CALGARY, ALBERTA--(Marketwired - Jun 14, 2013) - Kulczyk Oil Ventures Inc. ("Kulczyk Oil", "KOV" or the "Company") (WARSAW:KOV), an international upstream oil and gas exploration and production company, advises that the common shares of the Company, which trade on the Warsaw Stock Exchange ("WSE") under the trading symbol 'KOV' will be temporarily suspended from trading starting on Monday 17 June 2013 pending completion of a settlement of the consolidation of its common shares.
The Company filed an application with the WSE on 13 June 2013 requesting that the WSE suspend trading in KOV's common shares from 17 June 2013 until the end of the trading day following the day of publication by KOV, as required by the regulations of the WSE, of information on completion of the consolidation of its common shares by the Polish National Depository for Securities ("NDS"). The suspension of trading in the common shares of KOV on the WSE is related to the regulations of the WSE and the NDS and is required for the proper settlement of the consolidation of KOV's shares.
The annual and special general meeting of the shareholders of KOV, at which the shareholders will vote on the consolidation of the Company's common shares, is scheduled for 20 June 2013. The Company will use all reasonable efforts to insure that the necessary administrative steps are taken by our registrar and transfer agent (Computershare), through several intermediaries, in order to finalize the consolidation with the NDS and enable the common shares to resume trading on the WSE as soon as possible thereafter.
Shareholders who hold common shares through the NDS are reminded that the rules relating to rounding contained in the resolutions on the consolidation of the Company's common shares may be different for individuals and entities holding common shares through the NDS, as a result of the settlement rules of the NDS and that, in particular, their common shares may be rounded down.
About Kulczyk Oil
Kulczyk Oil is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei and Syria and with a risk profile ranging from exploration in Brunei and Syria to production and development in Ukraine. The common shares of the Company trade on the Warsaw Stock Exchange ("WSE") under trading symbol "KOV".
In Ukraine, KOV owns an effective 70% interest in KUB-Gas LLC. The assets of KUB-Gas consist of 100% interests in five licences near to the City of Lugansk in the northeast part of Ukraine. Four of the licences are gas producing.
In Brunei, KOV owns a 90% working interest in a production sharing agreement which gives the Company the right to explore for and produce oil and natural gas from Block L, a 1,123 square kilometre area covering onshore and offshore areas in northern Brunei.
In Syria, KOV holds a participating interest of 50% in the Syria Block 9 production sharing contract which provides the right to explore for and, upon the satisfaction of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre area in northwest Syria. The Company has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, would leave the Company with a remaining effective interest of 45% in Syria Block 9. KOV declared force majeure, with respect to its operations in Syria, in July 2012.
KOV announced on 25 April that it had entered into an agreement to acquire Winstar Resources Ltd. ("Winstar"), a company with producing and development properties in Tunisia and an exploration block in Romania, subject to the approval of its shareholders. The transaction is expected to close near to the end of June 2013 at which time KOV, while continuing to be listed on the WSE, would list its shares for trading on the TSX.
The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.
For further information, please refer to the Kulczyk Oil website (www.kulczykoil.com).
Translation: This news release has been translated into Polish from the English original.
Forward-looking Statements: This release may contain forward-looking statements made as of the date of this announcement with respect to future activities of the Company or any of its subsidiaries that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.
|Suite 1170, 700-4th Avenue SW, Calgary, Alberta, Canada|
|Al Shafar Investment Building, Suite 123, Shaikh Zayed Road, Dubai, UAE|
|00-511 Warsaw, Poland|
|Telephone: +48 (22) 414 21 00|