MONTREAL, QUEBEC--(Marketwired - Jan. 6, 2015) - Perisson Petroleum Corporation (CSE:POG) ("Perisson" or the "Corporation") is pleased to announce that it has received expressions of interest to finance the development of its Colombia oil property VMM-17. These expressions of interest with accredited arms length investors, for an approximate amount of US$12 million, are part of a round of funding whose goal is to secure financing for a total of US$25 million in order to carry out exploratory work on this property. They have no obligatory force and are not binding on the parties nor do they constitute an obligation on investors' part to subscribe, or an obligation for the Corporation to issue securities.
Fully involved in the process, the Perisson management team is proud to have successfully taken this first step and has every confidence that its objective of US$25 million will be reached by the end of the 1st Quarter of 2015:
"We're extremely satisfied with these expressions of interest," emphasized Gary Chen, chief executive officer of Perisson. "They reflect the confidence of investors in the completion and eventual success of the project we've developed for the optimal exploitation of the VMM-17 property. Their support is a highly positive element in terms of our future success."
Funding of the Perisson VMM-17 project will take the form of non-brokered private placements, the conditions and terms of which will be revealed in due course.
Perisson's main property, block VMM-17 is located in the Middle Magdalena Basin in the Colombian province of Tolima. Its contingent resources have been estimated at 32 million barrels, with unrisked prospective resources assessed at 350 million barrels. The Perisson Corporation is currently involved in the process of securing compulsory environmental approval and all necessary regulatory approval, including all the final agreements required before the drilling of exploratory wells can begin on the VMM-17 property.
About Perisson Petroleum Corporation
Perisson Petroleum Corporation is an oil and gas exploration company listed on the Canadian Securities Exchange ("CSE"). The Corporation, through its wholly owned subsidiaries, Igual Holdings Corp. and Morichal Sinoco, S.A., holds a 100% working interest in the VMM-17 oil block project, a license that covers 39,927 hectares located in the Middle Magdalena Basin in the Province of Tolima, in central Colombia. The Corporation's objectives are the exploration and marketing of hydrocarbon resources, including the production, conditioning, processing, refining, transport and commercialization of petroleum, natural gas, liquefied natural gas and petroleum-derived products.
For more information, please consult the Perisson documentation on sedar.com:
Management Discussion & Analysis as at September 30, 2014
Interim financial statements as at September 30, 2014
FORWARD LOOKING STATEMENTS:
This news release contains statements that may be considered "forward-looking statements." All statements in this release, other than statements pertaining to historical fact, whether they concern future drilling and other exploration activities, or events and developments being considered in the Corporation's plans, constitute forward-looking statements. Although Perisson deems the expectations reflected in these forward‐looking statements to be reasonable, the Corporation can give no assurances that those expectations will be achieved, and actual results or future developments may differ materially from those contemplated in the forward-looking statements. Factors that could cause actual results to differ materially from expectations contained in the forward-looking statements include market prices, exploitation and exploration successes, continued availability of financing, the economy in general, the market and economic conditions.