TSX: PBC
MONTREAL, June 25 /CNW Telbec/ - PEBERCAN INC. (The "Company"), (TSX: PBC) - Given the difficult economic situation and the general context of increases in the cost of raw materials and food staples, Cupet has been unable to make April and May 2008 payments, as provided for in the November 2007 agreement which rescheduled the terms of payment of an outstanding debt.
Of the $39,136M owed to the Company, only $2M has been paid so far. For the record, this agreement stipulated the terms and conditions of monthly payments, of which $118,9M was payable from November 2007 to November 2008 and was partially guaranteed by the Banco Nacional of Cuba. Amounts previously stated relate to 100 % of Block 7, of which approximately 55 % is attributable to the Company.
Discussions are ongoing with Cupet, the Banco Nacional of Cuba as well as with Cuban authorities; however, these have not yet been conclusive but should, as in past, lead to a positive outcome.
As well, works on the Canasi 100 well were interrupted after numerous attempts to selectively isolate an important water gush. Both the logs and a few hours of testing have confirmed the presence of oil; therefore, the Company is contemplating drilling a second well in the same zone after detailed analysis of all relevant information.
Finally, the daily production of Block 7 is, since the beginning of the year, 20,004 barrels versus 19,650 barrels for the same period in 2007.
Pebercan's interim consolidated financial statements and management report for the period ended December 31, 2008 are available on our Web site at www.pebercan.com, as well as on SEDAR at www.sedar.com.
Pebercan is involved in the exploration, development and exploitation of oil reserves in the Republic of Cuba. Pebercan sells its entire production to the Cuban government but is not bound by any restrictions regarding the sale of its oil. The Company's shares are listed on the TSX and trade under the symbol PBC.
Legal Notice - Forward-Looking Statements
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties or other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We consider that these forward-looking statements are reasonable given the hypothesis on which they are based and which the Board of Directors of the Company has reviewed and ascertained as being well founded. Pebercan disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important additional information identifying risks and uncertainties is contained in the Company's most recent annual and interim reports and forms filed with the applicable Canadian securities regulatory authorities.
ContactsRenmark Financial Communications Inc.: Henri Perron: hperron@renmarkfinancial.com Dan Symons: dsymons@renmarkfinancial.com(514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com PEBERCAN Inc.: Christophe Ranger
cranger@pebercan.com
(514) 286-5200 Fax: (514) 286-5177
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