Result Energy Inc. Provides Update on Sale of Assets

About this update from Route 109 Resources Inc.

[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 17 /CNW/ - Result Energy Inc. ("Result" - TSX-V: RTE)\nadvises that its previously announced sale of assets (see News Release dated\nMay 20, 2009) was not completed as originally scheduled. Despite several\nextensions and accommodations by Result, the purchaser could not meet its\nclosing obligations and among other things, Result has retained the\npurchaser's deposit of $1.2 million as liquidated damages arising from the\npurchaser's default. Result is conducting a strategic review of its assets and\noperations and will be exploring all of its available options. As part of this\nreview process, the Company is also seeking a further short-term extension of\nits existing $8.5 million banking facilities, which currently bear interest at\nan average rate of prime plus 3.23%.\n\n\nResult Energy Inc. is a publicly traded Canadian energy company involved\nin the exploration and development of oil and gas properties in western\nCanada. Result trades on the TSX Venture Exchange under the symbol "RTE".\n\n\nInvestors are cautioned that this news release contains forward looking\ninformation. Such information is subject to known and unknown risks,\nuncertainties and other factors that could influence actual results or events\nand cause actual results or events to differ materially from those stated,\nanticipated or implied in the forward-looking information. Readers are\ncautioned not to place undue reliance on forward-looking information, as no\nassurances can be given as to future results, levels of activity or\nachievements.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\n","length":1869,"tagName":"div"}]

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