/NOT FOR DISTRIBUTION IN THE UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, Nov. 10, 2014 /CNW/ - Palliser Oil & Gas
Corporation ("Palliser" or the "Company") (TSX
VENTURE: PXL) announces that in order to permit Maha, Palliser and
Palliser's lender to continue negotiations relative to the terms of
a potential amended credit facility, the terms of the forbearance
agreement between Palliser and its lender have been extended to
November 28, 2014. The outside
date for the proposed amalgamation of the Company and Maha pursuant
to an amalgamation agreement between the Company and Maha dated
July 30, 2014 (the "Amalgamation Agreement"), as
described in the Company's press release of July 30, 2014, was
previously extended to November 28,
2014.
The Company also announces that Ivan J.
Condic, Palliser's Vice-President, Finance and CFO has
advised that he is resigning from the Company effective
November 14, 2014 to pursue another
opportunity. Palliser wishes Mr. Condic success in his future
endeavors and thanks him for his contribution to the Company.
Palliser will review its personnel requirements with respect to an
interim chief financial officer.
About Palliser
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.
Disclaimers
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 a transaction between Maha,
Palliser and Palliser's lender, timing for completion of the
amalgamation of Palliser and Maha and matters related or incidental
thereto, and the plans of Palliser and Maha. No assurance can be
given that a modified transaction will be agreed to between
Palliser and Maha, 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 by Maha and Palliser 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
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The New Maha Shares to be
offered have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended and may not be offered or sold
in the United States or to a U.S.
person absent registration or an applicable exemption from the
registration requirements.
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.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION 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
LAWS.
SOURCE Palliser Oil & Gas Corporation