Oyster Oil and Gas Ltd. Closes Acquisition of an Oil and Gas Property in
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/24/13 -- Further
to the news release dated September 6, 2013, Oyster Oil and Gas Ltd.
(TSX VENTURE:OY) ("Oyster" or the "Company") is pleased to announce
it has closed the transaction with Candax Energy Inc. ("Candax") to
acquire a 10% working interest in Block 1101 located onshore
Madagascar (the "Transaction").
Michael Wood, President & CEO, commented: "Oyster is very excited to
complete the purchase of the Madagascar acquisition and we look
forward to working with both Afren plc and the Government of
Madagascar as we develop this world class potential exploration
Background information on Block 1101, Onshore Madagascar & Afren
Block 1101 is located onshore in the north western part of Madagascar
and the PSC covers an area of some 15,000km2 (3.7 million acres).
Since 2006 airborne gravity and magnetic surveys and some 430km 2D
seismic have been acquired as well as extensive geological field work
and mapping undertaken. A number of substantial prospects and leads
have been identified mainly in the potential Triassic and Jurassic
sandstone reservoir formations.
Afren plc. is listed on the London stock markets and is a highly
successful E&P company with a strong African focus; the current
market capitalization of Afren is approximately $2.5 Billion. Afren
holds a 90% Working Interest in Block 1101.
About Oyster Oil and Gas Ltd.
Oyster is an oil and gas exploration company with a focus on eastern
Africa. Oyster holds a production sharing contract with the
Government of Djibouti with respect to four blocks comprising
approximately 3.5 million acres onshore and offshore in the Republic
of Djibouti; and has acquired a 10% working interest in an onshore
block in Madagascar covering approximately 3.7 million acres.
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 news
This press release contains forward-looking information within the
meaning of applicable securities laws, and such forward-looking
information is based on the expectations, estimates and projections
of the management of Oyster as of the date of this news release
unless otherwise stated. The use of any of the words "expects",
"anticipates", "continues", "estimates", "objective", "ongoing",
"may", "will", "projects", "develop", "should", "believes", "plans",
"intends", and similar expressions are intended to identify
forward-looking information. More particularly and without
limitation, this press release contains forward-looking information
concerning future anticipated exploration activities conducted on the
working interest in the Madagascar. Since forward-looking information
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 the risks
associated with the industries and countries in which Oyster operates
in general, such as operational and exploration risks; delays or
changes in plans with respect to growth projects or capital
expenditures; delays in obtaining governmental approvals, permits or
financing or political risks in the completion of exploration,
development or construction activities; access to drilling rigs,
completion equipment, seismic equipment and operational personnel;
costs and expenses; political risks; title disputes; health, safety
and environmental risks; commodity price, interest rate and exchange
rate fluctuations; environmental risks; competition; ability to
access sufficient capital from internal and external sources; and
changes in legislation, including but not limited to tax laws and
environmental regulations. The foregoing list of risk factors is not
exhaustive. Additional information on other risk factors that could
affect the operations or financial results of Oyster are included in
reports on file with applicable securities regulatory authorities,
and particularly the Company's most recent Management Discussion &
Analysis, which may be accessed on Oyster's SEDAR profile at
Oyster Oil and Gas Ltd.
Chief Financial Officer
(604) 662-7950 (FAX)
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