GeoPetro Resources Company Obtains Exemption From Canadian Oil And Gas Reporting Obligations
SAN FRANCISCO, March 25 /PRNewswire-FirstCall/ -- GeoPetro Resources Company ("GeoPetro", "we", "our" or the "Company") (NYSE Amex: GPR) today announced that the securities commissions for the provinces of Alberta and Ontario in Canada have issued a decision document (Decision) which has the effect of granting GeoPetro exemptive relief from the disclosure requirements contained in Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101).
As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, GeoPetro will not be required to comply with the Canadian requirements of NI 51-101 and, accordingly, will not be required to file Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor and From 51-101F3 Report of Management and Directors on Oil and Gas Disclosure. In lieu of such filings, GeoPetro is permitted, pursuant to the Decision, to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements of the United States Securities Act of 1933, the United States Securities Exchange Act of 1934 and the rules and regulations for the United States Securities and Exchange Commission (SEC) and the New York Stock Exchange Amex (collectively, U.S. Rules). GeoPetro is required to file such disclosure with the appropriate Canadian securities commissions as soon as practicable after such disclosure is filed with the SEC.
Investors should be aware that GeoPetro's future disclosure relating to its oil and gas activities will comply with the U.S. Rules rather than NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The U.S. Rules differ in a number of respects from the disclosure otherwise required under Canada's NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and investors are urged to consider these differences when considering all future disclosures made by GeoPetro relating to its oil and gas activities.
About GeoPetroGeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United States, Canada and Indonesia. GeoPetro has developed a producing oil and gas property in its Madisonville Field Project in Texas. Elsewhere, GeoPetro has assembled a geographically-diversified portfolio of exploratory and appraisal prospects. Cautionary Statements This news release contains forward-looking information. Statements contained in this news release relating to future results, events and expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may involve known and unknown risks involving market prices for natural gas and oil, economic and competitive conditions, regulatory changes, resource estimates, estimates of proved and probable reserves, production forecasts, geological and engineering uncertainties, potential failure to achieve production from development drilling projects, capital expenditures and other risks and uncertainties, which may cause the actual results to be materially different from those expressed or implied by such statements. Additional risk factors include, among others, those described in the Company's Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission. We do not have any intention or obligation to update forward-looking statements included in this press release after the date of this press release, except as required by law.
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