Star Metro - Sintana Energy Inc. Announces VMM-37 Resolution

Pursuant to such resolution: Patriot and ExxonMobil have agreed to dismiss the current arbitration; Patriot has agreed to conditionally assign all of its rights and interests associated with VMM-37 to ExxonMobil (the "Assignment"); and ExxonMobil has agreed to make two cash payments to Patriot, the first $3 million due within sixty (60) days of execution, and a second payment of $6 million, together with mutual releases, conditioned on approval of the Assignment by the appropriate Colombian governmental agencies, including the Agencia Nacional de Hidrocarburos and other contractual requirements.

Robert Bose, Chief Executive Officer of Sintana commented "We are pleased to bring this matter associated with our legacy position in Colombia to an initial conclusion. This outcome supports our efforts to streamline operations focusing resources on our active, high impact portfolio across the Atlantic margin."

Enquiries

About Sintana

Sintana, the Canadian parent company of a group of companies, is focused on the acquisition, exploration, potential development, and ultimately the monetisation of a diversified portfolio of interests in high-impact assets with significant hydrocarbon resource potential in emerging "frontier" geographies. Specifically, this includes interests in eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in Colombia and The Bahamas), providing diversified exposure to a range of geologic plays, basins, operators, regulators, jurisdictions and geopolitical regimes.

Forward-Looking Statements

Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions for the future, and include, but not limited to, statements with respect to the anticipated issuance of common shares of the Company, as well as the prospective nature of the Company's property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company's public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

NEITHER THE 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.

SOURCE: Sintana Energy Inc.

View the original press release on ACCESS Newswire

D.Cameron--SMC