Rodinia Oil Corp. Announces Initiation of Strategic Review Process
29 Agosto 2012 - 9:13AM
PR Newswire (Canada)
CALGARY, Aug. 30, 2012 /CNW/ - - Rodinia Oil Corp. ("Rodinia" or
the "Corporation") announces that its Board of Directors has
formalized a process to identify, examine and consider strategic
alternatives for the Corporation with the view to enhancing
shareholder value. Such strategic alternatives may include, but are
not limited to, a sale, farmout or joint venture of all or a
portion of the assets of the Corporation, a merger or other
business combination of the Corporation with another entity, a
recapitalization of the Corporation, a sale of the Corporation as a
whole or any combination thereof. In 2011 Rodinia drilled two
exploratory wells, both of which encountered oil and gas shows,
encouraging petroleum systems indications and excellent
Neoproterozoic reservoirs. Management believes that significant
potential remains in the Officer Basin for both conventional and
unconventional hydrocarbon discoveries. A lack of sufficient
additional capital to undertake more extensive drilling operations
has constrained the Corporation, but the Board of Directors
believes that considerable geological progress has been made and
significant inherent value remains in the Corporation's assets. To
oversee this process, Rodinia's Board of Directors has established
a Special Committee comprised of all of the Directors. This Special
Committee will also seek the involvement of an investment banking
advisor to assist in these efforts. It is the Corporation's current
intention not to disclose developments with respect to the
strategic review process until the Board of Directors has approved
a specific transaction or otherwise determines that disclosure is
necessary or appropriate. The Corporation cautions that there are
no assurances or guarantees that this process will result in a
suitable alternative and the Corporation has not yet set a definite
schedule to complete this process. About Rodinia Oil Corp.
Founded in 2006, Rodinia is engaged in the exploration, acquisition
and development of petroleum and natural gas assets in Australia's
Officer Basin, where it has an 85% working interest in
approximately 23,000,000 gross acres of exploratory lands. It
is one of the first companies to undertake exploration in the
Officer Basin and has offices in Calgary, Alberta and Adelaide,
South Australia. The Common Shares of Rodinia are listed for
trading on the TSX Venture Exchange under the symbol "ROZ".
Forward-Looking Statements This press release may contain
forward-looking information that involves substantial known and
unknown risks and uncertainties, most of which are beyond the
control of Rodinia, including, without limitation, statements
pertaining to the potential timing and results of the search for
strategic alternatives and management's future plans. All
statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. There can be no assurance
that such information will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such information. A description of assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in Rodinia's disclosure
documents on the SEDAR website at www.sedar.com. Any
forward-looking statements are made as of the date of this release
and, other than as required by applicable securities laws, Rodinia
does not assume any obligation to update or revise them to reflect
new events or circumstances. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Rodinia Oil Corp.
CONTACT: Rodinia Oil Corp.Suite 320, 715 5 Ave. SWCalgary, Alberta,
Canada T2P 2X6Telephone: (403) 718-0366Toll Free: (877)
822-7280Fax: (403) 718-3888Email:
info@rodiniaoil.comWebsite:www.rodiniaoil.com
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