Palliser Oil & Gas Corp. PSLRF

For sale sign is up

[3burtc]

Palliser puts itself on the block 2014-04-10 20:05 ET - News Release Mr. Kevin Gibson reports PALLISER OIL & GAS CORPORATION ANNOUNCES STRATEGIC REVIEW AND APPOINTMENT OF FINANCIAL ADVISOR In light of operational challenges and financial constraints facing Palliser Oil & Gas Corp., the board of directors of Palliser is conducting a review of the company's business plan to identify appropriate actions for the company. The review is examining and considering the alternatives available to the company with a view to enhancing shareholder value. Management and the board are committed to acting in the best interests of the company and its shareholders. Palliser has retained National Bank Financial Inc. to act as its financial adviser in connection with the review. Palliser does not intend to disclose developments with respect to the review unless and until the board has approved a change to the business plan or any particular transaction or otherwise determines that disclosure is required or appropriate. There can be no assurances or guarantees that the review will result in any change to the current business plan or the pursuit of any alternative plan. In the first quarter of 2014, average production was approximately 1,850 barrels of oil equivalent per day, and current production is in the range of 1,800 to 1,900 barrels of oil equivalent per day. Palliser had a minimal capital program of approximately $2-million in the first quarter, primarily focused on maintenance capital and lease preservation. Year-end financial statements are expected to be released on or about April 29, 2014.