TORONTO, July 20, 2023 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSXV: SEI, OTCQB: SEUSF) (the “Company” or “Sintana”) reports that its subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot Energy Sucursal Colombia (collectively “Patriot”) have filed an Arbitration Claim against ExxonMobil Exploration Colombia Limited and ExxonMobil Exploration Colombia Limited Sucursal Colombia (collectively, “ExxonMobil”). Causes of Action include Breach / Repudiation of the terms of the Farmout Agreement (“FOA”), Joint Operating Agreement (“JOA”) and License Contract associated with the 43,158 acres property known as the VMM-37 block which is located in Colombia’s Middle Magdalena Valley Basin (“VMM-37”).
Chief Executive Officer Douglas Manner commented: “Further to our last release on VMM-37 dated April 18th, it has become necessary to pursue this action to enforce Patriot’s rights under the Agreements and Contract.”
Further updates will be provided with respect to these matters as additional information becomes available.
The Company is engaged in petroleum and natural gas exploration and development activities in Colombia’s Magdalena Basin and five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia. Sintana’s exploration strategy is to acquire, explore, develop and produce superior quality assets with substantial reserves potential.
On behalf of Sintana Energy Inc.,
“Douglas G. Manner”
Chief Executive Officer
For additional information regarding Sintana and ongoing corporate activities, please visit the Company’s website at www.sintanaenergy.com.
Douglas G. Manner
Chief Executive Officer
Sean J. Austin
Investor Relations Advisor:
Founder & Managing Partner
Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to the potential outcome of the arbitration, the status of the JOA, potential rights and remedies in respect thereof and the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to the costs and potential outcome of arbitration proceedings, risks relating to the receipt of all applicable regulatory approvals, results of exploration activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.
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