Sonde Resources Corp.

Sonde Resources Corp.

September 20, 2010 13:42 ET

Sonde Resources Corp. Provides Update on Tunisia Project, Status of Relationship With Joint Venture Partner

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2010) - Sonde Resources Corp. ("Sonde") (TSX:SOQ) (NYSE Amex:SOQ) announced today that in its capacity as Operator under the Joint Operating Agreement (the "JOA") between Sonde and Canadian Sahara Energy Inc ("Sahara") covering the 7th of November Block, offshore Tunisia / Libya, Sonde issued a Notice of Default dated September 16, 2010 to Sahara due to Sahara's failure to pay when due its share of Joint Account expenses associated with the 7th of November Block. Under the terms of the JOA, a formal default period will begin 5 business days after issuance of this notice; after the default period begins, Sahara will have a period of 30 days from the date of the original notice, or until October 15, 2010, to pay all outstanding Joint Account expenses associated with its 50% working interest in the 7th of November Block.

Sonde is working closely with Sahara to resolve this matter and will provide an update when more information is available. 

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