VANCOUVER, BC -- (Marketwire) -- 10/21/08 -- Pluris Energy Group Inc. (OTCBB: PEYG Stocks Oil News)
("Pluris Energy" or "the Company") provides the following update to its
shareholders related to the Company's ongoing business development efforts
in South America.
As recent international financial events have resulted in significant
selling pressure on public company stocks, Pluris Energy's stock value and
market capitalization has also experienced some erosion. Pluris Energy
Chairman and CEO, Sacha H. Spindler stated, "Although the devaluation of
our company's share price can raise concerns for some of our shareholders
related to the Company's operations and performance, recent selling
pressure on the Company's stock is attributable only to the general market
forces that started shaping several months ago and have just recently
peaked. The world-class energy opportunity sets being developed by Pluris
Energy, of which our efforts are currently focused on the acquisition of
the Cerro Negro concession in Chubut Province, Argentina remain on-track
and without any negative issues arising as a result of the current global
financial crisis and corresponding volatility in the international stock
markets." Mr. Spindler continued by stating, "Pluris Energy's funding
efforts are progressing as anticipated and we feel very confident that we
have secured and are currently moving toward completion of acquisitions
that represent company making opportunities through a funding initiative
that provides the best opportunity for Pluris Energy to be successful in
developing its business plans."
Currently, the Company is completing the drafting of the operations and
joint participation agreements between its wholly owned Argentine
subsidiary, Pluris Sarmiento Petroleo SA and Clear SRL related to the
Company's acquisition of a 75% operated interest in the Cerro Negro
concession, located in the Golfo San Jorge Basin, Argentina. The Company
anticipates the completion of those agreements shortly. Additionally,
Pluris Sarmiento is progressing with its qualifying requirements with
Petrominera Chubut, the government regulating body for the energy sector in
Chubut Province, Argentina. Mr. Spindler commented, "The requirements to
qualify as operator of the Cerro Negro concession are moving along well and
we anticipate that the Company should timely receive its approvals to
facilitate the completion of our acquisition of Cerro Negro and be
positioned to commence developments on the concession as planned."
On other corporate matters, management of the Company believes that a final
decision will be rendered by the International Chamber of Commerce related
to the dispute that has arisen with the acquisition of 100% of the shares
of San Enrique Petrolera, SA by the Company's wholly owned subsidiary,
Pluris Energy Group Inc. (BVI). Mr. Spindler stated, "We have fulfilled all
of the requirements requested of us by the ICC Tribunal and have recently
been advised by them that we could potentially receive a final rendering of
the dispute as early as this quarter. We greatly look forward to the
outcome of this process, which we have remained vigilant toward for two
years due to the value we believe some of San Enrique's assets represent
toward the Company's business objectives and because we believe our
position related to Pluris Energy's rights under the terms of the
agreements entered into with San Enrique is very strong."
Mr. Spindler concluded by saying, "All of the salient attributes of our
business development progress this year continue to fuel management's
conviction, dedication and patience toward developing our Company's
opportunities. Due to these factors, management has been motivated to
purchase over five million shares of Pluris Energy through fiscal 2008,
evidencing our continued investment and commitment towards the objectives
we've put forward for the Company. We have captured what we believe to be
world class energy development opportunity sets that can potentially
provide the platform for the realization of Pluris Energy's fiscal
objectives and for creating long term shareholder value."
About Pluris Energy
Pluris Energy Group Inc. is an international energy company engaged in the
acquisition and development of producing oil and gas interests in South
America. For further information, please visit the Company's website at
www.pluris.com
Forward-Looking Statements
This news release contains "forward-looking statements." Statements in
this press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such forward-looking
statements include, among others, the expectation and/or claim, as
applicable, that: (i) the Cerro Negro concession possesses exploration and
development opportunities that could result in the development and
production of marketable quantities of oil; (ii) the financial closing of
the Cerro Negro acquisition will complete and/or will be completed; (iii)
the Company will be able to raise the necessary capital to complete the
financial closing of the Cerro Negro acquisition and to develop the Cerro
Negro concession; (iv) measurable quantities of oil will be produced from
the Cerro Negro concession; (v) any new well drills undertaken on the Cerro
Negro concession can result in productive oil wells capable of producing
marketable quantities of oil; (vi) the Cerro Negro concession possesses oil
reserves; (vii) the financial affiliations made with the Company will
result in financing being raised by the Company to fund its business plans
in Argentina; (viii) the Company's approval as operator of the Cerro Negro
concession will be timely provided to the Company by Petrominera Chubut;
(ix) a positive outcome related to the ICC arbitration between the Company
and San Enrique will be rendered by the ICC in favor of the Company.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors include,
among others: (i) the continued demand for oil and gas; (ii) the failure to
complete the acquisition of the Cerro Negro concession for whatever reason,
(iii) the failure of the Cerro Negro concession or the assets owned by San
Enrique to possess development potential to the extent that they can
profitably generate commercially viable quantities of hydrocarbons; (iv)
the failure to raise proceeds necessary to complete the Cerro Negro
acquisition and the acquisition of San Enrique; (v) the failure to raise
the proceeds necessary to move forward with the intended development
platform over the Cerro Negro concession and the assets of San Enrique;
(vi) the accuracy of the predicted reserves for the Cerro Negro concession
and the assets of San Enrique; (vii) the uncertainty of the requirements
demanded by environmental agencies; (viii) the company's ability to raise
debt or equity financing for operations, inability to maintain qualified
employees or consultants, and the likelihood that no commercial quantities
of oil and gas or new energy sources are found or recoverable. For more
risk factors about our company, readers should refer to risk disclosure in
our recent forms 10-KSB and 10-QSB filed with the SEC on Edgar.
