Calgary, AB., January 17, 2013 - Emperor Oil Ltd. (TSX.V: EM) ("Emperor" or the "Company") announces that it has received notification from the TSX (the "Exchange") that it has approved the National Instrument 51-101 Technical Report ('the "Report") which the Company commissioned and submitted for the Rawat Basin of the Sudanese Block 7 prospect area (the "Sudan Block 7"), and that it is acceptable for the purposes of the transaction to acquire the Sudan Block 7 pursuant to completion of the transactions contemplated in the September 2012 Memorandum of Understanding between State Petroleum Overseas Inc. and Emperor, which included Exchange approval to both the transaction and the concurrent private placement. The Company will be filing the report with the Exchange and it will be available for review within 48 hours at www.sedar.com under the Company's continuous disclosure documents. The Report was prepared by the Calgary-based engineering firm, Chapman Petroleum Engineering Ltd.
"We are grateful to the TSX and its entire staff for their diligence and commitment.. This is a significant milestone that will allow the Company to continue its efforts to advance these projects for the benefit of all our stakeholders."
The Company has to-date received subscriptions for approximately 34,193,300 units for gross proceeds of approximately $13,677,000 in a private placement announced concurrent to the MOU for Sudan Block 7. The net proceeds from the Offering will be used by the Company to fund its obligations under the MOU with State Petroleum Overseas Inc. ("State"). The Company also reports that it has extended the Memorandum of Understanding between State Petroleum Overseas Inc. ("State") and the Company as previously disclosed in the Company's news releases to January 31, 2013.
Emperor Oil is an international oil and gas company with projects in Sudan and Turkey. For further information please contact the Company at (403) 695-1794 or email at firstname.lastname@example.org.
Andrew McCarthy, President and CEO +001 403 695 1794
College Hill+44 (0)20 7457 2020
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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