CALGARY, ALBERTA — (Marketwire) — 09/27/12 — Sagres Energy Inc. (TSX VENTURE: SGI) (“Sagres” or the “Company”) announces that it has elected to focus its attention and near term resources on its Colombian exploration assets and the Company will not be investing further resources in Jamaica. In connection with this decision, the Company–s interest in Blocks 9, 13 and 14 in Jamaica has reverted back to the Petroleum Corporation of Jamaica with no further obligations or liabilities to the Company.
Sagres intends to exclusively focus on its Colombian exploration portfolio, in particular its joint venture on the El Triunfo block which is comprised of 25,205 gross acres in the oil-rich Llanos Basin in Colombia and is at an advanced exploration stage with multiple drill ready prospects and extensive seismic coverage, including 3D seismic, on the main prospect.
About Sagres
Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol “SGI”.
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 its corporate focus; intended use of resources; and the prospective nature of its oil blocks and anticipated work programs. 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:
Sagres Energy Inc.
Jaime Lalinde
President & CEO
+571 805-0240