HOUSTON, May 30, 2012 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) ("EFLO") announces the execution of a Memorandum of Understanding (the "MOU") with Pacific LNG Operations Ltd. ("PLNG"). The MOU, effective May 29, 2012, sets forth the terms of a potential equity partnership to facilitate EFLO's acquisition of up to a 65% working interest in the Kotaneelee Gas Project. Under the MOU, PLNG would invest in the common shares of EFLO and provide certain security with respect to the acquisition.
The MOU is subject to the standard conditions including the execution of definitive purchase agreements, required approvals and the completion of acceptable due diligence by the parties.
About EFL Overseas
EFLO has announced pursuit of an acquisition of certain working interests in the Kotaneelee gas facility and its related proven and producing gas field located in the Yukon Territory (the "Kotaneelee Gas Project"), Canada. EFLO is currently a party to negotiations with multiple interest holders in those assets.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC. There can be no assurance that EFLO we will be successful in completing the Kotaneelee acquisition(s).
ON BEHALF OF THE BOARD OF DIRECTORS
EFL Overseas Inc.