Sunset Pacific Petroleum (fka CVE:SPK)

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Acquired seasoned veteran oil superstar with specific experience in region!

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"Now with a new elected government in place along with a 5 year mandate, the final evaluations are well underway and we expect to receive news shortly. The Tunisian authorities emphasized how much they appreciated the patience of our Company and her shareholders during this important transition period for the country."

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Sunset CEO Provides Update on Activities in Middle East and North Africa
V.SPK | 3 days ago
(via Thenewswire.ca)

Vancouver, BC / TheNewswire / April 1, 2015 - Sunset Pacific Petroleum Ltd. (the "Company") (TSX-V: SPK) wishes to provide an update on its near term exploration and production project acquisition activities in the Middle East North Africa region. The Company was informed by the Tunisian authorities that a final meeting for approval on its two onshore Tunisia applications had been deferred until a new elected government was in place. It was explained that the previous government was a caretaker government tasked with ensuring the smooth elections late last year and that if a decision for new exploration permits had occurred, most likely it would have been reviewed by a new government. This is due to the sovereign nature of all natural resource contracts in Tunisia and the related parliamentary oversight. Now with a new elected government in place along with a 5 year mandate, the final evaluations are well underway and we expect to receive news shortly. The Tunisian authorities emphasized how much they appreciated the patience of our Company and her shareholders during this important transition period for the country.

Further, the Company is pleased to have announced on March 23, 2015, a letter of intent to acquire a 56.25% participating interest and operatorship in an existing exploration and production sharing agreement for an onshore block in The Sultanate of Oman (the "Oman Block"). The Company is now concluding the farmin agreement. This Oman Block holds good potential after some recent seismic reprocessing and independent interpretation. Oman is a very stable country in a region where it is not uncommon to produce oil for $10 per barrel or less. The acquisition of the Oman Block will mean that we have diversified our portfolio of projects to include a high impact exploration project close to pipeline infrastructure in a low cost region along with the near-term production and exploration projects in onshore Tunisia which was recently ranked as the number one exploration hotspot in Africa by EY (formerly Ernst & Young) in their recent report "African oil and gas: driving sustainable growth".

The Company has also been able to attract several seasoned oil industry veterans to serve as board members, advisors and consultants. Further announcements on roles and responsibilities is expected as the various projects mature. The total combined experience of our combined technical and operations group is over 200 years specifically in the MENA region with direct and indirect involvement in over 10 billion barrels equivalent of oil discoveries and development projects.

The Company wishes to thank all its stakeholders for their support and patience during this formative project development phase and will keep providing regular updates as the projects progress.

ON BEHALF OF THE BOARD

"Albert Raponi"

Albert Raponi

CEO and Director

This press release was prepared by management who takes full responsibility for its contents. Neither 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. .

This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because 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 obligation to update any forward-looking statements.

Copyright (c) 2015 TheNewswire - All rights reserved.

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Google: the Sultanate of Oman. The rest is elementary my dear Watson!


"The Sultanate of Oman (the "Oman Block"), with the current block holder owning an 18.75% participating interest and the Sultanate of Oman owning the remaining 25% participating interest in the property. (As required under the terms of the exploration and sharing agreement, the Oman government is carried in the exploration phase.) Sunset will be the operator of the Oman Block.

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Sunset Executes LOI For Acquisition of Interest and Operatorship in Onshore Oman Oil Block Plus Non-Brokered Private Placement

Published: Mar 23, 2015 3:04 a.m. ET

Mar 23, 2015 (ACCESSWIRE via COMTEX) -- VANCOUVER, BC / ACCESSWIRE / March 23, 2015 / Sunset Pacific Petroleum Ltd. (the "Company") (SPK) is pleased to announce that it has entered into a non-binding letter of intent ("LOI") to acquire a 56.25% participating interest in an existing exploration and production sharing agreement for an onshore block in The Sultanate of Oman (the "Oman Block"), with the current block holder owning an 18.75% participating interest and the Sultanate of Oman owning the remaining 25% participating interest in the property. (As required under the terms of the exploration and sharing agreement, the Oman government is carried in the exploration phase.) Sunset will be the operator of the Oman Block. Pursuant to the terms of the LOI, Sunset will pay the current block holder US$100,000 within 30 days after signing the LOI. A finder's fee may be payable with respect to this transaction. The parties are now working to finalize the necessary formal agreements as soon as practicable.

In conjunction with the execution of a formal agreement and the acquisition of a majority interest in this Oman Block, the Company will be looking to change its name to one that more closely reflects the region in which this onshore block is located. Shareholder approval will be required for any such name change. The Company expects to call a shareholders' meeting for early May, 2015.

Sunset also announces a non-brokered private placement of up to 2,000,000 units of the Company at a price of $0.20/unit for proceeds of up to $400,000. Each unit will be comprised of one common share and one share purchase warrant. Each warrant will be exercisable into an additional common share of the Company for a period of five years at a price of $0.30/warrant share. The proceeds from this financing will be used for general working capital. In connection with this financing, the Company may pay a finder's fee to eligible finders in accordance with regulatory policies. Completion of this financing is subject to regulatory approval.

ON BEHALF OF THE BOARD

"Albert Raponi"

Albert Raponi

CEO & Director

This press release was prepared by management who takes full responsibility for its contents. Neither 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.

This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because 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 obligation to update any forward-looking statements.

SOURCE: Sunset Pacific Petroleum Ltd.

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