CALGARY, Feb. 14, 2013 /CNW/ – TriOil Resources Ltd. (“TriOil” or the “Company” – TSXV:TOL) announces that its board of directors (the “Board”) has retained GMP Securities L.P. as lead financial advisor to the Board and Dundee Securities Ltd. as financial advisor to the Board to assist it in the strategic review of the Company’s business plan and its consideration of additional means to enhance shareholder value.
In addition, TriOil’s committee of independent directors (the “Special Committee”) has retained Peters & Co. Limited as its financial advisor to assist the Special Committee in its strategic review of the Company’s business plan and to assist the Special Committee in its consideration and recommendation to the Board of additional means to enhance shareholder value.
The Special Committee was formed on February 7, 2013 and is comprised of Messrs. Glenn Hockley (Chairman), Andy Mah (Vice-Chairman), Robert Herdman and Korby Zimmerman. Such independent directors have extensive public company, transactional and special committee expertise. A representative listing of transactions that such independent directors have been involved with include:
- Current strategic review of Anderson Energy Ltd.;
- Aquest Energy Ltd. amalgamation with Anderson Energy Ltd.;
- Eravista Energy Corp. amalgamation with Aquest Energy Ltd.;
- Berens Energy Ltd. sale to PetroBakken Energy Ltd.;
- Matrix Petroleum Inc. amalgamation with Berens Energy Ltd.;
- Marlin Developments Ltd. proxy battle;
- Redcliffe Exploration Inc. sale to Paramount Resources Ltd.;
- Stallion Energy Ltd. amalgamation with Redcliffe Exploration Ltd.;
- Torrington Resources Ltd. amalgamation with Magin Energy Inc.;
- Alberta Oil & Gas Ltd. buyout of share position;
- Embassy Resources Ltd. amalgamation with Unicorp Canada Corp. in hostile takeover;
- Sunshine Oilsands Ltd. special committee to review value of warrants to buy back in preparing for a public offering;
- Fording Inc. hostile bid from Sherritt International Corporation which resulted in the combination of assets of Fording Inc., Sherritt International and Teck Cominico to form Fording Canadian Coal Trust;
- Sale of Ketch Resources Trust to Advantage Energy Income Fund;
- Advantage Oil & Gas Ltd. strategic alternatives transaction process;
- Kereco Energy Ltd. sale to Daylight Resources Trust; and
- Strategic alliance between Gulf Canada Resources Limited and Northrock Resources Ltd. creating additional value to shareholders (capital investment of $1 billion over 3 years).
TriOil is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas.
TriOil trades on the TSX Venture Exchange under the symbol “TOL”. As of February 14, 2013, there are approximately 64.0 million shares issued and outstanding (70.1 million fully diluted).
Forward Looking Statements
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “believe”, “plans”, “intends”, “confident”, “may”, “objective”, “validates”, “ongoing”, “will”, “should”, “project”, and similar expressions are intended to identify forward-looking information. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by TriOil.
Although TriOil believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because TriOil can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in TriOil’s Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com and TriOil’s other public disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and TriOil undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER THE 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.
SOURCE: TriOil Resources Ltd.
Russell J. Tripp, President & CEO, TriOil Resources Ltd.; Cheryne Lowe, VP Finance & CFO, TriOil Resources Ltd.; Andrew Wiacek, VP Exploration, TriOil Resources Ltd.; Corporate Phone: (403) 265-4115