December 18, 2013-
Calgary, Alberta - Canoel International Energy Ltd.
("Canoel" or
the "Company")
(TSX VENTURE: CIL) announces that it has entered into
a financial advisory agreement with Somerley Limited
("Somerley") to assist the Company with raising approximately $9.0
million.
Somerley is a specialist
financial services company based in Hong Kong and one of the
leading financial advisors on public and private transactions in
China and Hong Kong. The terms of any capital raise have not been
determined. The agreement generally provides for the payment of a
fee on the successful completion of a transaction, but also
provides for the payment of a one-time mobilization work fee in
shares, subject to the approval of the TSX Venture Exchange. In
accordance with the terms of the agreement, the Company has agreed
to issue 313,610 common shares to Somerley for advisory services
already rendered totaling USD$50,000 in accordance with the
agreement, such shares being issued at the market price of the
Company's common shares.
The issuance of the shares remains
subject to approval by the TSX Venture Exchange.
Canoel intends to use a portion of
the proceeds of any capital raise through Somerley to place on
production several currently shut-in gas wells in Italy. Spot rates
for natural gas production in Italy varied between CAD$13.64 and
CAD$15.50 during 2013.
Additionally, management will
allocate the majority of any capital raise through Somerley to
initiate a drilling and development program on Canoel's 100% owned
Comodoro Rivadavia property in Argentina. This property currently
produces approximately 160 barrels of oil per day. Management notes
that the Comodoro Rivadavia property has, to date, mostly produced
from several shallow formations while deeper zones were not
developed when oil prices were lower. Data compiled by the company
has now enabled the technical staff to delineate several deeper
locations. The cost of drilling and completing each well to deeper
horizons is estimated to be approximately US$2.9 million. Further
to this, the Company has recently become aware that the operator of
permits adjacent to Comodoro Rivadavia has successfully drilled new
deeper wells in close proximity to the Canoel lands. Several of
these wells have been completed and have been placed on
production.
Canoel's information about the newly
drilled wells is from an independent source as of early December,
2013. At the present time, Canoel has not been able to confirm the
official production rates from these wells, however the crude oil
reportedly varies between 17.0 and 22.5 API. Canoel is unable to
confirm whether the information about the adjacent property was
prepared by a qualified reserves evaluator or auditor or in
accordance with the COGE Handbook.
Forward-Looking
Information
Certain information
in this press release is forward-looking within the meaning of
Canadian
securities laws as
it relates to anticipated events and strategies. When used in this
context, words
such as will,
anticipate, believe, plan, mandated, intend, target, and expect or
similar words suggest
future outcomes.
Forward-looking
information in this press release includes, among other things,
information relating
to:
(i) the Company's plans to raise approximately $9.0 million; (ii)
the Company's plans to use the proceeds of that capital raise to
drill and complete wells in Argentina; and (iii) the expected cost
of drilling and completing each well.
These statements are
based on certain assumptions and analyses made by the Company in
light of its
experience, current
conditions and expected future developments and other factors it
believes are
appropriate. The
material factors and assumptions used to develop these
forward-looking statements
include, but are not limited to: (i) the
ability of the Company to raise capital in sufficient amounts to be
able to conduct the drilling and completion operations; (ii) the
ability of the Company to source drill rigs and other services in
Argentina to conduct the anticipated operations within the expected
costs; and (iii) that the wells drilled will be successful with
production being in commercial quantities.
Whether actual
results, performance or achievements will conform to the Company's
expectations
and predictions is
subject to a number of known and unknown risks and uncertainties
which could
cause actual results
and experience to differ materially from the Company's
expectations. Such risks
and uncertainties
include, but are not limited to, risks relating to: (i) whether the
Company will be
able
to raise sufficient capital, or at all; (ii) whether the Company
will be able to source drill rigs and other services to conduct the
anticipated operations within the expected costs; and (iii) whether
any wells drilled will be successful and whether any production
will be in commercial quantities. If any such risks actually occur,
they could materially adversely affect the Company's business,
financial condition or results of operations. Inthat case the
trading price of the Company's common shares could decline, perhaps
materially. Readers are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made.
Canoel
does not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in Canoel's expectations or any
change in events, conditions or circumstances on which any such
statement is based, except as required by law.
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.
For further
information, please contact:
Jose Ramon Lopez Portillo
Andrea Cattaneo
Chairman of the Board CEO
& President
Email: info@canoelenergy.com
Telephone: (403) 938-8154
Telefax: (403)
775-4474
This press
release is not to be distributed to U.S. newswire services or for
dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities law.
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