The Corporation has been formally notified of such approvals. Upon completion of the Transaction, the Corporation will hold an indirect 35% operated working interest in service contracts (the 'Service Contracts') for Blocks 16 and 67 in
The transfer of the Shares does not imply any change in the legal entity of
Finally, New Stratus will continue to rigorously adhere to and comply with all environmental regulations and commitments related to the operation of the Blocks. New Stratus will provide more details on the Transaction at closing, which is expected in
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Forward-Looking Statements
Certain information set forth in this news release constitutes 'forward-looking statements', and 'forward-looking information' under applicable securities legislation (collectively, 'forward-looking statements'). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of such words such as 'will', 'expects', 'intends', 'may', 'should', 'estimates', 'anticipates', 'believes', 'projects', 'plans', and similar expressions, including variations thereof and negative forms. Forward-looking statements in this press release include expectations about the completion of the Transaction, the final terms thereof, and the timing thereof, management's expectations with respect to the Transaction and plans with respect to drilling and operations on the Blocks, receipt of the TSXV Approvals and satisfaction of other closing conditions, expectations regarding capital investment in the Blocks, the extension of the term of the Blocks, entering into a production sharing contract with the Government of
In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the Corporation to receive, in a timely manner, the TSXV Approvals, the ability of the Corporation to satisfy, in a timely manner, the conditions to the closing of the Transaction, the ability of the Corporation to negotiate extension to the term of the Blocks and enter into production sharing contracts with the Government of
These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the completion of the Transaction as described herein; the ability to successfully integrate operations and realize the anticipated benefits of the Transaction; incorrect assessments of the value of the Transaction; changes in commodity prices and currency exchange rates; currency and interest rate fluctuations; the ability to secure adequate debt financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.
New Stratus has included the above summary of assumptions and risks related to forward-looking statements provided in this news release in order to provide readers with a more complete perspective on the Transaction and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.
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