Carmen Energy Inc. announces promissory note
April 02 2012 - 5:00AM
PR Newswire (Canada)
CALGARY, April 2, 2012 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") announces that the Corporation has entered into a
loan arrangement with certain insiders of the Corporation including
two directors and an officer of the Corporation. An aggregate
amount of $500,000 has been borrowed by the Corporation to address
its immediate capital concerns. The loans, being incurred by
way of promissory notes will pay a 10% interest rate and are
repayable to the holders over a period of two years from the date
of issuance. In addition, the Corporation has granted the
holders of the promissory note a pro rata allocation of a pooled
five percent Gross Overriding Royalty on certain of the existing
properties of the Corporation. Proceeds of the financing will be
utilized for general operating purposes. About Carmen Energy Inc.:
Carmen is based in Calgary, Alberta and a publicly traded oil and
gas exploration and production company. The focus is on exploration
and development of Western Canadian Sedimentary Basin based oil and
gas properties. The current projects are the Jumpbush properties in
south eastern Alberta, the Ferrybank properties in central Alberta,
the Sylvan Lake area properties in Southern Alberta and the Hamburg
properties in northern western Alberta. 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 press release.
FORWARD LOOKING INFORMATION Certain information in this news
release is forward-looking within the meaning of certain securities
laws, and is subject to important risks, uncertainties and
assumptions. This forward-looking information includes, among other
things, the ability of the Company to repay the principal and
interest associated with the promissory note and information with
respect to the Corporation's beliefs, plans, expectations,
anticipations, estimates and intentions and the activities of the
Corporation. The words "may", "could", "should", "would",
"suspect", "outlook", "believe", "anticipate", "estimate",
"expect", "intend", "plan", "target" and similar words and
expressions are used to identify forward-looking information. The
forward-looking information in this news release describes the
Corporation's expectations as of the date of this news release. The
results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events.
Material factors which could cause actual results or events to
differ materially from such forward-looking information include,
among others, the risks associated with the oil and gas industry in
general, risks arising from general economic conditions and adverse
industry events, risks arising from operations generally, reliance
on contractual rights such as licences and leases in the conduct of
its business, the uncertainty of reserve and resource estimates;
the uncertainty of estimates and projections relating to reserves,
resources, production, costs and expenses; reliance on third
parties, reliance on key personnel, possible failure of the
business model or business plan or the inability to implement the
business model or business plan as planned, competition,
environmental matters, and insurance or lack thereof; failure to
realize the anticipated benefits of acquisitions; ability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations. The Corporation cautions that the
foregoing list of material factors is not exhaustive. When relying
on the Corporation's forward-looking information to make decisions,
investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The
Corporation has assumed a certain progression, which may not be
realized. It has also assumed that the material factors referred to
in the previous paragraph will not cause such forward-looking
information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors. THE
FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF
THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME. Carmen
Energy Inc. CONTACT: Tyler RicePresident(403) 537-5590
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