CALGARY, March 4, 2013 /CNW/ - (TSXV:TOL.V - News) TriOil Resources Ltd. ("TriOil" or the "Corporation") announces that its independent committee of directors (the "Special Committee") continues to work with its financial advisors in connection with the strategic alternatives process. Specifically, under the direction of the Special Committee, the financial advisors to the Special Committee and management have commenced populating the virtual data room to be used in connection with such process and continue their build out of the confidential information memorandum that will be provided to interested parties. Following receipt of TriOil's December 31, 2012 independent reserve report anticipated to be available by the end of this month, the Special Committee's financial advisors will immediately begin contacting a broad spectrum of parties to solicit interest in a possible strategic transaction with the Corporation.
Further updates in respect of the Corporation's strategic process will be made in due course. The Corporation cautions that there are no assurances or guarantees that this process will result in any acceptable transaction.
TriOil is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas.
TriOil trades on the TSX Venture Exchange under the symbol "TOL". As of March 4, 2013, there are approximately 64.0 million shares issued and outstanding (70.1 million fully diluted).
Neither the TSX Venture Exchange not 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 news release.
The information in this press release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond TriOil's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry, geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. TriOil's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that TriOil will derive from them. Except as required by law, TriOil undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE: TriOil Resources Ltd.
For additional information please contact:
Russell J. Tripp
President & CEO
TriOil Resources Ltd.
Phone: (403) 265-4115