Silk Road Energy Inc.

January 27, 2015 12:41 ET

Silk Road Energy Inc. Announces Cancellation and Return to Treasury of 2,352,941 Common Shares and Delay in Filing of Statement of Reserves Data and Other Oil and Gas Activities

CALGARY, ALBERTA--(Marketwired - Jan. 27, 2015) -


Silk Road Energy Inc. (the "Corporation" or "Silk Road") (TSX VENTURE:SLK.P) announces that the 2,352,941 common shares of Silk Road ("Consideration Shares") issued to Gold Note Resources Inc. ("Gold Note") at a deemed price of $0.17 per Common Share in connection with the Corporation's "qualifying transaction" (as defined under the policies of the TSX Venture Exchange (the "TSXV")) have been cancelled and returned to treasury effective January 27, 2015. The Consideration Shares were subject to the terms and conditions of a Form 5D Escrow Agreement - Surplus Security between Silk Road, Gold Note, and Computershare Trust Company of Canada (formerly Olympia Trust Company) dated January 24, 2014 (the "Escrow Agreement"), and have been being cancelled in accordance with the Escrow Agreement as: (i) the Tax Debt (as defined in the Escrow Agreement) of Gold Note had not paid in full or eliminated, and (ii) satisfactory confirmation had not been provided to the TSXV confirming that Canada Revenue Agency is fully satisfied respecting the Tax Debt within 12 months from the date the Consideration Shares were issued. After giving effect to the cancellation of the Consideration Shares, the Corporation has 9,372,788 common shares issued and outstanding.

Additionally, the Corporation announces that it has determined that it will not be able to file, pursuant to the requirements of National Instrument 51-101 - Standards of Disclosure For Oil and Gas Activities ("NI 51-101"): Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information; Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure (collectively, the "Reserves Disclosure") by the filing deadline of January 28, 2015.

The TSXV has neither approved nor disapproved the contents of this press release.

Neither TSXV Venture Exchange Inc. nor its Regulations Services Provided (as that term is defined in the policies of the TSXV Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

Contact Information

  • Silk Road Energy Inc.
    Zulfikar Rashid
    (403) 240-1821