Simba Energy Sets New Option Pricing
October 25, 2012, Vancouver, B.C., Canada. Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB; Frankfurt: GDA; OTCQX: SMBZF), announces that is has re-priced a total of 4,550,000 options held by directors and officers of the Company from $0.20 per share to $0.13 per share. The re-pricing of these options is subject to the approval of disinterested shareholders, which approval will be sought at the Company's Annual General and Special Meeting scheduled for December 18, 2012. The Company also announces that is has re-priced a total of 1,200,000 options held by consultants of the Company from $0.20 per share to $0.13 per share. The re-pricing of all the foregoing options is subject to the acceptance of the TSX Venture Exchange.
About Simba Energy
The Company is a Vancouver, BC Canada based oil & gas exploration company focused on onshore Pan-African opportunities. It has recently signed a Production Sharing Contract ("PSC) with the Republic of Chad for 100% interests in three prospective oil & gas blocks within the Doba, Doseo and Erdis basins. The Company now holds a diversified portfolio of majority or 100% interests in several prospective oil & gas exploration assets. Simba has recently completed and is awaiting final results of the passive seismic survey carried out at its Block 2A in Kenya, where it currently holds a 100% interest, and is actively pursuing formal farm-in discussions with a number of interested parties.
Additionally the Company holds a 60% interest in Blocks 1 & 2, onshore Republic of Guinea with current efforts to finalize the first work program with the energy ministry now underway. The Company is also the successful applicant for Block 3 in Mali and has applications pending for onshore blocks in Liberia and Ghana.
We seek safe harbor.
ON BEHALF OF THE BOARD
"Robert Dinning", President & CEO.
In the UK, Jonathan Charles, firstname.lastname@example.org , + 44 (0)779 189 2509.