CALGARY, Dec. 18, 2017 /CNW/ - Oronova Energy
Inc. ("Oronova" or the "Company") (TSX.V: ONV), a company
focused on oil and gas exploration and production in Latin America, announces that the definitive
Purchase & Sale Agreement dated April 1,
2017 (the "Purchase & Sale Agreement" or "PSA") for the
acquisition of the Production Sharing Contract of Block 1-2006 in
Guatemala has been
terminated. As a consequence, the Company has withdrawn
the private placement financing announced on June 20, 2017 for up to total gross proceeds of
C$45 million.
The Company continues to look for oil and gas opportunities in
Latin America and anticipates that
trading in its shares will be reinstated on December 20, 2017.
On behalf of the Board of Oronova Energy Inc.
"Ralph Gillcrist"
President & CEO
About Oronova Energy Inc.
Oronova Energy Inc. is an
international oil and gas exploration and production company
currently focused on acquiring oil & gas development projects
in Latin America. Oronova's
strategy is to build a portfolio of early producing assets, that
under a low cost operating approach, with associated exploration
upside, will allow Oronova to create significant near-term and
medium-term growth, whilst becoming a Central and South America low cost oil and gas producer,
that operates to international EH&S and CSR standards and
highest standards of corporate governance and ethical
standards.
Forward Looking Statements and Legal
Advisories
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as such term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains certain forward-looking
information, forward-looking statements and forward-looking
financial outlook (collectively, "forward-looking statements")
under the meaning of applicable securities laws, including Canadian
Securities Administrators' National Instrument 51-102 - Continuous
Disclosure Obligations. The use of the words "expects", "planned",
"believes", "anticipates", "estimated", "will", "potential", "may",
"continue", derivations of these words and similar expressions are
intended to identify forward-looking statements. In particular, but
without limiting the foregoing, forward-looking statements include
statements regarding: expected cost savings and expense
optimization resulting from Oronova's cost saving initiatives and
future initiatives; exploration and production, drilling and
testing expectations, including without limitation, the timing of
operations, and expectations with respect to the results of
drilling, testing and exploration activities; Oronova's planned
capital program and the allocation of capital, including expected
funding of the capital program from proceeds expected to be derived
from fund raising activities, current production and gas/condensate
price levels; Oronova's production expectations, projections and
average production rates including the anticipated product mix of
such production; Oronova's planned operations and the anticipated
results of such operations, together with all other statements
regarding expected or planned development, testing, drilling,
production, expenditures or exploration, or that otherwise reflect
expected future results or events. BOE production and reserve
values are calculated on an Mcf to BOE conversion of 6 to 1.
A BOE conversion of 6 to 1 is based on an energy equivalent
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
Readers should not place undue reliance on the
forward-looking statements contained herein. Further information on
potential factors that could affect Oronova will be included in
risks detailed from time to time in Oronova's filings. These
filings will be available on a website: SEDAR at
www.sedar.com. The forward-looking statements contained
herein are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements included in this press
release are made as of the date of this press release and Oronova
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
applicable securities legislation.
SOURCE Oronova Energy Inc.