Azabache Announces Delay in Filing Financial Statements
NOV 5, 2010 - 15:43 ET
CALGARY, ALBERTA--(Marketwire - Nov. 5, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) announces that the Company was subject to a cease trade order issued by the Alberta Securities Commission for failing to file its financial statements for the year ended June 30, 2010 (the "Financial Statements") on or before October 28, 2010 as required. The Company wants its shareholders and other stakeholders to know that management is working hard to complete the Financial Statements and expects them to be filed within the next two weeks. The Company will endeavour to have the cease trade order revoked as soon as possible thereafter.
Several factors contributed to the missed deadline. Over the past year many changes have occurred at Azabache. These include the appointment of several new directors to the Board, a new Board chairman, a new Chief Financial Officer of the Company, the establishment of a new head office in Calgary and a change in auditors, as well as other internal changes targeted to increase shareholder value.
While the Company regrets the missed filing deadline, both management and the Board are committed to establishing a strong financial reporting system. Notwithstanding that the Company's stock will not trade until the Financial Statements are filed and the cease trade order is revoked, the Company's business continues without interruption. As announced on November 3, 2010, the Company is currently testing its OAX1 well following its recent work over. It recently farmed out an interest in this block and has received payment of $1 million under that arrangement. The Company continues commercial discussions with other potential partners interest in oil and gas exploration in Argentina and Columbia.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Azabache Energy Inc.
President & CEO
Azabache Energy Inc.
Glenn Van Doorne
COPYRIGHT © 2012 AZABACHE ENERGY INC. ALL RIGHTS RESERVED