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File: SUNSET PACIFIC PETROLEUM LTD - news report - April 24, 2017.doc
SUNSET PACIFIC PETROLEUM LTD.
#704-938 Howe Street, Vancouver, British Columbia, V6Z 1N9
Phone: 1-604-369-9113
TRADING SYMBOL: SPK.V
April 24, 2017
ON BEHALF OF THE BOARD:
Sunset Pacific Petroleum Ltd. ('Sunset') is pleased to announce that it has signed an agreement to farm out a fifty (5
--->0%) percent working interest in its interest in a hydro-carbon Concession in Tunisia.
The conditions of the Agreement call for Sunset to receive all governmental approvals in Tunisia necessary to proceed
--->on a work program on the Concession.
A SWIFT coded Letter of Credit for the sum of Five Million United States (USD $5,000,000) Dollars will be provided to
--->the Government of Tunisia.
Pursuant to the Agreement, the farmee will pay:
to Sunset the sum of Two Million United States (USD $2,000,000) Dollars in sunk cost on or before thirty (30) days af
--->ter the execution of the Agreement.
the sum of One Million United States (USD $1,000,000) Dollars toward the administrative and operational costs of the C
--->oncession and
fifty (50%) percent of any additional cost related to the Concession.
This Agreement is subject to regulatory and government approvals where required.
"Albert Raponi"
_______________________________
Albert Raponi, CEO, of the Company
This press release was prepared by management who takes full responsibility for its contents. Neither TSX Ventu
--->re
Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchang
--->e)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current expectations and assu
--->mptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking inf
--->ormation and should not rely upon this information as of any other date. Actual results could differ materially becau
--->se of factors discussed in the Company's management discussion and analysis filed with applicable Canadian securities
--->regulators, which can be found under the Company's profile on www.sedar.com. The Company does not assume any obligati
--->on to update any forward-looking statements.
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