TORONTO, Aug. 7, 2012 /PRNewswire/ - Bontan Corporation Inc. (OTCBB: BNTNF) ("Bontan") reports that it received on August 3, 2012 a letter from Ontario Securities Commission ("OSC") informing that it was in default in not filing the following reports at the time of filing its audited financial statements for each of the fiscal years ended March 31, 2010, 2011 and 2012:
Form 51-101F1 - Statement of Reserves Data and Other information
Form 51-101F2 - Report of Independent Qualified Reserves Evaluator or Auditor, and
Form 51-101F3 - Report of Management and Directors
The OSC granted Bontan five business days (i.e. on or before August 13, 2012) to remedy the default.
The management and the Board of directors of Bontan agreed to comply with the requirement and are working with their professional advisors to file the applicable reports. It is the view of Bontan that the report in Form 51-101F2 is not applicable to Bontan as it had no reserves for the fiscal years 2010 through 2012.
About Bontan Corporation Inc:
Bontan Corporation Inc. is an oil and gas exploration company that operates and invests in exploration prospects. Through its subsidiaries, Bontan seeks highly visible opportunities in countries around the globe with a history of natural resource production that offer exciting and attractive propositions. Bontan seeks to minimize risk by bringing in either joint venture, carried or working interest partners, depending on the size and scale of the project.
Bontan holds 0.25% ORI on proceeds of production, if any under the two Israeli offshore drilling licenses - Sarah and Myra.
This news release includes forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Any such statements reflect Bontan's current views and assumptions about future events and financial performance. Bontan cannot assure that future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in our forward-looking statements, include, but are not limited to: the effect of economic and political developments in Israel and in the Mideast; the risk that the final interpretation of the seismic and other data may show or suggest, or that drilling may ultimately demonstrate, that either or both of the Licenses contain no, or non-commercial amounts of, hydrocarbons; the volatility in commodity prices for crude oil and natural gas; the presence or recoverability of estimated reserves; the potential unreliability or other effects of geological and geophysical analysis and interpretation; government regulation or other action, including the potential change in tax and royalty provisions under active consideration by the Israeli government; potential disruption from terrorist activities or warfare in the region or at the Offshore Israel Project site; general economic conditions; limited market available in Israel for oil and gas that may be found in commercial quantities; other risks generally associated with the exploration and development of international offshore drilling projects in several thousand feet of water; and other risks identified by the press releases and securities filings of the other working interest owners in Israel and other jurisdictions in which such releases and filings are made.
Bontan assumes no obligation and expressly disclaims any duty to update the information in this News Release.
SOURCE Bontan Corporation Inc.