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Sefton Resources (SER)

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Monday 25 February, 2013

Sefton Resources

Legal Action

RNS Number : 5809Y
Sefton Resources Inc
25 February 2013
 

25 February 2013

Sefton Resources, Inc.

("Sefton" or the "Company")

 

 

Legal action

 

Sefton Resources (AIM: SER), the independent oil and gas exploitation and production company with interests in California and Kansas announces that legal action has been initiated against Tom Winnifrith and Daniel Levi.

 

Highlights

 

·    Legal proceedings have been issued against Tom Winnifrith and Daniel Levi (Broker Man Daniel) for libel in the Queen's Bench Division of the High Court of Justice.

 

·    Complaints have been made against Tom Winnifrith and Daniel Levi to the Financial Services Authority (FSA) regarding apparent breaches of the Financial Services and Markets Act 2000.

 

·    US counsel has been engaged to review comparable actions with US courts and regulatory authorities.

 

Jim Ellerton, Chairman of the Board said:

 

"Sefton is accelerating the development of its oil and gas operations both in California and Kansas to create shareholder value. Sefton is not against free speech and people expressing their opinions in the press or on the internet; however, when boundaries of common decency are breached the Company will vigorously pursue anyone and the vehicles they utilize, that seek to illegally damage Sefton."

 

 

For further information please visit www.seftonresources.com or contact:

 

John James Ellerton, Chairman of the Board

Tel: 001 (303) 759 2700

Dr Michael Green, Investor Relations  

Tel: 0207 448 5111

Alex Walters, Cadogan PR

Tel: 07771 713608

 

 

 

Legal and regulatory actions

 

 

On behalf of all the Company's shareholders, management, employees and professional associates etc, Sefton has taken legal action against two constant detractors of the Company that have been posting malicious articles about the Company on the internet. Actions by the Company have three components.

 

Legal action has now been taken separately against both Tom Winnifrith and Daniel Levi (Broker Man Daniel) for libel in the High Court.

 

Complaints have been filed by Sefton's UK solicitors against both Tom Winnifrith and Daniel Levi with the Financial Services Authority (FSA), based on legal opinion that they have violated FSA rules and regulations regarding Sefton and other AIM companies.

 

In addition, the Company is considering comparable actions against both Tom Winnifrith and Daniel Levi in the US. Our US lawyers are reviewing parallel actions that could be taken on behalf of the Company, its US shareholders, Directors, employees and professional associates etc.

 

 

 

 

 

 

About Sefton

 

Sefton Resources is an oil and gas exploitation and production company with significant scope to grow its three projects in onshore United States that are 100%-owned and operated. The business strategy is to acquire long life, controlling interests, partially developed reserves and then to seek maximize shareholder value through asset development using the Company's own funds initially and then involve third party capital, farm-out or merger.

 

Currently Sefton has a market capitalisation of approximately £5 million and an unrisked PV(10) proved reserves and resources value of $278 million (approximately £173 million) based on its assets as at the end of December 2011. The key operational focus at this time is on developing three opportunities in California and Kansas:

 

Enhanced Oil Recovery (EOR) projects in California

 

Sefton owns 100% of two oil fields In East Ventura County - Tapia (heavy gravity oil) and Eureka Canyon (medium gravity oil). Estimated 2011 year-end proved reserves stood at 3.8 million barrels. The current operational focus is to fully develop Tapia with an active well drilling and work-over programme in conjunction with the use of cyclic steam production enhancement. Sefton engaged Petrel to construct a geologic model to be utilised by Dr Farouq Ali, a recognised expert, in a thermal stimulation study to optimise production and reserve development for Tapia. Of all Sefton's operations, Tapia generates the majority of the revenues, at this time.

 

Exploration and Production in Kansas

 

In East Kansas, Sefton has a significant and growing acreage position (Leavenworth and Anderson Counties) in the Forest City Basin, where conventional oil and gas deposits as well as Coal Bed Methane (CBM) prospects have been identified. The current operational focus is in Leavenworth County where a workover and recompletion programme is under way that will see oil, gas and CBM wells brought back into production with first revenues from oil whilst additional gas assets are being assembled for the future development as all the pipelines become operational.

 

Natural Gas Transmission in Kansas

 

Three gas pipelines have been acquired by Sefton. The LAGGS pipeline in Leavenworth County has been fully refurbished and is now connected to the Southern Star Interstate Pipeline system which allows sales outside the local Kansas market. Plans are to join the Vanguard pipeline to the LAGGS system in Leavenworth County which will increase the scale of this gathering system.  This means Sefton is able to transport its own gas as well as third party gas to market and generate additional revenues.

 

A third pipeline in Anderson County is planned to be connected to an interstate pipeline system in the future to provide additional opportunities for redevelopment of oil, equity and third party gas.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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