CALGARY (Alberta, Canada) September 11, 2012 Caspian Energy Inc. ("Caspian") (TSX.CEK) announced today that it has filed on SEDAR an amended and restated annual information form (the "AIF") and an amended and restated management discussion and analysis (the " MD&A") for the year ended December 31, 2011.
The amended and restated AIF now attaches Form 51-101F2 as required by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities which was inadvertently omitted previously and corrects certain typographical errors, including the deletion of the statement that "full development is expected by April 2012, when peak production is estimated to reach 6,170 Bopd" which was not achieved. The amended and restated MD&A now provides a conclusion that Caspian's internal control over financial reporting is weak due to the lack of segregation of duties. The amended and restated MD&A also clarifies that as previously disclosed, the Company currently does not have sufficient sources of financing and expected cash flow to satisfy its liabilities. In addition, Caspian has filed updated certificates of the Chief Executive Officer and the Chief Financial Officer for the year ended December
31, 2011, as required under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.
For further information, please contact Caspian Energy Inc.:
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities
legislation which we refer to herein, collectively, as
"forward-looking information". Forward-looking
information includes, but is not limited to, information with
respect to our objectives, strategies, operations and
financial results, competition as well as initiatives to grow
revenue or reduce retention payments. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans",
"expects", or "does not expect", "is
expected", "budget", "scheduled",
"estimates", "forecasts",
"intends", "anticipates", or "does
not anticipate", or "believes" or variations
of such words and phrases or state that certain actions,
events or results "may", "could",
"would", "might", or "will be
taken", "occur", or "be achieved".
Caspian's actual performance, developments and/or
results may differ materially from any or all of the
forward-looking statements, which include current
expectations, estimates and projections, in all or in part
attributable to general economic conditions, and other risks,
uncertainties and circumstances partly or totally outside the
control of Caspian, including oil prices, imprecision of
reserve estimates, drilling risks, future production of gas
and oil, rates of inflation, changes in future costs and
expenses related to the activities involving the
exploration, development, production and transportation
of oil, hedging, financing availability and other risks
related to financial activities, and environmental and
geopolitical risks. Further information which may cause
results to differ materially from those projected in the
forward-looking statements is contained in Caspian's filings
with Canadian securities regulatory authorities and includes
the ability of its new partner to meet its obligations under
the foundation agreement to secure US$80 million in debt
financing for Aral, and the limited remedies available to
Caspian in the event of any such failure of that third party,
the impact of general economic conditions, industry
conditions, currency fluctuation and dependence upon
regulatory
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approvals. All material assumptions used in making forward-looking information are based on management's knowledge of current business conditions and expectations of future business conditions and trends Although we believe the assumptions used to make such statements are reasonable at this time and have attempted to identify in our continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. We do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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