Serrano Energy Ltd.

May 08, 2009 16:38 ET

Serrano Completes Annual Filings

CALGARY, ALBERTA--(Marketwire - May 8, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Serrano Energy Ltd. ("Serrano" or the "Corporation") filed its Annual Information Form (AIF), audited consolidated financial statements and related Management's Discussion and Analysis for the year ended December 31, 2008 with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) on April 29, 2009.

The AIF includes the disclosure and reports relating to oil and gas reserves data and other disclosures for oil and gas activities required pursuant to National Instrument 51-101 of the Canadian Securities Administrators. Copies of the AIF, audited financial statements and related Management's Discussion and Analysis may be accessed electronically from www.sedar.com.

Serrano also announces that is has issued a further 282,686 common shares pursuant to settlement agreements with trade creditors. The 282,686 common shares were issued at a deemed price of $5.00 per share. The common shares issued will have a hold period of four months. If Serrano completes a private placement for common shares at a price below $5.00 in the next 90 days the number of shares issued to the trade creditors will be adjusted so as to result in the same price per share.

Serrano Energy Ltd. is an Alberta-based company formed to participate in heavy oil and natural gas exploration, development and acquisitions in Alberta and Saskatchewan. The Corporation's shares are not listed for trading on any stock exchange.

Following the issuance of the common shares today the Corporation has 20,017,095 Common Shares outstanding.

Reader Advisory

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, the ability to secure another credit facility, the acceptance of trade creditors to terms of settlement, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Serrano's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serrano's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Serrano will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Serrano or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Serrano does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact Information

  • Serrano Energy Ltd.
    J.W. Grant Robertson
    Vice-President Business Development
    (403) 231-1230
    Email: nevcrow2@telus.net