Sonde Resources Corp.

Sonde Resources Corp.

October 20, 2010 08:45 ET

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

CALGARY, ALBERTA--(Marketwire - Oct. 20, 2010) - Sonde Resources Corp. ("Sonde") (TSX:SOQ) (NYSE Amex:SOQ) announced today that Canadian Sahara Energy Inc., ("Sahara") failed to cure its default relating to unpaid Joint Interest Billings associated with the 7th of November Block, Offshore Tunisia / Libya prior to the October 16, 2010 deadline required by the Joint Operating Agreement ("JOA"). As a result, Sahara has been notified that Sonde is exercising its option to require that Sahara completely withdraw from the JOA and the Exploration and Production Sharing Agreement ("EPSA") governing the block, thereby forfeiting its 50% working interest to Sonde. In response, Sahara has advised that it has filed for creditor protection under the Bankruptcy and Insolvency Act ("BIA") and intends to make a proposal to its creditors (including Sonde) as an insolvent person under the BIA. Sonde is assessing its options with regard to the block.

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