Zodiac Exploration Inc.
TSX VENTURE: ZEX
May 1, 2013
Zodiac Exploration Inc. Provides Update on Operations
CALGARY, ALBERTA– Zodiac Exploration Inc. (“Zodiac” or the “Company”) (TSXV:ZEX) is pleased to provide the following update on the drilling of the Aera - Mortgage 881D-15 well (the "Aera Mortgage Well")on the Company’s Mortgage block in the San Joaquin basin, California:
The Company was advised on April 29, 2013 by Aera Energy LLC (“Aera”) that the Aera Mortgage Well successfully reached its final vertical depth of 15,362 feet and electric evaluation logs have been run. Subsequently, Aera has informed Zodiac, which supports the decision that the Aera Mortgage Well be temporarily suspended and remain on a tight-hole status. Aera has further advised that it will make a decision in due course on drilling the horizontal well section, as required by the farmout agreement between Zodiac and Aera dated October 2013 (the "Farmout Agreement").
About Zodiac
Zodiac is a Calgary based company formed to explore for and gas assets in North America with a focus on the San Joaquin Basin in California.
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.
For more information, please contact:
Zodiac Exploration Inc.
Peter Haverson
Interim President and Chief Executive Officer
(403) 450‐7896
www.zodiacexploration.ca
Cautionary Statements
This press release contains certain forward‐looking statements and forward‐looking information (collectively referred to herein as "forward‐looking statements") within the meaning of applicable securities laws. All statements other than statements of historical fact are forward‐looking statements. Forward‐looking statements typically contains words such as "anticipate", "believe", "confirms", "continuous", "estimate", "expect", "may", "plan", "project", "should", "will", or similar words suggesting future outcomes. In particular, this press release contains forward‐looking statements pertaining to the expectation that Aera will make a decision in respect of the drilling of the required horizontal well under the Farmout Agreement.
Forward‐looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Zodiac) that could cause actual events or results to differ materially from those anticipated in the forward‐looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward‐looking information include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, skilled personnel and supplies; risks associated with the uncertainty of resource estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Additionally, there is no guarantee or certainty that Zodiac's farmout campaign or evaluation of corporate opportunities will result in a transaction on terms acceptable to Zodiac or at all. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things: the timing and costs of drilling and completion expenditures; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; the ability of the Company to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; and the general stability of the economic and political environment in which the Company operates. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward looking information contained in this news release is expressly qualified by this cautionary statement. Zodiac does not undertake any obligation to update or revise any forward looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward‐looking information.
