Condor Signs Letter of Intent to Purchase Existing Oil Terminal
March 01 2012 - 9:15AM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is
pleased to announce the signing of a Letter of Intent ("LOI") to
purchase a 90% interest in an existing oil storage and rail
terminal in Kazakhstan. The oil terminal is located 12 kilometers
northwest of Condor's Zharkamys West 1 Contract Territory (the
"Zharkamys Territory").
The terminal includes 1,200 m3 (7,500 barrels) of oil storage
capacity and is designed to load 4 rail cars simultaneously. The
terminal has a rail spur which ties directly into the main rail
line between Aktobe and Atyrau. In addition to providing expected
transportation cost savings, the terminal's existing access to the
rail system should expand Condor's future oil marketing
options.
The LOI is subject to certain conditions including facility
upgrades and re-licensing of the terminal, and the execution of a
definitive purchase and sale agreement.
About Condor Petroleum Inc.
Condor is an oil and gas corporation engaged in the exploration
for, and the acquisition, development and production of oil and
natural gas in Kazakhstan and Canada. Condor holds a 100% interest
in the oil and natural gas exploration rights to the 2,610 square
km Zharkamys Territory, located in Kazakhstan's Pre-Caspian basin.
Condor also holds a 66% interest in Marsel Petroleum LLP which has
the exploration rights to the 18,500 square km Marsel Territory,
located in Kazakhstan's Chu-Sarysu basin. For further information
see Condor's (final) prospectus, dated March 31, 2011, a copy of
which is available under Condor's SEDAR profile at
www.sedar.com.
Forward-Looking Statements
Certain statements in this news release constitute
forward-looking statements under applicable securities legislation.
Such statements are generally identifiable by the terminology used,
such as "anticipate'', "believe'', "intend", "expect", "plan",
"estimate", "budget'', "outlook'', "may", "will", "should",
"could", "would" or other similar wording. Forward-looking
information in this news release includes, but is not limited to,
information concerning the status of the LOI, expected completion
of the transaction, the expected transportation cost savings, and
the potential expansion of oil marketing options, together with the
timing associated therewith. By its very nature, such
forward-looking information requires Condor to make assumptions
that may not materialize or that may not be accurate.
Forward-looking information is subject to known and unknown risks
and uncertainties and other factors, which may cause actual
results, levels of activity and achievements to differ materially
from those expressed or implied by such information. Such factors
and assumptions include, but are not limited to: satisfaction of
the conditions to, and completion of, the purchase of the oil
storage and rail terminal; the results of exploration and
development drilling and related activities; imprecision of
reserves and resources estimates; ultimate recovery of reserves;
prices of oil and natural gas; general economic, market and
business conditions; industry capacity; competitive action by other
companies; fluctuations in oil and natural gas prices; the ability
to produce and transport crude oil and natural gas to markets; the
effects of weather and climate conditions; fluctuation in interest
rates and foreign currency exchange rates; the ability of suppliers
to meet commitments; actions by governmental authorities, including
increases in taxes; decisions or approvals of administrative
tribunals; changes in environmental and other regulations; risks
attendant with oil and gas operations, both domestic and
international; international political events; expected rates of
return; and other factors, many of which are beyond the control of
Condor. Capital expenditures may be affected by cost pressures
associated with new capital projects, including labour and material
supply, project management, drilling rig rates and availability,
and seismic costs. These factors are discussed in greater detail in
filings made by Condor with Canadian securities regulatory
authorities.
Readers are cautioned that the foregoing list of important
factors affecting forward-looking information is not exhaustive.
Furthermore, the forward-looking information contained in this news
release is made as of the date of this news release and, except as
required by applicable law, Condor does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking
information contained in this news release is expressly qualified
by this cautionary statement.
Contacts: Condor Petroleum Inc. Don Streu President & Chief
Executive Officer (403) 201-9694 Condor Petroleum Inc. Sandy Quilty
Vice President, Finance & Chief Financial Officer (403)
201-9694
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