Petro Novus AG
Petro Novus AG signs Letter of Intent to Acquire Arvan Energy PLC
Petro Novus AG / Key word(s): Letter of Intent/AGM/EGM 07.09.2010 10:11 --------------------------------------------------------------------------- Petro Novus AG Signs Letter of Intent to Acquire Arvan Energy PLC Petro Novus Trading Symbol Changed to PN5 Petro Novus Annual General Meeting 2010: Shareholders Endorse All Motions Proposed by the Board of Directors Petro Novus AG ('Petro Novus' or the 'Company')is pleased to announce that the Company has signed a Binding Letter of Intent (LOI) with Arvan Energy PLC ('Arvan') to acquire 100% of the shares of Arvan in an all share exchange transaction. Arvan is a private corporation registered in Ireland, and holds an interest in oil and gas concessions, (Petroleum Blocks 4, 5 and 6) in the country of Armenia. The Petroleum concessions encompass 14,000 sq. km. in the Armenian central depression. A Production Sharing Agreement (PSA) was signed for a 5 year term with two term extensions through to 2016. Following the successful close of the transaction, Arvan will be a 100% owned subsidiary of Petro Novus. The Company is expecting to close the transaction by September 30, 2010 after completing due diligence encompassing engineer valuation and audit reporting. Petro Novus announces that effective September 06, 2010 the Company's symbol has changed from 'GMS' to 'PN5'. The Annual General Shareholders' Meeting of Petro Novus AG was held June 29, 2010, at Notariat Zürich Altstadt, Talstrasse 11, 8022 Zürich. All motions proposed by the Board of Directors at the Annual General Meeting were endorsed. The following agenda items and reorganisation measures were adopted at the AGM: 1. Annual Report and Financial Statements 2009 - The Board of Directors approved of the annual report, the annual financial statements of 2009 and the consolidated financial statements of 2009. 2. Change of name - The Board of Directors changed the name of the company from German Oil and Gas AG to Petro Novus AG. 3. Election of new Board Members - New Board members Mr. Cameron King MBA and Dr. Stephan Eschmann were elected. 4. Board of Directors' Resignations - Directors and Officers, Mr. Jason Bleuler and Mr, Frank Jacobs tendered their resignations as requested by the Company. The Board of Directors accepted the tendered resignations. 5. Granting of Discharge - In conjunction with Swiss Law, the Board of Directors discharged acts made by the Members of the Board, releasing them from their activities for the respective 2009 business year. About Petro Novus AG Petro Novus AG is an independent oil and gas company that has an international exploration focus. Our goal is to acquire and participate in the exploration and development of crude oil and natural gas properties in known petroleum producing regions. We utilize our strengths in mergers and acquisitions, and capital and resource management to acquire large potential, overlooked and underexplored resource properties. Our goal is to grow through future acquisitions and the development of long-life producing assets. For further information please contact: Cameron S. King MBA President and CEO cking@petronovus.com Petro Novus AG Nordstrasse 190, 8037 Zürich Switzerland Europe: +41 78 878 84 62 North America: 1 (424) 202 1251 SAFE HARBOUR Certain of the statements made and information contained herein is 'forward-looking information', including statements concerning our plans, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of petroleum products, the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Armenia will continue to support the development of environmentally safe oil exploration projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise. 07.09.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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