CALGARY, Alberta, April 27, 2020 (GLOBE NEWSWIRE) -- Vital Energy Inc. ("Vital" or the “Corporation”) (TSX-V: VUX) announces that, due to logistics and delays caused by the COVID-19 virus, it is relying on the exemption provided in Alberta Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (the “Alberta Order”) of the Alberta Securities Commission (and similar exemptions provided by the securities commissions in British Columbia and Ontario) to postpone the filing of certain continuous disclosure documents. As a result of the COVID-19 pandemic, pursuant to the Alberta Order, the Alberta Securities Commission will allow a temporary 45-day filing extension to June 15, 2020.
In accordance with the Alberta Order, the Corporation confirms the following:
- it will postpone the filing of its Annual Audited Financial Statements for the year ended December 31, 2019 (section 4.2 of National Instrument 51-102), its Annual MD&A (section 5.1(2) of National Instrument 51-102); and its Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves Data by Independent Qualified Reserves Evaluator, and Report of Management and Directors on Oil and Gas Disclosure for the year ended December 31, 2019 (section 2.1 of National Instrument 51-101) (collectively, the “Documents”);
- that until the Corporation has filed the Documents, its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207;
- the required filing of the Documents is expected to be filed no later than June 15, 2020;
there have been no material business developments since the filing of the Q3 2019 Financial Statements and Management Discussion & Analysis on November 29, 2019, other than as a result of COVID-19, the operations of the Corporation will be negatively impacted and there will be a significant reduction in sales volumes and revenues.
Vital is a publicly traded junior oil and gas company whose primary focus is light and medium crude oil production in Western Canada.
For further information please contact:
Yingchuan Wu, President
Tel: (403) 988-8286
Fax: (403) 699-6990
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve 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 Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sundance. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Sundance does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.