Agreement terminated Marketwire
Mooncor Oil & Gas Corp.
May 1, 2012 - 03:40:32 PM
Mooncor Announces 2011 Financial and Operating Results and Corporate Update
CALGARY, ALBERTA--(Marketwire - May 1, 2012) - Mooncor Oil & Gas Corp.
("Mooncor") (TSX VENTURE:MOO) announces financial and operating results for
its financial year ended December 31, 2011. The full text of Mooncor's audited
financial statements, the notes thereto and related management discussion and
analysis can be accessed electronically from the SEDAR system at
www.sedar.com.
Corporate Update
In January 2012, Mooncor had entered into a farmout agreement (the
"Agreement") with a private Alberta based company (the "Farmee") covering its
Hamburg liquids-rich natural gas project located in northwest Alberta (the
"Hamburg Lands"). The Agreement was conditional on the Farmee demonstrating
dedicated funds to a minimum of $16.5 million by April 30, 2011 in order to
meet its obligations pursuant to the Agreement. The Farmee has advised that it
has been unable to secure the required funding and as a result have terminated
the Agreement. The parties shall have no further obligations or liabilities to
each other. Mooncor plans to continue to seek other options with respect to
the Hamburg Lands.
As a result of the above, Mooncor is continuing to negotiate with the holders
of the two convertible debentures, with a view to extending their expiry. The
debentures matured on December 31, 2011 and each has $510,719 in principal
outstanding. The debenture holders had agreed to extend the expiry of the
debentures to March 31, 2013, contingent on closing of the Agreement.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration company. Mooncor's
current emphasis is on securing a joint venture partner for its proven
Muskwa/Duvernay liquids rich shale gas project at Hamburg, Alberta. Mooncor
also holds interests in lands in southwest Ontario where the focus has been on
conventional oil and gas opportunities. Mooncor is pursuing opportunities to
realize near-term value from its southwest Ontario assets.
The information in this news release includes certain information and
statements about management's view of future events, expectations, plans and
prospects that constitute forward looking statements. These statements are
based upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by
these forward looking statements. Although Mooncor believes that the
expectations reflected in forward looking statements are reasonable, it can
give no assurances that the expectations of any forward looking statements
will prove to be correct. Except as required by law, Mooncor disclaims any
intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such
forward looking statements or otherwise.