CALGARY, ALBERTA -- (Marketwired) -- 05/29/13 -- MGM Energy Corp. ("MGM Energy" or the "Company") (TSX: MGX) announced today that it has surrendered to the Crown its exploration licences ("EL") in the Mackenzie Delta region. Effective May 29, 2013, MGM Energy has surrendered to the Crown EL456, EL457, EL458 and EL459, currently scheduled to expire in January 2016, and consolidated EL461, which is scheduled to expire in June 2013. With the surrender, MGM Energy is relieved of its obligation to fulfill its commitments relating to these ELs, including $6.3 million which was due to be paid in June 2013.
MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada. MGM Energy's common shares are listed on the Toronto Stock Exchange under the symbol "MGX".
Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Contacts:
MGM Energy Corp.
H.W. (Henry) Sykes
President
(403) 781-7800
(403) 781-7801 (FAX)
MGM Energy Corp.
R.N. (Rick) Miller
Chief Financial Officer
(403) 781-7800
(403) 781-7801 (FAX)
