FSC / Press Release
Simba Provides Update
Vancouver, British Columbia CANADA, December 18, 2013 /FSC/ - Simba Energy Inc.
(SMB - TSX Venture, SMBZF - OTCQX, GDA - FWB),("Simba" or the "Company")
announces that it has terminated negotiations with Ajax Exploration Ltd.
("Ajax") of a definitive farmout agreement in respect of a farmout of a 66%
interest and operatorship of the Company's 100% owned Block 2A, onshore Kenya.
The parties originally executed a memorandum of understanding (as disclosed in
the Company's news release of May 13, 2013) which contemplated that Ajax would
carry out additional exploration and drill one exploration well. The parties
subsequently attempted to complete negotiations for a definitive farmout
agreement but were unable to come to agreement on an acceptable program.
Accordingly, both parties have mutually decided to terminate negotiations.
The Company further advises it is currently in advanced negotiations with
another party regarding a potential farm-in on two of the assets in the Simba
portfolio and anticipates an announcement in the near future.
Simba also announces that, subject to regulatory approval, certain creditors of
the Company have agreed to accept an aggregate of 1,887,493 common shares of
Simba having a deemed value of $0.06 per share in settlement of debt owed by
Simba for past services provided by such creditors.
Simba is a Pan-African oil and gas exploration company with onshore PSCs in
Kenya, Guinea and Chad. Simba focuses on onshore oil and gas exploration in
areas that are under-developed or not previously exploited.
Simba's objective is to establish itself as a diversified international explorer
and developer with a growing oil and gas acreage position with significant
upside potential for shareholders.
ON BEHALF OF THE BOARD
"Robert Dinning", President & CEO.
For further information, please contact: Mark Sommer, firstname.lastname@example.org
Toll Free: 1-855-777-4622, or visit: www.simbaenergy.ca;
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.
Certain statements made and information contained herein may constitute
"forward-looking information" within the meaning of applicable Canadian
securities legislation. These statements relate to future events or the
Company's future performance, business prospects or opportunties.
Forward-looking information includes, but are not limited to, statements with
respect to the status of negotiations with another party regarding a potential
farm-in on two of the assets in the Simba portfolio and the anticipation of an
announcement in the near future in respect thereof. Often, but not always,
forward-looking information can be identified by the use of words such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" or variations of such words and phrases or words and phrases that
state or indicate that certain actions, events or results "may", "may have",
"could", "would", "might" or "will" be taken, occur or be achieved. Although
management believes that the assumptions made and the expectations represented
by such forward-looking information are reasonable, there can be no assurance
that forward-looking information herein will prove to be accurate.
Forward-looking information by its nature is based on assumptions and involve
known and unknown risks, uncertainties and other factors which may cause Simba's
actual results, events or achievements to be materially different from those
anticipated by such forward-looking information. Simba believes that the
expectations reflected in the forward-looking information is reasonable, but no
assurance can be given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied upon. The
forward-looking information involves risks and uncertainties relating to, among
other things, the ability of Simba to come to terms with the party with which it
is currently negotiating, changes in oil prices, results of exploration and
development activities, uninsured risks, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government or other
regulatory approvals, actual performance of facilities, availability of
financing on reasonable terms, availability of third party service providers,
equipment and processes relative to specifications and expectations and
unanticipated environmental impacts on operations. Actual results may differ
materially from those expressed or implied by such forward-looking
information.Simba does not intend, and does not assume any obligation, to update
the forward-looking information, except as required by applicable laws.
To view this press release as a PDF, please click on the following link:
Source: Simba Energy Inc. (TSX-V: SMB) (OTCQX: SMBZF) (Frankfurt: GDA)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Provider ID: 00022685
-0- Dec/19/2013 0:41 GMT
Press spacebar to pause and continue. Press esc to stop.