|Bid||0.1600 x 0|
|Ask||0.1650 x 0|
|Day's Range||0.1650 - 0.1650|
|52 Week Range||0.0750 - 0.2400|
|Beta (5Y Monthly)||3.09|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
TORONTO, April 16, 2021 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI) (“Sintana” or the “Company”) is pleased to comment on the ExxonMobil Exploration Colombia Limited (“ExxonMobil”) bid for a Comprehensive Research Pilot Project (“CEPI”) in the unconventional formations of Block VMM-37 (“Project Platero”) and its acceptance and award by Colombia’s National Hydrocarbons Agency (the “ANH”). Block VMM-37 is located in Colombia’s prolific Middle Magdalena Basin. Sintana, via wholly owned Patriot Energy Sucursal Colombia (“Patriot”), holds an undivided 30% non-operated participation interest in a Contract for Exploration and Production for Block VMM-37. ExxonMobil holds the remaining 70% participation interest in the Block VMM-37 Contract and is the designated Operator. Sintana is encouraged by the ANH’s acceptance of ExxonMobil’s bid for Project Platero and its award of a CEPI contract. The Company’s support for Project Platero is made even though the Government’s process excluded an important segment of the petroleum industry by not allowing smaller companies, such as companies the size of Sintana, to participate in CEPI bids. This encouragement centers on the belief that the CEPI will provide an efficient procedure for the testing and production of source rock hydrocarbons. In 2015, Sintana and ExxonMobil, with the approval of the ANH, drilled the A3 Manatí Blanco well into the source rock of Block VMM-37. The A3 Manatí Blanco well was never tested but instead suspended for a number of years while waiting for approval of an environmental permit. The CEPI process should now provide an effective path forward for the testing and production of source rock hydrocarbons in future operations. In 2011, Sintana, via Patriot, entered into the Exploration and Production Contract for Block VMM-37 with the ANH. The Exploration and Production Contract for Block VMM-37 is in good standing. Since 2012, the Company has been in a commercial relationship with ExxonMobil to explore for, develop and produce the unconventional hydrocarbons of the VMM-37 Block. Sintana understands that the ExxonMobil Project Platero work program is consistent with both the commercial agreements the Company has with ExxonMobil and the work obligations of the Contract for Exploration and Production for Block VMM-37 with the ANH. Regarding Project Platero, Sintana has been and continues to be in positive communications with both ExxonMobil and the ANH to ensure that the integrity of both the Company’s commercial arrangements with ExxonMobil and the Contract for VMM-37 with the ANH are honored. ABOUT SINTANA ENERGY: The Company is engaged in hydrocarbons exploration and development activities in Colombia’s Magdalena Basin. Sintana’s exploration strategy is to acquire, explore, develop and produce superior quality assets with significant reserve potential. On behalf of Sintana Energy Inc., “Douglas G, Manner”Chief Executive Officer For additional information regarding Sintana’s VMM-37 project, and ongoing corporate activities, please visit the Company’s website at www.sintanaenergy.com. Corporate Contact:Corporate Contact:Douglas G. MannerSean J. AustinChief Executive OfficerVice PresidentTel: 832.279.4913Tel: 713.825.9591 Forward-Looking Statement This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of Sintana which have been used to develop such statements and/or information but which may prove to be incorrect. Although Sintana believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as Sintana can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Project Platero will proceed as currently anticipated and will have a positive impact on the development at Block VMM-37, that Sintana will continue to conduct its operations in a manner consistent with past operations; results from drilling activities; the accuracy of the estimates of resource volumes and interpretations of drilling activity results; availability of financing and/or cash flow to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Sintana has participation interests; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals, including environmental approvals; the ability of Sintana to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which Sintana has participation interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which Sintana has participation interests; and the ability of Sintana to successfully market its oil and/or natural gas products. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: the risk that Project Platero may not proceed as currently proposed or at all; risks associated with the uncertainty of exploration results and estimates, inaccurate estimation of Sintana’s oil and/or natural gas resource volumes, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, including environmental approvals, the availability of labour and/or equipment, the fluctuating prices of oil and/or natural gas, the availability of financing and the Company’s dependence on Sintana’s management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in Sintana's public disclosure documents, (including, without limitation, those risks identified in this news release and Sintana's current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and/or accuracy of this release.
TORONTO, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI) (“Sintana” or the “Company”) reports that its Board of Directors has approved grants of a total of 2,150,000 incentive common stock options to several directors and officers of the Company, plus five consultants. The options have an exercise price of $0.10, vest in three equal tranches over the next 24 months and expire on December 18, 2025. These grants partially replace 3,550,000 options awarded in 2015 that expired unexercised on November 5, 2020. The Company also approved grants to four officers and three directors of an aggregate of 1,950,000 restricted share units that will vest on January 4, 2021, and which have an expiry date of December 31, 2023.The Company is also pleased to announce that all matters tabled at its annual and special shareholders meeting on December 18, 2020 (the “Meeting”) were duly approved by shareholders, including the election of all nominated directors, appointment of auditor, approval of a new stock option plan of the Company (the “2020 Option Plan”), confirmation of an aggregate of 2,205,000 conditional stock options of the Company, and approval of a new restricted share unit plan of the Company (the “2020 RSU Plan”), all as more particularly described in the management information circular of the Company dated November 4, 2020 in connection with the Meeting (the “Information Circular”).Stock options granted under the 2020 Option Plan may be granted for a term not exceeding the later of: (i) five years following the date of grant thereof; and (ii) the date which is the fifth business day following the conclusion of a self-imposed blackout period of the Company which is in effect on the date which is five years following the date of grant thereof. The previous stock option plan of the Company, approved by shareholders on December 18, 2018 (the “2018 Stock Option Plan”), provided that stock options thereunder may be granted for a term not exceeding five years. Other than this amendment, the terms of the 2020 Option Plan are substantially similar to the terms of the 2018 Stock Option Plan.The maximum number of Common Shares available for issuance upon the vesting of restricted share units (“RSU’s”) under the 2020 RSU Plan is the lesser of (i) 4,000,000 common shares of the Company; and (ii) 10% of the issued and outstanding common shares of the Company in combination with all security-based compensation arrangements of the Company, as determined as of December 18, 2020. The 2020 RSU Plan provides for the grant of RSU’s to directors, officers and employees (other than those performing certain specified investor relations activities) of the Company and provides that RSUs will only be settled through the issuance of common shares of the Company. The previous RSU plan of the Company approved by shareholders on December 18, 2018 (the “2018 RSU Plan”) provided for the grant of RSU’s to employees only and provided that RSUs could be settled through the issuance of common shares of the Company or cash. Other than these amendments and certain corollary changes, the terms of the 2020 RSU Plan are substantially similar to the terms of the 2018 RSU Plan.ABOUT SINTANA ENERGY:The Company is engaged in petroleum and natural gas exploration and development activities in Colombia’s Magdalena Basin. Sintana’s exploration strategy is to acquire, explore, develop and produce superior quality assets with significant reserve potential.On behalf of Sintana Energy Inc., “Douglas G. Manner” Chief Executive OfficerFor additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com.Corporate Contact: Corporate Contact: Douglas G. Manner Chief Executive Officer Tel: 832.279.4913 Sean J. Austin Vice President Tel: 713.825.9591 Forward-Looking Statements 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 are not limited to, statements with respect to the stock option and restricted share unit grants. 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 risks relating to the receipt of all applicable regulatory approvals. 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. NEITHER THE TSX VENTURE EXCHANGE NOR 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 RELEASE.