Simba Provides Update
VANCOUVER, British Columbia -- December 18, 2013
Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (“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
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, email@example.com
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
Simba Energy Inc.
Mark Sommer, Toll Free: 1‐855‐777‐4622
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