14:15:35 EDT Sat 18 May 2024
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Sintana Energy Inc (2)
Symbol SEI
Shares Issued 269,499,836
Close 2023-07-19 C$ 0.28
Market Cap C$ 75,459,954
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Sintana files arbitration claim against ExxonMobil

2023-07-20 09:07 ET - News Release

Mr. Douglas Manner reports

SINTANA PROVIDES UPDATE ON VMM-37

Sintana Energy Inc.'s subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot Energy Sucursal Colombia (collectively, Patriot), have filed an arbitration claim against ExxonMobil Exploration Colombia Ltd. and ExxonMobil Exploration Colombia Ltd. Sucursal Colombia (collectively, ExxonMobil). Causes of action include breach/repudiation of the terms of the farmout agreement (FOA), joint operating agreement (JOA) and licence contract associated with the 43,158-acre property known as the VMM-37 block, which is located in Colombia's Middle Magdalena Valley basin.

Chief executive officer Douglas Manner commented, "Further to our last release on VMM-37 dated April 18, it has become necessary to pursue this action to enforce Patriot's rights under the agreements and contract."

Further updates will be provided with respect to these matters as additional information becomes available.

About Sintana Energy Inc.

The company is engaged in petroleum and natural gas exploration and development activities in Colombia's Magdalena basin and five large, highly prospective, onshore and offshore petroleum exploration licences in Namibia. Sintana's exploration strategy is to acquire, explore, develop and produce superior-quality assets with substantial reserves potential.

We seek Safe Harbor.

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