CALGARY, ALBERTA--(Marketwire - Jan. 8, 2013) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES, TO UNITED STATES NEWS WIRE SERVICES OR TO UNITED STATES PERSONS
Twoco Petroleums Ltd. ("Twoco" or the "Company") (TSX VENTURE:TWO) announces that it currently does not have the financial resources to repay its $3.4 million principal amount of redeemable, convertible, unsecured 8% debentures ("2011 Convertible Debentures") which matured on December 31, 2012. The Company will continue to pursue strategic alternatives including, but not limited to, recapitalizing the Company through financing arrangements, the sale of some or all of the assets of the Company or merging with other companies.
Twoco is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in the Province of Alberta. Twoco has 77,186,118 Common Shares issued and outstanding as at today's date.
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). There is no guarantee that the Company will be successful in its efforts to transact on a strategic alternative or repay the 2011 Convertible Debentures. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Twoco's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Twoco believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Twoco does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.