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Consent Judgment Filed Against Avatar


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© Marketwire 2013
2013-01-31 22:57:34 -

CALGARY, ALBERTA -- (Marketwire) -- 01/31/13 -- Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) announces that it has been notified that the farmor (the "Farmor") of its Brazeau well is enforcing a judgment to recover debts from Avatar in the amount of $654,191.04 as consented to by Avatar in accordance with a previously disclosed forbearance agreement. Avatar does not have funds available to repay the debt. Discussions with the Farmor and the Corporation's lender regarding repayment are ongoing. Avatar's debt levels and other liabilities cast significant doubt as to the Corporations' ability to continue as a going concern.



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contacts:

Avatar Energy Ltd.

Mr. Alan D. Jack, P. Eng

President & Chief Executive Officer

(403) 517-8818


Avatar Energy Ltd.

Ms. Lorie J. Hynes, CA

Chief Financial Officer

(403) 517-8818

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