Canoro Resources Ltd. Updates Amguri Litigation Notice

VANCOUVER, British Columbia, March 17, 2011 /CNW/ -- 
    


    

Canoro Resources Ltd. (the "Company") (TSXV: CNS) announces that, further to its press release dated March 7, 2011, the Company has now received formal notice from the Ministry of Petroleum and Natural Gas of India terminating the Company's interest in the Amguri production sharing contract and removing the Company as operator.  The Company will cooperate with all lawful orders of the Government.

The Company is pursuing its legal remedies, including appeals of the recent decision of the High Court of Delhi to the highest levels including the Supreme Court of India.  In addition, the Company is seeking relief, including compensation, in the arbitration proceedings, which are currently scheduled to commence in mid-April 2011.

    

    For further information, please contact:

    

 
 
 

    
    Rene Randall
    Tel: [phone]
    Email
     [e-mail]



    Disclaimer

    

Certain information regarding the Company in this news release including management's assessment of future plans and operations, the completion of projects and future production levels, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with litigation respecting the Company's oil and gas interests, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

    




    




Rene Randall, [phone], [e-mail], for Canoro Resources Ltd.

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