Sonde Resources Corp.

Sonde Resources Corp.

April 01, 2013 09:00 ET

Sonde Resources Corp. Provides Update on Farm-Out of Joint Oil Block

CALGARY, ALBERTA--(Marketwire - April 1, 2013) - Sonde Resources Corp. ("Sonde" or the "Company") (TSX:SOQ) (NYSE MKT:SOQ) announced today that it has entered into an agreement with Viking Energy North Africa Limited ("Viking") to extend the deadline for meeting the conditions precedent under the Farm-Out Agreement that includes obtaining the consent of Joint Oil to the transfer of a 66.67% interest in the Joint Oil Block pursuant to the previously announced farm-out agreement to June 7, 2013. To date, the Company and Viking have held a series of discussions and exchanged correspondence with Joint Oil regarding the proposed farm-out and the conditions upon which Joint Oil would be prepared to provide its approval. As previously disclosed, some of the conditions imposed by Joint Oil are acceptable to the Company and Viking, while others are not. The Company does not believe that the outstanding conditions are supportable under the terms and conditions of the Exploration Production Sharing Agreement and the parties are continuing to seek an acceptable resolution of these issues. While the Company believes that the farm-out should be approved on its merits, no assurance can be given that Joint Oil will approve it or that the farm-out will close. Additionally, there can be no assurance that Viking will agree to a further extension of time if the approval of Joint Oil is not forthcoming prior to June 7, 2013.

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

Forward-looking Information

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. These statements include, among others, those concerning the pending approval of Joint Oil regarding the farm-out agreement with Viking. 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. Assumptions have been made regarding, among other things, management's expectations regarding negotiations with foreign governments and commercial parties. Actual results could differ materially due to a number of factors, including, without limitation, risks in conducting foreign operations, including political and fiscal instability and the possibility of civil unrest or military action; changes in government policies or laws; risk that government approvals may be delayed or withheld; and commercial risks relating to the closing of the Viking farm-out. 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 on file with the U.S. Securities and Exchange Commission. Although management believes that the expectations reflected in the forward-looking information or forward-looking statements are reasonable, prospective investors should not place undue reliance on forward-looking information or forward-looking statements because Sonde can provide no assurance those expectations will prove to be correct. Sonde bases its forward-looking statements and forward-looking information on information currently available and do not assume any obligation to update them unless required by law.

Contact Information

  • Sonde Resources Corp.
    Kurt A. Nelson
    Chief Financial Officer
    (403) 503-7944
    (403) 216-2374 (FAX)

    Sonde Resources Corp.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada T2P 2V6