CALGARY, Jan. 31, 2013 /CNW/ - TriOil Resources Ltd. ("TriOil" or the
"Company" - TSXV:TOL) confirms that on January 30, 2013 it received a letter
from Andylan Capital Strategies Ltd. ("Andylan") requesting various
initiatives be undertaken by TriOil as set forth in the Andylan press release
dated January30, 2013 (the "Andylan Letter"). TriOil advises that its
Board of Directors (the "Board") will review the Andylan Letter and will take
such steps as the Board determines to be in the best interests of the Company
and its stakeholders. TriOil will provide an update to the market in that
regard in due course.
Furthermore, in respect of the recently announced purchase by PetroBakken
Energy Ltd.("PetroBakken") of 11,050,330 common shares of TriOil, which
represents approximately 17.3% of the total issued and outstanding common
shares of TriOil on a non-diluted basis, TriOil views this investment by
PetroBakken in TriOil as validating TriOil's ongoing exploration and
development activities and strong operational positions in two top-tier light
oil resource projects in TriOil's core areas of Lochend and Kaybob, Alberta.
TriOil intends to release its 2013 capital expenditure budget and operational
update following the close of business on February 7, 2013.
TriOil is a Calgary, Alberta based company engaged in the exploration,
development and production of petroleum and natural gas.
TriOil trades on the TSX Venture Exchange under the symbol "TOL". As of
January 31, 2013, there are approximately 64.0 million shares issued and
outstanding (70.1 million fully diluted).
Forward Looking Statements
This news release contains forward-looking information and forward-looking
statements within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "believe", "plans",
"intends", "confident", "may", "objective", "validates", "ongoing", "will",
"should", "project", and similar expressions are intended to identify
forward-looking information. The forward-looking statements contained in this
document are based on certain key expectations and assumptions made by TriOil.
Although TriOil believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because TriOil can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price and exchange rate fluctuations and uncertainties resulting
from potential delays or changes in plans with respect to exploration or
development projects or capital expenditures. Certain of these risks are set
out in more detail in TriOil's Annual Information Form which has been filed on
SEDAR and can be accessed at www.sedar.com and TriOil's other public
disclosure documents which have been filed on SEDAR and can be accessed at
The forward-looking statements contained in this press release are made as of
the date hereof and TriOil undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
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.
Russell J. Tripp, President & CEO, TriOil Resources Ltd.; Cheryne Lowe, VP
Finance & CFO, TriOil Resources Ltd.; Andrew Wiacek, VP Exploration, TriOil
Resources Ltd.; Corporate Phone: (403) 265-4115
SOURCE: TriOil Resources Ltd.
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-0- Jan/31/2013 13:00 GMT
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