CALGARY, ALBERTA--(Marketwired - Feb 4, 2014) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) announces that one-year extensions to Licences PEDL254 and PEDL208 have been granted by the Department of Energy and Climate Change of the Government of the United Kingdom. The extensions provide the Company with additional time to meet and to drill the outstanding commitment well on each of PEDL254 and Belvoir. The second term date of the licenses has not changed.
"The Company is actively in discussions to farm-out and/or joint venture its licenses to see its Belvoir and PEDL254 prospects drilled and this extension paves the way to conclude our negotiations," said Merv Chia, Interim CEO.
The Company announces that further to the Company's previously announced farm-in agreement (the "Farm-In Agreement") with Buried Hill Gambia BV ("Buried Hill") to earn a 13.33% equity working interest in two offshore blocks in Gambia, the licenses for the two offshore blocks owned by Buried Hill have expired so the Farm-In Agreement has been terminated. There are no additional obligations or costs incurred in this termination.
Newton holds UK East Midlands assets and is an emerging exploration and production company.
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.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the extension of PEDL254 and PEDL208 and the termination of the Farm-In Agreement. Statements included herein, other than statements of historical fact, including, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Newton's disclosure documents on the SEDAR website at www.sedar.com. Newton does not undertake to update any forward-looking information except in accordance with applicable securities laws.