CALGARY, Aug. 17 /CNW/ - Result Energy Inc. ("Result" - TSX-V: RTE) advises that its previously announced sale of assets (see News Release dated May 20, 2009) was not completed as originally scheduled. Despite several extensions and accommodations by Result, the purchaser could not meet its closing obligations and among other things, Result has retained the purchaser's deposit of $1.2 million as liquidated damages arising from the purchaser's default. Result is conducting a strategic review of its assets and operations and will be exploring all of its available options. As part of this review process, the Company is also seeking a further short-term extension of its existing $8.5 million banking facilities, which currently bear interest at an average rate of prime plus 3.23%.
Result Energy Inc. is a publicly traded Canadian energy company involved in the exploration and development of oil and gas properties in western Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".
Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements.
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