CALGARY, May 14, 2013 /CNW/ - ArPetrol Ltd. ("ArPetrol" or
the "Company") (TSXV: RPT) announces that its wholly-owned U.S.
subsidiary has reached an agreement to sell its overriding royalty
interests in non-operated properties in the Williston Basin of North Dakota to a private entity for gross
proceeds of approximately US$595,000.
The purchase price is subject to customary operating and revenue
adjustments, based on an effective date of May 15, 2013. Proceeds from the sale will be used
for general corporate purposes and to pay U.S. tax arising from the
disposition.
Completion of the sale of the royalty interests
is subject to customary closing conditions, and closing is expected
to occur within the next week.
About ArPetrol Ltd.
ArPetrol is a Calgary-based publicly traded company engaged
in oil and natural gas exploration, development and production and
third-party natural gas processing in Argentina, where it owns and operates a gas
processing facility with capacity of 85 million cubic feet (MMcf)
per day. The Company's common shares are listed on the TSXV under
the symbol "RPT".
Forward-Looking Information
This news release contains certain
forward‐looking statements relating, but not limited, to closing
the sale of the Corporation's royalty interests in North Dakota, satisfaction of closing
conditions and expected timing for closing. Forward‐looking
information typically contains statements with words such as
"anticipate", "believe", "expect", "plan", "intend", "estimate",
"propose", "project", or similar words suggesting future outcomes.
The Company cautions readers and prospective investors in the
Company's securities not to place undue reliance on forward‐looking
information as, by its nature, it is based on current expectations
regarding future events that involve a number of assumptions,
inherent risks and uncertainties, which could cause actual results
to differ materially from those anticipated by the Company.
Forward-looking information is based on management's current
expectations and assumptions regarding, the sale of the
North Dakota royalty interests,
satisfaction of closing conditions and timing for closing. Although
the Company believes the expectations and assumptions reflected in
such forward‐looking information are reasonable, they may prove to
be incorrect.
Forward‐looking information involves significant
known and unknown risks and uncertainties. A number of factors
could cause actual results to differ materially from those
anticipated by the Company, including but not limited to risks
associated with uncertainty regarding the ability to satisfy the
closing conditions, completing the sale of the royalty interests
and the purchaser funding and completing the acquisition.
The forward‐looking information included herein
is expressly qualified in its entirety by this cautionary
statement. The forward‐looking information included herein is made
as of the date hereof and the Company assumes no obligation to
update or revise any forward‐looking information to reflect new
events or circumstances, except as required by law.
Additional information relating to the Company
is also available on SEDAR at www.sedar.com.
ArPetrol's head office address is 700, 815 8
Avenue S.W., Calgary, AB T2P
3P2
Neither the TSXV nor its Regulation Services
Provider (as defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE ArPetrol Ltd.