Sagres Confirms Expiry of El Triunfo Block Agreement

Source: www.gulfoilandgas.com 5/6/2013, Location: South America

Sagres Energy Inc. reports that the extension request made by the consortium partners on the El Triunfo block in Colombia (the Block) has been rejected by the Agencia Nacional de Hibrocarburos in Colombia (the ANH). Union Temporal El Triunfo made a request to the ANH for a seven-month extension of the Hydrocarbon Exploration and Production Agreement for the Block (the E&P Agreement) on behalf of the consortium partners on December 21, 2012.

As a result of the rejection of the extension request, the E&P Agreement has expired and Sagres no longer holds an interest in the Block. Sagres may have continuing liabilities related to the Block following the expiration of the E&P Agreement.


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