CALGARY, ALBERTA--(Marketwire - Aug. 2, 2012) - Skope Energy Inc. ("Skope" or the "Company") (TSX:SKL) announced today that its lender has determined not to extend the revolving period of Skope's credit facility and has requested payment of all obligations owing under the credit facility by no later than August 13, 2012. Such date can be extended by the lender in its sole discretion.
Current outstanding amounts under the credit facility are approximately $54 million. Skope is in discussion with alternative capital providers and working with the lender to provide an optimal solution for all parties. The Company will report on the progress of these initiatives as they develop. However, at this time, the Company can give no assurance that the credit facility will be refinanced on a basis satisfactory to the Company or its lender.
On behalf of the Board of Directors,
Henry Cohen, President and Chief Executive Officer
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, management focus, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, this press release contains forward-looking statements relating, but not limited to the Company's ability to repay the credit facility by August 13, 2012 and its ability to refinance the credit facility on a satisfactory basis.
While Skope considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with the Company's credit facility and the Company's ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Skope believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements. The forward-looking statements contained in this news release are made as the date of this new release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
ABOUT SKOPE ENERGY INC.
Skope is in the business of oil and natural gas exploration, development and production in Western Canada with a focus on shallow natural gas. Skope owns an 80% working interest in a package of high quality, long-term, low decline producing shallow gas assets, located in southeast Alberta and southwest Saskatchewan.
Skope's common shares are listed on the Toronto Stock Exchange under the symbol "SKL".