CALGARY, ALBERTA--(Marketwire - Nov. 23, 2011) - Marauder Resources East Coast Inc. (the "Company") (TSX VENTURE:MES) is pleased to announce that, further to its press release of October 21, 2011, the Company continues to explore business activities relating to two memoranda of understanding concerning three highly-prospective oil exploration blocks in the Somali state of Puntland (the "State"), totalling approximately 60,000 km(2). The first memorandum of understanding (the "Offshore Memorandum") concerns two offshore oil exploration blocks, while the second memorandum of understanding (the "Onshore Memorandum") concerns an onshore block.
Prompted by an increase in the volume of trading and price of the Company's common shares, the Company clarifies that the transactions contemplated by the Offshore Memorandum and Onshore Memorandum are subject to certain independent conditions and approvals, including the execution of separate production sharing agreements with the State pursuant to each memorandum of understanding. The Company is in discussions with the State in relation to the negotiation of the production sharing agreements pursuant to both the Offshore Memorandum and Onshore Memorandum. At the current time, there is no assurance that the transactions contemplated by the Offshore Memorandum and/or the Onshore Memorandum will be completed.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.Neither the 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 press release.
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