CALGARY, ALBERTA — (Marketwire) — 03/01/12 — Longford Energy Inc. (TSX VENTURE: LFD) (“Longford” or “the Company”) is pleased to provide an update on the proposed transaction to sell its 40 per cent undivided interest in the Chia Surkh Block in the Kurdistan region of Iraq to Genel Energy plc (the “Sale Transaction”).
At a special meeting of shareholders of Longford held on February 27th, 2012, the Company received shareholder approval as 97% of the votes cast were in favour of the proposed Sale Transaction.
According to the Contingent Assignment Agreement signed between the parties on January 31, 2012, the company had until March 1, 2012 to obtain approval of the Kurdistan Regional Government for the Sale Transaction. In agreement with the Kurdistan Regional Government, the date for completion has now been extended to May 1, 2012 to allow sufficient time for the relevant authorities in Kurdistan to convene and consider the Sale Transaction.
About Longford Energy Inc.
Longford Energy Inc. is a junior Canadian oil and gas exploration and production company. Longford holds a 40% working interest in the Chia Surkh Block Production Sharing Contract in the Kurdistan Region – Iraq. The Chia Surkh Block offers a field development opportunity and multiple exploration prospects.
Regulatory Statements
This press release contains “forward looking information” within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the sale of Longford–s interest in the Chia Surkh block or receipt of approval from the Kurdistan Regional Government. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with 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.
Contacts:
Longford Energy Inc.
Ahmed S. Said
President & CEO
+1 (403) 263 3000