Sintana Energy Inc (SEUSF)

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Sintana Provides Update on VMM-37 Joint Operating Agreement and Contract
V.SEI | 1 hour ago
TORONTO, April 18, 2023 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSXV: SEI OTCQB: SEUSF) (the “Company” or “Sintana”) reports that ExxonMobil sent Patriot Energy Oil and Gas Inc. (“Patriot”), a subsidiary of the Company, a notice stating that, based on the terms of the Joint Operating Agreement between ExxonMobil and Patriot (the “JOA”), it had decided to withdraw from the JOA as of May 31, 2023. The notice also states that ExxonMobil will withdraw from the Contract with the Agencia Nacional de Hidrocarbons (the “Contract”), effective after obtaining required Government approvals. Both the JOA and Contract pertain to the 43,158 acres property known as the VMM-37 block which is in Colombia’s Middle Magdalena Valley Basin (“VMM-37”).
Chief Executive Officer Doug Manner commented: "We are disappointed that our VMM-37 partner for more than a decade, ExxonMobil, has voluntarily chosen to withdraw from both the JOA and Contract. Management has engaged legal and technical advisors for assistance in addressing this unexpected change of events”.

The Company fully reserves its rights under the contracts governing VMM-37 and applicable laws and regulations.

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

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