Twoco Petroleums Ltd. Announces Inability to Repay Matured Debentures

Tue Jan 8, 2013 10:32pm EST

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Marketwire

Twoco Petroleums Ltd.

January 8, 2013 - 10:31:55 PM

Twoco Petroleums Ltd. Announces Inability to Repay Matured Debentures

CALGARY, ALBERTA--(Marketwire - Jan. 8, 2013) - 

THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED
STATES, TO UNITED STATES NEWS WIRE SERVICES OR TO UNITED STATES PERSONS 

Twoco Petroleums Ltd. ("Twoco" or the "Company") (TSX VENTURE:TWO) announces
that it currently does not have the financial resources to repay its $3.4
million principal amount of redeemable, convertible, unsecured 8% debentures
("2011 Convertible Debentures") which matured on December 31, 2012. The
Company will continue to pursue strategic alternatives including, but not
limited to, recapitalizing the Company through financing arrangements, the
sale of some or all of the assets of the Company or merging with other
companies.

Twoco is an oil and gas company engaged in the exploration for, and the
acquisition, development and production of, oil and natural gas reserves
primarily in the Province of Alberta. Twoco has 77,186,118 Common Shares
issued and outstanding as at today's date.

Forward-Looking Statements:

Certain information set forth in this news release contains forward-looking
statements or information ("forward-looking statements"). There is no
guarantee that the Company will be successful in its efforts to transact on a
strategic alternative or repay the 2011 Convertible Debentures. By their
nature, forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Twoco's control, including the impact
of general economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates, environmental
risks, operational risks in exploration and development, competition from
other industry participants, the lack of availability of qualified personnel
or management, stock market volatility and the ability to access sufficient
capital from internal and external sources. Although Twoco believes that the
expectations in our forward-looking statements are reasonable, our
forward-looking statements have been based on factors and assumptions
concerning future events which may prove to be inaccurate. Those factors and
assumptions are based upon currently available information. Such statements
are subject to known and unknown risks, uncertainties and other factors that
could influence actual results or events and cause actual results or events to
differ materially from those stated, anticipated or implied in the
forward-looking statements. As such, readers are cautioned not to place undue
reliance on the forward-looking statements, as no assurance can be provided as
to future results, levels of activity or achievements. The risks,
uncertainties, material assumptions and other factors that could affect actual
results are discussed in our Annual Information Form and other documents
available at www.sedar.com. Furthermore, the forward-looking statements
contained in this document are made as of the date of this document and,
except as required by applicable law, Twoco does not undertake any obligation
to publicly update or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise. The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of
any offer to buy securities in any jurisdiction.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Twoco Petroleums Ltd.
Wayne A. Malinowski
President and Chief Executive Officer
(403) 231-8653
(403) 237-6048 (FAX)




        

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