CALGARY, ALBERTA--(Marketwire - May 1, 2012) - Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO) announces financial and operating results for its financial year ended December 31, 2011. The full text of Mooncor's audited financial statements, the notes thereto and related management discussion and analysis can be accessed electronically from the SEDAR system at www.sedar.com.
In January 2012, Mooncor had entered into a farmout agreement (the "Agreement") with a private Alberta based company (the "Farmee") covering its Hamburg liquids-rich natural gas project located in northwest Alberta (the "Hamburg Lands"). The Agreement was conditional on the Farmee demonstrating dedicated funds to a minimum of $16.5 million by April 30, 2011 in order to meet its obligations pursuant to the Agreement. The Farmee has advised that it has been unable to secure the required funding and as a result have terminated the Agreement. The parties shall have no further obligations or liabilities to each other. Mooncor plans to continue to seek other options with respect to the Hamburg Lands.
As a result of the above, Mooncor is continuing to negotiate with the holders of the two convertible debentures, with a view to extending their expiry. The debentures matured on December 31, 2011 and each has $510,719 in principal outstanding. The debenture holders had agreed to extend the expiry of the debentures to March 31, 2013, contingent on closing of the Agreement.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration company. Mooncor's current emphasis is on securing a joint venture partner for its proven Muskwa/Duvernay liquids rich shale gas project at Hamburg, Alberta. Mooncor also holds interests in lands in southwest Ontario where the focus has been on conventional oil and gas opportunities. Mooncor is pursuing opportunities to realize near-term value from its southwest Ontario assets.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Mooncor believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Mooncor disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Mooncor Oil & Gas Corp.
Chief Financial Officer