CALGARY, ALBERTA--(Marketwired - Oct 28, 2013) - Sonde Resources Corp. ("Sonde") (SOQ.TO) (NYSE MKT:SOQ) announced today that Viking Exploration and Production Tunisia Limited ("Viking") requested an extension to the closing deadline for the Farmout Agreement between Sonde and Viking to November 15, 2013. Subsequently, Sonde requested a similar extension from Joint Oil for the closing deadline for the Viking Assignment Agreement. Joint Oil Management has approved the request, subject to endorsement from the Joint Oil Board of Directors, which Management expects to receive. As a result, the request by Viking to extend the closing date for the Farmout Agreement has been granted, giving Viking a new closing deadline of November 15, 2013. This timing aligns with the planned confirmation by the Joint Oil Board of the satisfaction of all conditions applicable to the Viking Assignment Agreement and final ratification of said assignment.
Both the Farmout Agreement and the Viking Assignment Agreement require Viking to deposit US $40 MM into a bank guarantee as a condition precedent to closing. Until this condition is fulfilled, the Farmout Agreement cannot close and Joint Oil is unable to complete the assignment of a working interest in the EPSA to Viking. Funding of the bank guarantee by Viking is subject to the completion of third-party financing by Viking. The completion of this financing is outside the control of Sonde.
Sonde is working closely with Joint Oil and Viking to bring this matter to a final resolution.
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 Farmout Agreement and the assignment of a working interest in the EPSA to Viking. Such forward-looking information or statements are based on a number of assumptions which may prove to be incorrect. There can be no assurance that Viking will be able to secure the required financing to complete the Farmout Agreement and satisfy the conditions to the Viking Assignment Agreement. A description of the risks, uncertainties and assumptions associated with Sonde's business and related forward-looking information 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.