CALGARY,
July 3, 2013 /CNW/ -
(TSXV:TOL) TriOil Resources Ltd. ("TriOil" or the
"Company") announces that it has entered into exclusive
negotiations with another party in connection its previously
announced strategic alternatives process. The exclusive negotiation
period will likely continue through the end of August 2013. Although the terms, conditions and
structuring details of any potential transaction are to be
negotiated and discussed, TriOil and its counterparty are
contemplating that the potential transaction will represent an
acquisition of the Company or all of its assets. At the present
time, there can be no assurances or guarantees that these
negotiations will result in an acceptable transaction. Further
updates in respect of the Company's strategic alternative process
will be made in due course.
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 July 3, 2013,
there are approximately 64.0 million shares issued and outstanding
(70.1 million fully diluted).
Advisory
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",
"seek", "anticipate", "continue", "estimate", "approximate",
"believe", "plans", "intends", "confident", "may", "objective",
"ongoing", "will", "should", "project", "predict", "potential",
"targeting", "could", "would", and similar expressions are intended
to identify forward-looking information. More particularly, this
document contains forward-looking statements which include, but are
not limited to, expected details of any potential transaction and
TriOil providing further updates on TriOil's strategic alternatives
process. The forward-looking statements contained in this document
are based on certain key expectations and assumptions made by
TriOil, including with respect to the ability of the Company to
successfully negotiate terms of a potential transaction with the
other party. 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, ability to successfully negotiate terms of a potential
transaction with the other party and satisfying all conditions of
such a transaction. 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 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.
SOURCE TriOil Resources Ltd.