CALGARY, ALBERTA--(Marketwire - April 17, 2012) - Sagres Energy Inc. (TSX VENTURE:SGI) ("Sagres" or the "Company"), announces the disposition of its 25% interest in a petroleum prospecting license related to a 7,800 km² oil and gas exploration block in the Takutu Basin in Central Guyana (the "Guyana Block"). Sagres Energy (Guyana) Inc. ("Sagres Guyana"), a wholly owned subsidiary of the Company, originally acquired the 25% interest on October 30, 2009 pursuant to a farm-out agreement with Canacol Energy (Guyana) Inc. ("Canacol Guyana").
Sagres Guyana has entered into a Quitclaim, Surrender and Assignment of Interest Agreement with Canacol Guyana according to which Sagres Guyana agreed to dispose of all of its rights, interests and obligations in the Guyana Block as well as pay Canacol Guyana US$412,500 on or before December 31, 2012. Canacol Guyana will assume all of the obligations of Sagres Guyana related to the Guyana Block. Management of Sagres intends to focus the Company's time and resources evaluating and developing the Company's assets in Colombia and Jamaica.
Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia and Jamaica. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol "SGI".
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the disposition of the Guyana Block and future plans of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.