CALGARY, May 30 /CNW/ - Pacific Rodera Energy Inc. (TSX Venture: PRD),
("Pacific Rodera" or the "Company") announced today that it has completed the
sale of its 8% working interest in the Trutch property for $2.2 million cash
less certain adjustments. The production attributed to Pacific Rodera's
working interest in these properties represented approximately 45 boes of
production per day. The sale of such a low working interest is consistent with
Pacific Rodera's objective of only being involved in high working interest,
operated properties. With these sale proceeds, Pacific Rodera has
approximately $24.6 million cash on hand, no debt and excellent connections to
the capital markets.
Given the effect of this sale on Pacific Rodera's reserves, readers are
cautioned that the reserves data, net present value of future net revenue
attributable to such reserves and certain other information contained in its
current annual information form is no longer accurate and should not be relied
upon.
Statements in this press release contain forward-looking information,
including expectations relating to future opportunities. Readers are cautioned
that assumptions used in the preparation of such information may prove to be
incorrect. Events or circumstances may cause actual results to differ
materially from those predicted, a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control of the
Company. These risks include, but are not limited to; the risks associated
with the oil and gas industry, commodity prices and exchange rate changes.
Industry related risks include, but are not limited to; operational risks in
exploration, development, production and transportation, delays or changes in
plans, risks associated with the uncertainty of reserve estimates, health and
safety risks and the uncertainty of estimates and projections of production,
costs and expenses. The risks outlined above should not be construed as
exhaustive and readers are urged to read our publicly filed documents for
additional risk factors and considerations. The reader is cautioned not to
place undue reliance on this forward-looking information. The Company
undertakes no obligation to update or revise any forward-looking statements
except as required by applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
