Warrior Energy N.V.
TSX VENTURE : WEN

Warrior Energy N.V.

May 03, 2011 20:11 ET

Warrior Energy N.V. Announces Termination of Debt Settlement Agreement and Offer to Purchase Debt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Warrior Energy N.V. ("Warrior") (TSX VENTURE:WEN) announces that the Warrior and its wholly-owned subsidiary, Warrior Oil & Gas Holdings Inc. has entered into a Termination Agreement dated April 19, 2011 with XXL Energy Corp. ("XXL") and Exxel Energy (USA) Inc. ("Exxel"), a wholly-owned subsidiary of XXL, to cancel the Debt Settlement Agreement dated December 8, 2010 previously entered into and announced in the news release dated December 8, 2010. The Debt Settlement Agreement was terminated due to an error identified in the valuation of the settlement properties supporting the Debt Settlement Agreement.

On April 20, 2011, Warrior entered into an agreement whereby Mr. John R. Hislop has offered to purchase the debt owed by Exxel, pursuant to a Promissory Note dated May 24, 2007, for the sum of C$1,000,000. The closing of this transaction is subject to TSX Venture approval.

Disclaimer for Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this news release include: (1) the occurrence of any event that may prevent the Warrior from completing the sale of the debt; and (2) other factors beyond the Warrior's control.

These forward-looking statements contained in this news release represent Warrior's expectations as of the date hereof, and are subject to change after such date. Warrior disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as require under applicable securities regulations.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this news release.

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