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CALGARY,
AB, Dec. 29, 2023 /CNW/ - Tuktu Resources
Ltd. ("Tuktu" or the "Company") (TSXV: TUK) is
pleased to announce that it has closed in escrow ("Escrow
Closing") on the purchase of the southern Alberta oil assets (the "Assets") owned
and operated by an arm's length public company (the
"Vendor"), as further described in the Company's press
release dated October 18, 2023. In
connection with Escrow Closing, Tuktu paid the escrow trustee
$1.38 million (representing the
interim purchase price, including adjustments from the May 1, 2023 Effective Date, for the Assets less
the deposit previously paid to the escrow trustee) (the "Interim
Purchase Price"), which Interim Purchase Price and deposit
will be held in escrow and will be releasable to the Vendor
upon receipt of Alberta Energy Regulator approval and successful
completion of the well licence transfers related to the Assets, at
which time the acquisition of the Assets (the "Acquisition")
will be completed (the "Acquisition Closing"). Upon the
Acquisition Closing, Tuktu will acquire the Vendor's legal and
beneficial interest in the Assets subject to any permitted
encumbrances and customary post-closing adjustments.
The Company anticipates that the Acquisition Closing may occur
on or about 60 business days following Escrow Closing.
About Tuktu Resources Ltd.
Tuktu is a publicly traded junior oil and gas development
company headquartered in Calgary,
Alberta with producing oil and gas properties in southern
Alberta. For additional
information about Tuktu please contact:
Tuktu Resources Ltd.
501, 888 – 4th Avenue
S.W.
Calgary,
Alberta T2P 0V2
Attention: Tim de Freitas,
President and Chief Executive Officer (phone 403-478-0141); or
Mark Smith, CFO and VP Finance
(phone 403-613-9661)
This press release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Neither the TSX Venture Exchange ("TSXV") nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this press release.
All amounts in this press release are stated in Canadian dollars
unless otherwise specified.
FORWARD-LOOKING INFORMATION ADVISORIES
Certain information contained in the press release may
constitute forward-looking statements and information
(collectively, "forward-looking statements") within the
meaning of applicable securities legislation that involve known and
unknown risks, assumptions, uncertainties and other factors.
Forward-looking statements may be identified by words like
"anticipates", "estimates", "expects", "indicates", "intends",
"may", "could" "should", "would", "plans", "target", "scheduled",
"projects", "outlook", "proposed", "potential", "will", "seek" and
similar expressions. Forward-looking statements in this press
release include statements regarding, among other things: the
anticipated completion of the Acquisition and the anticipated
timing of the Acquisition Closing; the anticipated approval of the
AER and the anticipated deposit amount, if any; and other similar
statements. Such statements reflect the current views of management
of the Company with respect to future events and are subject to
certain risks, uncertainties and assumptions that could cause
results to differ materially from those expressed in the
forward-looking statements.
With respect to forward-looking statements contained in this
press release, the Company has made assumptions regarding, among
other things: that the Company will be able to successfully
complete the Acquisition on substantially the terms contemplated;
future pricing; commodity prices; future exchange and interest
rates; supply of and demand for commodities; inflation; the
availability of capital on satisfactory terms; the availability and
price of labour and materials; the impact of increasing
competition; conditions in general economic and financial markets;
access to capital; the receipt and timing of regulatory, TSXV, AER
and other required approvals and any requirements in connection
therewith; the ability of the Company to implement its business
strategies and complete future acquisitions; the Company's long
term business strategy; and effects of regulation by governmental
agencies.
Factors that could cause actual results to vary from
forward-looking statements or may affect the operations,
performance, development and results of the Company's businesses
include, among other things: risks and assumptions associated with
operations, such as the Company's ability to successfully implement
its strategic initiatives and achieve expected benefits;
assumptions regarding the assets purchased pursuant to the
Acquisition and the value of the Acquisition; risks regarding the
Company's ability to complete the Acquisition on substantially the
terms contemplated; assumptions concerning operational reliability;
risks inherent in the Company's future operations; the Company's
ability to generate sufficient cash flow from operations to meet
its future obligations; increases in maintenance, operating or
financing costs; the realization of the anticipated benefits of
future acquisitions, if any; the availability and price of labour,
equipment and materials; competitive factors, including competition
from third parties in the areas in which the Company intends to
operate, pricing pressures and supply and demand in the oil and gas
industry; fluctuations in currency and interest rates; inflation;
risks of war, hostilities, civil insurrection, pandemics (including
COVID-19), political and economic instability overseas and its
effect on commodity pricing and the oil and gas industry (including
the ongoing Russian-Ukrainian conflict and Israeli-Hamas conflict);
severe weather conditions and risks related to climate change;
terrorist threats; risks associated with technology; changes in
laws and regulations, including environmental, regulatory and
taxation laws, and the interpretation of such changes to the
management team's future business; availability of adequate levels
of insurance; difficulty in obtaining necessary AER and other
regulatory approvals and the maintenance of such approvals, and any
requirements in connection therewith; general economic and business
conditions and markets; and such other similar risks and
uncertainties. The impact of any one assumption, risk, uncertainty
or other factor on a forward-looking statement cannot be determined
with certainty, as these are interdependent and the Company's
future course of action depends on the assessment of all
information available at the relevant time.
The forward-looking statements contained in this press release
are made as of the date hereof and the parties do not undertake any
obligation to update or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
SOURCE Tuktu Resources Ltd.