Vecta Energy Corporation

October 05, 2010 12:17 ET

Vecta Energy Corporation Announces Extension of Secured Loans

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2010) - Vecta Energy Corporation ("Vecta") (TSX VENTURE:VER) reports that its Secured Loans in the amount of $500,000 plus accrued interest mature on October 1, 2010 but, with the prospect of Vecta entering into a new project, the Secured Loan holders have agreed to extend the maturity date to November 1, 2010. This will allow the Company to complete its evaluation and, if acceptable, enter into a participation agreement. Should this occur, the Secured Loan holders have agreed to provide a further 60 day extension that will allow Vecta to complete any necessary documentation and financing. Directors holding the Secured Loans have also agreed to defer payment of accrued interest with the exception of two arms-length Secured Loan holders who will be paid accrued interest of $11,176 that is due on October 1, 2010.

This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties ,certain of which are beyond Vecta' control, including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition, there are risks and uncertainties associated with oil and gas operations; therefore, Vecta' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that may accrue to Vecta.

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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.

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