

May 15, 2009 17:52 ET

Sahara Energy Ltd.: Cease Trade Order Issued

CALGARY, ALBERTA--(Marketwire - May 15, 2009) - Sahara Energy Ltd. (the "Corporation") (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) announces that cease trade orders were issued by the Alberta Securities Commission on May 7, 2009, and by the British Columbia Securities Commission and the Ontario Securities Commission on May 11, 2009, for failure to file continuous disclosure materials, including the audited annual financial statements, annual management discussion and analysis and certification of annual filings for the year ended December 31, 2008. As a result, the Corporation's securities have been suspended from trading on the TSX Venture Exchange until such time as the cease trade orders have been revoked and the Corporation meets TSX Venture Exchange requirements in relation to reinstatement of trading, including meeting Tier Maintenance Requirements.

The Corporation is working with its auditors and reserve engineers to finalize its audited annual financial statements, management discussion and analysis, and reserve report, which the Corporation expects to be completed by the end of June.

About Sahara Energy Ltd.

The Corporation is a junior oil and gas company focused on the exploration and development of oil and gas in Western Canada.

READER ADVISORY

Certain statements regarding Sahara Energy Ltd., including management's assessments of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond the Corporation's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.

Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of the Corporation's various assets; fluctuations I foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities. Accordingly, the Corporation gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provided (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

  • Sahara Energy Ltd.
    Peter J. Boswell
    President
    (403) 232-1359
    (403) 232-1307 (FAX)
    Email: pete@Saharaenergy.ca