NEWS RELEASE | Wednesday, November 7th, 2018
Cerus Energy Group Ltd. TSX-V: CEA (“Cerus” or “the Company”) would like to provide clarification on portions of a news release issued by Vital Energy Inc, on November 6th, 2018 regarding the Pennant, Saskatchewan oil & gas project.
Cerus has initiated a process to transfer, abandon and remediate all liabilities (assets) in the oil and gas business. The company has been successful in these efforts and has gone to great lengths to reduce its risks associated with liabilities and former debt obligations. Pennant Saskatchewan was forfeited to the projects funders and is no longer considered an asset or liability to the company.
Cerus is no longer involved in oil and gas operations and is 100% focused on its Cannabis operations which include the El Rollo growing machine, the Georgetown Development in the county of Vulcan, Alberta and its partnership with One Eleven Inc., in Wynyard, Saskatchewan.
The company’s current priority is to keep making progress on its multiple projects and receive permission to resume trading as soon as possible.
Cerus CEO R. Mackenzie Loree stated:
“Even though the efforts of the company and the current status is not appropriately reflected in the market due to the halt we are maintaining our course. We are focused on One Eleven to access licensing, on the El Rollo development to equip future facilities and our large-scale development project in the County of Vulcan. In the event we encounter permitting issues with the county of Vulcan, secondary plans are in place to maintain our desired rate of medical and recreational marijuana production.”
For more information on Cerus Energy and Camarico Group operations, visit us online at:
About Cerus Energy Group
Cerus Energy Group is a Tier 2 Canadian-based oil and gas exploration company trading on the TSX Venture Exchange with property assets in both Alberta and Saskatchewan.
About Cerus Energy Group's Subsidiary Companies
Texalta Industries Ltd. and Lomac Canada Ltd. are wholly owned subsidiary company's serving various sectors of the oil and gas industry in the Province of Alberta. Maverick Northstar is a private joint venture company between Petrostar Petroleum Corp. of Alberta, Canada and Maverick Synfuels Inc of North Carolina, USA. Maverick Northstar is a chemical processing company focused on improving the value of methane through the production and utilization of methanol in Western Canada located in the province of Alberta. Petrostar holds 60% ownership of Maverick Northstar shares. For further information, please contact:
Mackenzie Loree, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company’s beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from a conclusion, forecast or projection in such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.