CALGARY, ALBERTA--(Marketwire - March 13, 2012) - Marauder Resources East Coast Inc. (the "Company" or "Marauder") (TSX VENTURE:MES) is pleased to announce that its previously announced Memorandum of Understanding with the Government of Puntland has been amended following a thorough technical review by the Company. Marauder has selected an offshore block, covering 10,000 km2 in the Gulf of Aden, in which to focus its exploration efforts, believing the acreage has the best exploration potential of the three blocks reviewed under the original Memorandum of Understanding. Under the current MOU, Marauder and the Government are working toward executing a production sharing agreement ("PSA") on or before July 15, 2012. If the PSA is executed, Marauder would be operator and 100% working interest holder of the block that will have an initial exploration period of three years with a right to extend into a second three year period. The area is an extension of the Dharoor sub-basin where an exploration well is currently being drilled onshore by Horn Petroleum. The geology is analogous to the Sabatayn and Sayun basins in Yemen that contain an estimated 6 billion barrels of recoverable oil.
Marauder has entered into an agreement with a private financial organization for a convertible debenture of up to US$15,000,000 and is subject to due diligence. The financing will allow Marauder to sign a formal Production Sharing Agreement with the Government of Puntland and commence an exploration work program over the block. The final terms of the convertible debenture financing will be announced by Marauder once settled.
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 release.
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