VANCOUVER, July 2, 2019 /CNW/ - CruzSur Energy Corp. (the
"Company" or "CruzSur") (TSXV: CZR), is pleased to
announce that the disputes with Petro AP (Hong Kong) Company Limited and Procomm
Investment Limited (the "Claimants"), in relation with the
Stock Purchase Agreement of 100% of the shares of Alianza Petrolera
Argentina S.A., a company organized and existing under the laws of
Argentina have been resolved.
On May, 2017 a Stock Purchase Agreement (amended on July, 2017)
was entered into among the Company's wholly-owned
subsidiary Patagonia Oil Corp. ("Patagonia") and the
Claimants, to which Patagonia purchased from the Claimants all of
their shares in Alianza Petrolera Argentina S.A. (the "Purchase
Agreement").
Pursuant to the Purchase Agreement, Patagonia withheld from the
Purchase Price a total amount of US$5,000,000 and the real estate property owned
by Alianza Petrolera Argentina S.A. located at Reconquista 661, 8th
floor, City of Buenos Aires (the
"Buenos Aires Property") to cover Adjustments to
Purchase Price and potential Losses, as set forth in Sections 2.3
and 8.1 of the Purchase Agreement..
Claimants requested Patagonia the immediate release of the
Holdback Amount and the Adjustment Funds, as set forth in Sections
2.2(b)(v) and 2.2(b)(vi) of the Purchase Agreement, and the
transfer of the Buenos Aires Property.
After long negotiations, the Company has agreed with Claimants a
Settlement Agreement dated June 21,
2019, which includes: (a) payment by the Company of
US$472,000 ("Settlement
Amount"), (which amount has been paid), (b) Claimants
withdrawal of any and all disputes arising, resulting or derived
from the Purchase Agreement, and (c) Company and Claimants
giving reciprocal releases from any and all claims and obligations
of every kind and nature, resulting from or derived from the
Purchase Agreement.
About CruzSur Energy Corp.
CruzSur Energy Corp. is a publicly traded E&P company
focused on proven oil & gas plays in Latin America. The Company holds a large
diversified portfolio of producing, development and unexploited
assets in Colombia and
Argentina where it will leverage
its amplitude of technical expertise and proven track record
building companies and creating value.
Complete reports and statements are available on SEDAR at
www.sedar.com and on the Company website www.cruzsur.energy.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CruzSur Energy Corp.