July 06, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the “Company”) (TSX-V: SMB, Frankfurt: GDA, OTCBB: SMBZF), has received an official invitation from the National Oil Company of Liberia (NOCAL) to meet in Monrovia, Liberia during the week of July 18, 2011 to commence the final negotiation process for Simba Energy Inc.’s formal Production Sharing Contract (PSC) application. A Draft Production Sharing Contract (PSC) has been received from NOCAL and Simba Energy is currently reviewing this draft PSC and will be in attendance the week of July 18, 2011 to finalize discussions which it anticipates will lead to the issuance of the onshore PSC.
Pursuant to our previous announcement in October 2010, Simba Energy submitted its application to the National Oil Company of Liberia (NOCAL) to convert its current Hydrocarbon Reconnaissance Permit (NR-001) into a Production Sharing Contract (PSC). Since then, the Company has had extensive meetings with NOCAL to review, advance, and finalize this PSC application. During this period there have been changes to management and the board of directors of NOCAL, as well as a moratorium imposed by the Government on new (offshore) PSC applications. The Company is pleased to confirm it has successfully completed all required negotiations and discussions with NOCAL and will be in attendance the week of July 18, 2011 to finalize discussions which it anticipates will lead to the issuance of the onshore PSC.
The formal letter received by Simba Energy from NOCAL also stated that the delay in reaching the final negotiation process was due mainly to the lack of a “Model Production Sharing Contract for onshore oil” along with the reorganization within NOCAL`s offices.
Mr Robert Dinning, President and CEO is quoted “This invitation and meeting represents the final step in the process for the Company’s application to convert its current exploration license into a PSC. We look forward to finalizing this application process so we can begin our planned activities and continue to contribute socially to the communities within our area of work.”
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas Exploration Company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana). This region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO
For further information please contact Simba Energy Inc., Mark Sommer, Toll Free 1-855-777-4622 or visit: www.simbaenergy.ca or www.simbaenergy.ca/commercial.html or email firstname.lastname@example.org
We seek safe harbour.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the exploration merits of the property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.