Sunset Pacific Petroleum (fka CVE:SPK)

[Rk3]

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.

http://www.accesswire.com/img.ashx?id=427091

Copyright 2015 ACCESSWIRE

Powered by Livefyre