VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2012) - Simba Energy Inc. (the "Company") (TSX VENTURE:SMB.V - News) (FRANKFURT:GDA.F - News) ( OTCQX: SMBZF.PK - News) is pleased to provide an update on its assessment and exploration activities on Block 2A in Kenya and as highlighted by the following:
-- Work progressing ahead of schedule
-- Two exploration leads already identified early in the study
-- Positive industry developments in the region
-- Tullow and Africa Oil to commence drilling in Kenya close to Block 2A
In addition to the project's Environmental Impact Assessment (EIA) being completed, approved by management, and submitted to the oil ministry, the Company has also been successful in obtaining all the past geophysical data relevant to Block 2A which has allowed the work program already approved by the ministry to be accelerated that includes a passive seismic survey now anticipated to begin early April.
The reprocessing of select 2D lines has been completed while all other seismic lines have been scanned and vectorized into digital format. Existing gravity and magnetic data has also been reprocessed and is now being interpreted in conjunction with the seismic work. Further, two exploration leads have already been identified in these early stages of the study.
Robert Dinning, President & CEO remarks, "Having progressed this well early on sure helps the Company gain some traction. While this passive seismic program we plan to carry out will definitely help in deciding how we focus our next efforts our technical team has done a great job in compiling and completing the information to be considered for both a NI 51-101 technical report and Competent Persons Report (CPR) that we anticipate will be completed in these coming weeks. It sure is encouraging to see such positive results come from this region in these past number of weeks. There's no question things are heating up in the area so we're looking forward to maintaining our aggressive pace on the ground in Kenya. Management and our technical staff have remained very active evaluating other assets within the region for the Company to target and secure so things are ramping up for us in other areas as well."
Additionally, the Company announces it has arranged, subject to the approval of the TSX Venture Exchange, a non-brokered private placement of up to 37,500,000 units at $0.08 per unit for total gross proceeds of up to $3,000,000. Each unit consists of one common share and one share purchase warrant exercisable into one additional common share for two years from the date of issue at a price of $0.16 per share. The proceeds of the private placement will be used for advancing the PSC's and general working capital. Finder's fees may be payable in whole or part on the private placement in accordance with the policies of the TSX Venture Exchange.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Guinea and Kenya). These regions have shown increased promise for the development of new hydrocarbon deposits. The Company's senior management team aims to leverage its expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where it operates.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
We seek safe harbour.