(via Thenewswire.ca)
Calgary, Alberta (July 15, 2013): Guardian Exploration ("Corporation") (TSXV: GX) announces the previously disclosed proposed sale of all the issued and outstanding shares of K2 America Corp ("K2 America") to Graydon Kowal, President and CEO of the Corporation, will not be proceeding.
In March 2012, K2 America, a wholly owned US subsidiary of the Corporation, entered into a settlement agreement with the Office of Natural Resource Revenue and the Blackfeet Tribe whereby it committed itself to drilling one well on a Blackfeet Tribe lease on or before July 10, 2013. Due to unforeseen circumstances, K2 America was unable to complete the well and as a result, all of K2 America's Blackfeet Tribe leases reverted back to the Tribe. Pursuant to the Letter of Intent between the Corporation and Graydon Kowal, Graydon Kowal will be reimbursed for any funds spent on the commitment well.
On the eve of July 10, the well was drilled to a depth of 50 feet above the targeted formation and a request for a 12 hour extension from the Blackfeet Tribe was rejected. The well was required to be completed and equipped by the deadline date. The Corporation is reviewing the situation with its advisors and will report its chosen course of action following review.
The Corporation also announces that Carter Kowal has resigned as director effective immediately.
Guardian is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "GX".
For further information, contact:
Graydon Kowal
President and CEO
(403) 269-5870
Neither 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.
Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements.
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