Petro One Energy Corp CUDBF

KMDC forfeits $650,000

[matt9276]

Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) reports that KMDC Resources Ltd. ("Resources"), a subsidiary of Korea Myanmar Development Company Ltd. ("KMDC"), has forfeited 2,600,000 shares and 2,600,000 warrants to the Company pursuant to the arrangement described in the Company's November 3, 2014 news release. The shares and warrants were issued to Resources on October 7, 2014 for $650,000, which the Company will now retain for its general working capital purposes.

KMDC and Resources did not purchase or arrange for other persons to purchase 8,000,000 units having an aggregate subscription price of $2,000,000 by November 30, 2014 as they committed to do in early November. KMDC requested a further extension, but did not meet the Company's conditions for granting such an extension. Accordingly, KMDC and Resources are again in default of their contractual obligations to Petro One. However, by virtue of the arrangement announced on November 3, the Company's financial position has improved by $650,000. The Company has formally declined to grant any further extension to KMDC or Resources to meet their obligations to the Company.

https://www.marketwired.com/press-release/petro-one-update-on-financing-and-drilling-program-tsx-venture-pop-1972623.htm

[TimTimTim]

Good riddance to the Koreans! Lets get some drilling completed and let the chips fall where they may.

[bababamboo]

Matt only posted part of the news. Follow his link for a full news release about drilling plan.

[poise]

There you go BagHolders. You were warned. Going to Zero. hahaha. jmho.

[poise]

<. But do have a good day only if you choose too.

[CruelCanuck]

Your Honest opinion eh? Well I hope you realize that with 650k + over 14 million coming in cash this company is now valued well above 20 cents. Sell you shares if you want, however I think I'll wait this one out since this is near surface oil and at this point we have our debt more or less cut in half, not to mention the experienced management. I dont think it will be hard to get funding for

[bababamboo]

At this point, I don't think 14 mil will be coming from KMDC. They should start looking for funding somewhere else. Their Nov 3 press release said they can sell their properties while waiting for 14 mil from KMDC. I've lost over 50% of my money with POP but I don't have a problem holding on to it for a while since I think when they get new funding share price will rise again. GLTA

[TimTimTim]

We are not expecting them to hit a vast pool of oil here. If they can prove up oil reserves through horizontal drilling that can match some of the others presently working in the Viking sand the financing will take care of itself. Even in this climate a low cost producer will make money.