Calgary, Alberta / ACCESSWIRE / December 23, 2014 / Palliser Oil & Gas Corporation (“Palliser” or the “Company“) (TSX VENTURE: PXL) announces that the forbearance agreement between Palliser and its lender has been further extended to January 9, 2015.
Separately, Palliser has discontinued the special committee of the board of directors of Palliser and has retained Paradigm Capital Inc. to provide financial advisory services and to assist the Company in identifying and evaluating potential transactions during its on-going strategic review.
Palliser has terminated its arrangements with its former financial and strategic advisor.
Palliser is focused on continuing its operations as effectively and efficiently as possible in the current economic climate and in the context of its financial circumstances as previously disclosed. There can be no assurance that the Company will be able to conclude third party arrangements or arrangements with its lender necessary for the Company to continue as a going concern.
For further information please contact:
Kevin J. Gibson President&CEO firstname.lastname@example.org (403) 209-5717
Palliser is a Calgary-based junior oil and gas company focused on high netback heavy oil production in the greater Lloydminster area of Alberta and Saskatchewan.
Forward Looking Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, the terms of any potential transaction between Palliser, one or more third parties and Palliser’s lender, or timing or completion of any such transactions and matters related or incidental thereto. No assurance can be given that any transactions will be agreed to between Palliser, one or more third parties, and Palliser’s lender, or if agreed, be acceptable to those from whom consent or approval will be necessary. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Palliser believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Palliser can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the availability of requisite financing, receipt of third party consents or approvals, timely receipt of any required regulatory approvals and shareholder approvals, if any. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated and described in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof and Palliser undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
United States Matters
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SOURCE: Palliser Oil & Gas Corporation