Petro Rio S.A. HRTPF

ANP Denial for Solimoes Extension (SOL-T-148, 149, 195)

[aresoilventures]

NEWS RELEASE

DENIAL OF THE REQUEST FOR EXTENSION OF THE 2ND

EXPLORATION PERIOD FOR BLOCKS SOL-T-148, SOL-T-149

AND SOL-T-195

Rio de Janeiro, January 29

 

th, 2014 - HRT Participações em Petróleo S.A. (the

“Company” or “HRT”) (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces that its

wholly-owned subsidiary, HRT O&G Exploração e Produção de Petróleo Ltda. (“HRT

O&G”), received from the National Petroleum, Natural Gas and Biofuels Agency – ANP

(“ANP”), on January 28

 

th, 2014, an official letter stating that the Agency has denied the

request for the extension or suspension of the second period of the exploration phase

for Blocks SOL-T-148, SOL-T-149 and SOL-T-195, located in the Solimões Basin, in

Amazon, remaining the expiration of the term for May 5

 

th, 2014.

The Company states that it is analyzing the possible alternatives to change such

decision, including an appeal to be presented to ANP.

For additional information, please contact HRT’s Investor Relations Department.

Sedar Profile # 00031536

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.

[DrillaHill]

Three of the smallest blocks but still interesting ones, The size of these three blocks (SOL-T-148, SOL-T-149 AND SOL-T-195) is about 5% of the total area of all Blocks, so not really an important issue to me, but some may try to use this to get more shares for less money or to go short, in fact currently the market cap attributes no value to Solimoes, trading at cash levels and at the same time