CALGARY, ALBERTA--(Marketwired - Aug. 29, 2014) - Sanction Capital Corp. ("Sanction") (TSX VENTURE:SRP.H) is pleased to report that Marsa Energy Inc.'s ("Marsa") wholly owned subsidiary, Marsa Turkey BV, has finished drilling the first well, Poyraz N3-1, in its current three well drilling program on the Ortakoy Block in the Republic of Turkey.
Poyraz N3-1 spud August 15, 2014 and was directionally drilled, as planned, to a total measured depth of 1,000 metres and a total vertical depth of 976 metres. The well was cased on August 26, 2014 to a measured depth of 467 metres with a plugged back total depth of 457 metres. Poyraz N3-1 mud logs and open hole logs indicate the potential presence of gas which will need to be confirmed by production testing which will commence once all three wells in the current drilling program have been drilled.
The Viking International I-7 drilling rig was released on August 28, 2014 and is mobilizing from Poyraz N3-1 to the Poyraz W-1 location, which is the next well in Marsa's three well program. Marsa Turkey BV holds a 100% working interest in, and is the operator of, the Ortakoy Block.
Sanction and Marsa entered into an arm's length amalgamation agreement effective July 30, 2014 (the "Amalgamation Agreement") with respect to the amalgamation of Sanction and Marsa (the "Amalgamation") details of which were previously announced on July 31, 2014 and August 22, 2014. The Amalgamation is expected to constitute the Qualifying Transaction (as such term is defined in the policies of the TSX Venture Exchange ("TSXV")) of Sanction.
About Marsa Energy Inc.
Marsa is a junior oil and gas company focused on the Middle East, North Africa and Mediterranean regions. Marsa is engaged in the exploration for and development and production of oil and natural gas. Marsa is active (through its subsidiaries) in Turkey and has offices in Calgary, Canada, Amsterdam, The Netherlands and Ankara, Turkey.
Trading in Sanction's shares was voluntarily halted on July 31, 2014 and will remain halted until the documentation required by the TSXV in connection with the Qualifying Transaction has been reviewed and accepted by the TSXV.
Subject to satisfaction or waiver of the conditions precedent referred to in the Amalgamation Agreement, the parties anticipate the proposed Amalgamation will be completed on or about September 11, 2014.
All information contained in this press release with respect to Sanction and Marsa was supplied by Sanction and Marsa, respectively, for inclusion herein. Sanction and its directors and officers have relied exclusively on Marsa for any information concerning Marsa including, without limitation, all information concerning Marsa's drilling program.
ADVISORY: This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Sanction's or Marsa's, as the case may be, current beliefs and is based on information currently available to Sanction and Marsa, respectively, and on assumptions Sanction or Marsa, as the case may be, believes are reasonable. These assumptions include, but are not limited to, details regarding Marsa's assumptions with respect to the potential presence of gas at its Poyraz N3-1 well. 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 Marsa to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; commodity prices; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation affecting Marsa; timing and availability of external financing on acceptable terms and the drilling and completion of future wells. Although Sanction and Marsa have 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. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release represent the expectations of Sanction and Marsa as of the date of this press release and, accordingly, are subject to change after such date. However, Sanction and Marsa each expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.