Palliser Oil & Gas Corporation comments on trading halt

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CALGARY, Aug. 22, 2014 /CNW/ - Palliser Oil & Gas Corporation ("Palliser") (TSXV:PXL) announces that the Investment Industry Regulatory Organization of Canada has halted trading of Palliser's common shares.

The halt was initiated upon the request of the TSX Venture Exchange ("TSXV") after the TSXV determination to treat the proposed amalgamation of Palliser with Maha Energy Inc. (the "Amalgamation") as a "reverse takeover" as such term is defined in the TSXV Policies requiring additional filings and information dissemination by Palliser. The halt is expected to remain in place pending dissemination of additional information on the Amalgamation as well as receipt and review by TSXV of requisite documentation in accordance with section 3.4 of TSXV Policy 5.2.  It is expected that the requisite additional information will be provided in Palliser's news release together with Palliser's Q2 results, planned to be disseminated after the close of business on Tuesday, August 26, 2014.

Palliser is not aware of any material developments with respect to the Amalgamation. 

ABOUT PALLISER

Palliser is a Calgary-based junior oil and gas company focused on high netback heavy oil production in the greater Lloydminster area of Alberta and Saskatchewan.

Disclaimers

Forward Looking Statements

Certain information contained in this document constitutes forward-looking statements. Forward-looking information typically contains statements with words such as "expect", "propose" or similar words suggesting future outcomes or statements regarding an outlook. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Palliser's control, particularly that the risk that actual events will vary from the events forecasted and such variations may be material. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual events could differ materially from those expressed in or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Palliser will derive therefrom.

The forward-looking statements contained in this document are made as of the date hereof. Palliser disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, Palliser undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

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.

SOURCE: Palliser Oil & Gas Corporation

PALLISER OIL & GAS CORPORATION: Kevin J. Gibson, President & CEO, [email protected], [phone]; Ivan J. Condic, Vice President, Finance & CFO, [email protected], [phone]