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Quattro Announces Closing of the Acquisition of Alberta Oil and Gas Fields
By: Marketwired .
Nov. 6, 2012 06:30 AM
CALGARY, ALBERTA -- (Marketwire) -- 11/06/12 -- Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) ("Quattro" or the "Company") is pleased to announce that it has closed the acquisition, for the purchase of certain oil and gas assets located in Central Alberta initially announced on September 4th, 2012. The acquisition was funded through cash-flow and an 80% participation by a private Alberta based corporation in the heavy oil properties situated in North Central Alberta.
The heavy oil properties consist of a 100% interest in 28,800 acres, which, through independent engineering, has been estimated to have 303 million bbls., of oil in place, with the company estimating 21 million bbls., initially recoverable based on historic recovery rates in the region of 7%. Quattro is the named operator for Phase 1 of the development program which includes the reactivation and optimization of the current production of 80 boe/d and the further drilling of 4 development wells. As part of the private company's participation, Quattro has also received preliminary approval and financial guarantees for the funding by the private company of its 80% interest in Phase 1, which is scheduled to commence before the end of 2012. The design and optimization of the drilling program is expected to be completed in November of 2012 with drilling to be completed before the end of the first quarter of 2013.
Through this Acquisition and the subsequent participation agreement, Quattro continues to focus on concentrating its efforts in Canada on high quality conventional oil and gas assets with substantial land bases, infrastructure and processing facilities, with the majority of its assets being operated and/or high working interests.
'We are pleased with the foundation that has been achieved through the activities concluded over the past 12 months by Quattro and its employees," stated Leonard Van Betuw, President and CEO. "These properties provide the company an opportunity to remain focused on building on our well-established core competencies, which includes in this case the detailed analysis optimization and management of conventional, shallow oil and gas reservoirs which can be enhanced through the efficient use of shallow drilling and completion techniques."
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") continues to focus on low risk exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan and east central Alberta in conjunction with the aggressive pursuit of a series of high impact exploration efforts in Central and South America. The company continues to balance its portfolio of activities in Canada with the high impact international opportunities in to assure its shareholders that Quattro achieves material growth in both reserves and production.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward - looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative.
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.
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