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 January 30,
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 www.sedar.com.
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
securities laws.
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.
SOURCE TriOil Resources Ltd.