CALGARY, Feb. 20, 2013 /CNW/ - (TSXV:TOL) TriOil
Resources Ltd. ("TriOil" or the "Corporation"), in
reply to shareholder inquires, wishes to clarify that the timing of
shareholder approval for the recently adopted shareholder rights
plan (the "Rights Plan") does not impact upon the timing of
the strategic alternatives process being undertaken by the
Corporation.
As indicated in the Corporation's February 19, 2013 press release, the independent
committee of directors (the "Special Committee") has already
commenced the strategic alternatives process. Furthermore, as
stated in yesterday's press release, following receipt of TriOil's
December 31, 2012 reserve report
(anticipated for late March, 2013) the financial advisor to the
Special Committee will be immediately contacting a broad spectrum
of parties to solicit interest in a possible strategic transaction
with the Corporation.
The reference in the February 19, 2013 press release to the fact that
the Rights Plan requires confirmation by shareholders at a meeting
to be held within six (6) months of its adoption merely states the
outside date for approval prescribed by the rules and policies of
the TSX Venture Exchange. The intent of TriOil is that its
Rights Plan will be put forward for approval by shareholders at
TriOil's regularly scheduled annual general meeting of
shareholders.
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 February 19,
2013, there are approximately 64.0 million shares issued and
outstanding (70.1 million fully diluted).
Neither the TSX Venture Exchange not 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 release.
Advisory
The information in this press release
contains certain forward-looking statements. These statements
relate to future events or our future performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe", "would" and similar expressions. These
statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond TriOil's control,
including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in how they
are interpreted and enforced; fluctuations in commodity prices and
foreign exchange and interest rates; stock market volatility and
market valuations; volatility in market prices for oil and natural
gas; liabilities inherent in oil and natural gas operations;
uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital,
acquisitions, of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry, geological, technical,
drilling and processing problems and other difficulties in
producing petroleum reserves; and obtaining required approvals of
regulatory authorities. TriOil's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do, what benefits that TriOil will derive from them. Except as
required by law, TriOil undertakes no obligation to publicly update
or revise any forward-looking statements.
SOURCE TriOil Resources Ltd.