CALGARY, ALBERTA--(Marketwired - Sep 26, 2013) - Sonde Resources Corp. ("Sonde") (SOQ.TO)(NYSE MKT:SOQ) announced today that Joint Oil's Board of Directors and General Assembly have approved the Assignments and the Amendment to the Exploration and Production Sharing Agreement ("EPSA Amendment") required as conditions precedent to closing the previously announced Viking Farm-out agreement for the Joint Oil Block.
Sonde, Joint Oil and Viking will meet in the near term to execute a series of documents associated with the Assignments and EPSA Amendment. Thereafter, Sonde and Viking can proceed with closing the farm-out, subject to, among other conditions, a condition precedent that the previously disclosed US $50.995 MM bank guarantee (of which Viking is responsible for US $40 MM and Sonde is responsible for the remainder) must be fully funded prior to closing.
Toufic Nassif, President Sonde North Africa, stated "Joint Oil's approval of these agreements is a significant milestone on the path to closing the Viking farm-out and pursuing the development of the Zarat field and exploration of the Joint Oil Block. We are grateful to Joint Oil, their Board and General Assembly for their support of these initiatives and to Viking for the momentum that this partnership will bring to the Joint Oil Block."
Sonde Resources Corp. is a Calgary, Alberta, Canada based Energy Company engaged in the exploration and production of oil and natural gas. Its operations are located in Western Canada and offshore North Africa. See Sonde's website at www.sonderesources.com to review further detail on Sonde's operations.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements include, among others, the closing of the Viking farm-out agreement, and the terms of the of the farm-out agreement. Such forward-looking information or statements are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things, market and operating conditions, future commodity prices, and management's expectations regarding the availability of capital on terms acceptable to the Company. Forward-looking information or statements are subject to a number of risks and uncertainties and actual results could differ materially from the forward-looking information and statements due to a number of factors, including, without limitation, general economic, market and business conditions; stock market volatility; risks in conducting foreign operations, including political and fiscal instability and the possibility of civil unrest or military action; changes in government policies or laws; risk that government approvals may be delayed or withheld; lack of, or restricted access to, sources of financing; and commercial risks associated with the Joint Oil Block. Additional assumptions and risks are set out in detail in the Company's Annual Information Form, available on SEDAR at www.sedar.com., and the Company's annual reports on Form 40-F on file with the U.S. Securities and Exchange Commission.
Although management believes that the expectations reflected in the forward-looking information or forward- looking statements are reasonable, prospective investors should not place undue reliance on forward-looking information or forward-looking statements because Sonde can provide no assurance those expectations will prove to be correct. Sonde bases its forward-looking statements and forward-looking information on information currently available and do not assume any obligation to update them unless required by law.