CALGARY, ALBERTA--(Marketwire - Nov. 30, 2012) - Paris Energy Inc. (TSX VENTURE:PI) announces the sale of certain unused tangable equipment and undeveloped acerage in two unrelated transactions for a total consideration of $240,000. Both of the transactions are anticipated to close within the next two weeks. The proceeds from the sales will be used to reduce the Companies outstanding liabilities.
As a result of the asset sales the Paris estimates that its net debt has been substantily eliminated.
Paris also announces that previously disclosed litigation in which the Company was named has been settled at no cost to the Company and Paris has been released from any liability in relation to the matter.
Certain information and statements contained in this press release constitute forward-looking information under applicable securities legislation, including, without limitation, statements regarding thetiming of the closing and the amount of the net debt. These forward-looking statements are based upon the opinions, expectations, estimates and assumptions of management as at the date the statements are made, including, without limitation, assumptions regarding: global economic conditions; industry conditions; changes in laws and regulations and changes in how they are interpreted and enforced; and fluctuations in commodity prices. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, the inability to obtain the required regulatory approvals; failure to secure required equipment and personnel; changes in general global economic conditions; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. 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. Paris's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Paris will derive therefrom. Paris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.