VANCOUVER, British Columbia, Oct. 19, 2017 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”), is pleased to announce that the TSX Venture Exchange (the "Exchange") has approved the Company's application for reinstatement of trading in Stamper's common shares, and trading is scheduled to resume on Thursday, October 19, 2017.
The resumption of trading in the Company's shares is a major step forward toward completion of the Stamper's proposed combination with State Oil Corporation (“State”). The Company is continuing to work with the Exchange regarding the review of the transaction, although the Exchange has not yet made its acceptance.
As detailed in the October 10, 2017 news release, State has signed a Memorandum of Understanding with Sudapet Company Ltd. (“Sudapet”), the national oil company of Sudan, pursuant to which State will farm-in to acquire a 50% interest and rights in potential Sudapet’s exploration and production operations in Sudan.
The project area is comprised of 26,000 sq. km. The previous operator successfully drilled 3 discovery wells and 7 development wells. Over 6,700 km of 2D seismic and 432 sq. km of 3D seismic have been completed in the project area. The seismic data indicates a number of new locations for drilling. The export oil pipeline to Port Sudan runs through the project area.
David Greenway, President of Stamper, commented: “The resumption in trading of Stamper's common shares is a major success as we work to re-establish Stamper through the proposed combination with State Oil Corporation with its drill ready projects in Sudan."
Stamper is encouraged with the US State Department’s announcement on the amendment of the Executive Order 13761 on Recognizing Positive Actions by the Government of Sudan and Providing for the Revocation of Certain Sudan-Related Sanctions.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Dr. Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who is a "Qualified Person" as such term is defined under National Instrument 51-101 ("NI 51-101") and Canadian Oil and Gas Evaluation (“COGE”) Handbook.
About Stamper Oil & Gas
Stamper Oil & Gas Corp. is a publicly traded junior development stage international oil and gas company. The Company is engaged in the acquisition, exploration and evaluation of conventional and unconventional oil and natural gas properties with the current focus on Africa and Latin America. The Company’s strategy is centred on generating sustainable long term shareholder value by exploring and developing cost effective growth of light oil reserves.
For further information on Stamper Oil & Gas please visit www.stamperoilandgas.com
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
Neither 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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.