Calgary, Alberta / ACCESSWIRE / August 22, 2014 / Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE: CIL) is pleased to announce that it has retained Questrade Inc. to provide market-making services in accordance with TSX Venture Exchange guidelines.
Questrade and Canoel are unaffiliated entities but Questrade and its clients have or may acquire a direct interest in the securities of the Company. Questrade will not receive shares or options as compensation. The term of the agreement is 12 months, beginning on August 25, 2014, and will include monthly compensation of $4,500 per month. The agreement will automatically renew for additional one-year terms thereafter. The agreement may be terminated by either party upon 30 days written notice by either party. The appointment of Questrade is subject to approval of the TSX Venture Exchange.
Questrade, Inc. provides Canadians with high-speed, direct access trading in the U.S. and Canadian stock and options markets through its IQ trading platforms. Questrade offers market making services on behalf of TSX and TSX Venture Exchange listed companies, providing liquidity on the stock exchange for shareholders.
Canoel focuses on near term producing properties that can be further optimized with its engineering and technical experience. To maximize shareholder value, Canoel targets acquisitions of shut in production opportunities that offer strong logistics and close proximity to refineries and pipelines. Canoel's management and directors have extensive international and governmental experience and possess the technical knowledge to execute this strategy.
The company is an accomplished Operator within Italy and currently manages eight onshore fields while, at the same time, overseeing the operations of three other non-operated fields. Canoel's licenses cover 847 square kilometers with net holdings of 369 square kilometers (approximately 91,143 acres). In addition to the strategy of consolidating and optimizing conventional natural gas fields, the Company has also initiated a strategy of directly generating electricity to be sold into the Italian grid using cogeneration facilities in fields where the natural gas is not optimal for direct sale via injection into the national grid.
In Argentina, Canoel's Petrolera Patagonia outright owns the title and mineral rights of two concessions, Don Alberto and Don Ernesto. The subsidiary is the Operator for both of these producing oil fields. Management has identified additional drilling opportunities in several deeper zones. This development-type drilling is anticipated to provide substantial growth opportunities.
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.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the company's strategy including anticipated growth. The forward-looking statements and information are based on certain key expectations and assumptions made by Canoel, including the ability to execute its strategy and realize its growth opportunities including its ability to raise financing needed to execute its plans. Although Canoel believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Canoel can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Canoel being unable to obtain additional financing or other resources to realize its growth opportunities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Canoel undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Jose Ramon Lopez Portillo Andrea Cattaneo
Chairman of the Board CEO & President
Telephone: (403) 938-8154
Telefax: (403) 775-4474
This press release is not to be distributed to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.
SOURCE: Canoel International Energy Ltd.