Sintana Provides Update on VMM-37
July 20 2023 - 6:41AM
Sintana Energy Inc. (TSXV: SEI, OTCQB: SEUSF) (the
“
Company” or “
Sintana”) reports
that its subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot
Energy Sucursal Colombia (collectively “
Patriot”)
have filed an Arbitration Claim against ExxonMobil Exploration
Colombia Limited and ExxonMobil Exploration Colombia Limited
Sucursal Colombia (collectively, “
ExxonMobil”).
Causes of Action include Breach / Repudiation of the terms of the
Farmout Agreement (“
FOA”), Joint Operating
Agreement (“
JOA”) and License Contract associated
with the 43,158 acres property known as the VMM-37 block which is
located in Colombia’s Middle Magdalena Valley Basin
(“
VMM-37”).
Chief Executive Officer Douglas Manner
commented: “Further to our last release on VMM-37 dated April 18th,
it has become necessary to pursue this action to enforce Patriot’s
rights under the Agreements and Contract.”
Further updates will be provided with respect to
these matters as additional information becomes available.
About Sintana The Company is
engaged in petroleum and natural gas exploration and development
activities in Colombia’s Magdalena Basin and five large, highly
prospective, onshore and offshore petroleum exploration licenses in
Namibia. Sintana’s exploration strategy is to acquire, explore,
develop and produce superior quality assets with substantial
reserves potential.
On behalf of Sintana Energy Inc., “Douglas G.
Manner” Chief Executive Officer
For additional information regarding Sintana and ongoing
corporate activities, please visit the Company’s website at
www.sintanaenergy.com.
Corporate Contact:Douglas G. MannerChief
Executive OfficerTel: 832.279.4913
Corporate Contact:Sean J. AustinVice
PresidentTel: 713.825.9591
Investor Relations Advisor:Jonathan
PatersonFounder & Managing PartnerHarbor AccessTel:
475-477-9401
Forward-Looking
Statements Certain information in this release are
forward-looking statements. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intensions for the
future, and include, but not limited to, statements with respect to
the potential outcome of the arbitration, the status of the JOA,
potential rights and remedies in respect thereof and the
prospective nature of the Company’s property interests. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements, including, but not limited
to the costs and potential outcome of arbitration proceedings,
risks relating to the receipt of all applicable regulatory
approvals, results of exploration activities, the ability to source
joint venture partners and fund exploration, permitting and
government approvals, and other risks identified in the Company’s
public disclosure documents from time to time. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Company
assumes no obligation to update such information, except as may be
required by law.
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
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