Vancouver, British Columbia, December 9, 2015.
Further to its news release of November 10, 2015, Newport Exploration Ltd. ("Newport" or "the Company") reports that, despite numerous requests from the Company and its counsel, Great Artesian Oil and Gas Pty Limited ("GAOG") and Beach Energy Ltd. ("Beach") have, in Newport's view, improperly and without any valid reason, refused to make the outstanding royalty payments in the order of AUD$4,265,942 due to the Company for the months of February 2015 to October 2015 (the "Royalty Payments") despite resolution of the withholding tax issue detailed in the August 31, 2015 and November 10, 2015 news releases of the Company.
Having exhausted all other means of securing receipt of the Royalty Payments to which the Company is legally entitled, including, but not limited to, making formal demand on Beach and GAOG (as the original contracting party with respect to the royalty obligations), the Company has instructed its counsel in Australia to commence legal proceedings against GAOG seeking an order compelling payment of the outstanding Royalty Payments plus interest thereon, as well other costs and interest.
The Company has also instructed its counsel in Australia to review the original agreements to determine if there is a legal basis for seeking their rescission.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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 accuracy or adequacy of this news release.
Cautionary Statement on Forward-Looking Information
This news release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. These forward-looking statements pertain to the commencement of legal proceedings and the outcome thereof. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.