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

Sahara Energy Ltd.

April 30, 2008 20:40 ET

Sahara Energy Ltd. Granted Request for Management Cease Trade Order

CALGARY, ALBERTA--(Marketwire - April 30, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) ("Sahara" or the "Company") announced today that the Alberta Securities Commission ("ASC") has granted the Company's request for a Management Cease Trade Order ("MCTO") in connection with the failure to file its December 31, 2007 audited annual financial statements ("Audited Financial Statements"). Under the terms of the MCTO, the Company will provide bi-weekly update reports as to the completion of the Audited Financial Statements.

As required by the ASC, the Company will file Notice of Default issued under Canadian Securities Administrators Notice 57-301 is reprinted in its entirety as follows:

CSA NOTICE 57-301 (the "Notice")

Notice of Default

The reporting period for which Sahara Energy Ltd. ("Sahara") is unable to file financial statements on time is the 12-month period ended December 31, 2007.

Sahara is experiencing technical difficulties with their accounting systems and as a result have been unable to complete their financial statements in a timely fashion.

Sahara expects to file its annual financial statements for the year ended December 31, 2007 on or before May 16, 2008.

June 29, 2008 is the date that is two months after the filing deadline for the annual financial statements of Sahara. The relevant security commissions or regulators may impose an issuer cease trade order if the financial statements are not filed by that time. Sahara understands that an issuer cease trade order may be imposed sooner if Sahara fails to file its bi-weekly Default Status Reports on time.

Sahara intends to satisfy the provisions of Appendix B of the Notice as long as it remains in default of the financial statements filing requirement.

Sahara is not the subject of any insolvency proceedings.

If for any unforeseen reason Sahara becomes subject to any insolvency proceedings during the period in which it is in default, Sahara will file material change reports containing the same information it provides to creditors at the same time the information is provided to creditors throughout the period in which it is in default.

All material information concerning the affairs of Sahara has been disclosed to the public through news releases and filed on SEDAR.

Certain information set forth in this press release contains forward looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Sahara. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. The actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur. Sahara disclaims any intention or obligation to update or revise any forward-looking statements except as is required by securities legislation.

Contact Information

  • Sahara Energy Ltd.
    Peter Boswell
    (403) 232-1359