CALGARY, ALBERTA -- (Marketwired) -- 06/18/13 -- Shoreline Energy Corp. (TSX: SEQ) ("Shoreline" or the "Company") announced today that repayment of the vendor take back note related to the purchase of the "Dios" Wattenberg Colorado assets, originally announced on February 19, 2013. The vendor take back note was originally scheduled to be paid on June 19th 2013, but has been delayed due to a post closing title deficiency. Shoreline has notified the vendor that the vendor has not performed its post closing duties in accordance with the subject purchase and sale agreements and that Shoreline will not be making any further payments on the vendor take back note until the vendor remedies the title defects and performs to the fullest extent of the purchase and sale agreement. Should the vendor not remedy the issue in a reasonable time period, Shoreline will pursue all avenues to protect its interest, including all available legal remedies. Shoreline intends to provide a status update prior to month end.
Contacts:
Shoreline Energy Corp.
Mr. Trevor Folk
Chief Executive Officer
(403) 398-4070
tfolk@shorelineenergy.ca
Shoreline Energy Corp.
Mr. Kevin Stromquist
President & Chief Operating Officer
(403) 398-4075
kstromquist@shorelineenergy.ca
Shoreline Energy Corp.
Calgary Office
Suite 400, 209-8th Ave SW
Calgary, Alberta, T2P 1B8
(403) 767-9066
www.shorelineenergy.ca
