Sonde Resources Corp.

Sonde Resources Corp.

February 24, 2011 18:57 ET

Sonde Resources Corp. Announces:



CALGARY, ALBERTA--(Marketwire - Feb. 24, 2011) - Sonde Resources Corp. ("Sonde") (TSX:SOQ) (NYSE Amex:SOQ) announced today that it has completed definitive documentation and closed the previously announced sale of Liberty Natural Gas LLC (the "Company") which owns a 100% working interest in the Liberty Natural Gas LNG project (the "Project") to an entity related to West Face Capital Inc. (the "Purchaser"). The transaction closed on February 22, 2011.

Subsequent to Sonde's January 28, 2011 press release with respect to the proposed sale, the Office of the Governor for the State of New Jersey publicly issued a statement indicating that it would not approve a licence for the Project. In light of the increased uncertainty regarding the Project the terms of the transaction were renegotiated with the Purchaser agreeing to assume control over the Project's future. Pursuant to the sale, Sonde received a U.S.$1.0 million cash payment upon closing in respect of reimbursable expenses, and is entitled to receive deferred cash consideration of U.S.$12.5 million payable upon the Company's first successful gas delivery.

West Face Capital Inc. is a Toronto-based institutional investment manager with over $1.5 billion in assets under management.

In addition, Sonde has increased the maximum amount available under its credit facilities with National Bank of Canada by an additional $20 million (Cdn) in the form of development demand loan. This will assist Sonde in its continued drilling program in Western Canada.

Sonde Resources Corp. is a Calgary, Alberta; Canada based diversified global energy company engaged in the exploration and production of oil and natural gas. Its operations are located in Western Canada and North Africa. See Sonde Resources' website at to review further detail on Sonde Resources' operations.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the payment of any deferred cash consideration from the sale of the Project and future acquisition and development plans.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect, including obtaining required governmental approvals for the Project and risks affecting Sonde's ability to execute projects. Additional assumptions and risks are set out in detail in the Company's Annual Information Form, available on SEDAR at, and the Company's annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release is as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information except as required by law.

Contact Information

  • Sonde Resources Corp.
    Investor Relations
    (403) 294-1411
    (403) 216-2374 (FAX)
    Sonde Resources Corp.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada T2P 2V6