CALGARY, Alberta, Dec. 23, 2014 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (TSX-V:QXP) ("Quattro" or the "Company") is pleased to announce the completion and tie-in of the first of two light oil wells at Oak, BC. The conventional oil well was a re-entry and completion that tested at 125 boe/d (net) 75% oil, 25% gas to Quattro and is anticipated under good production practices to average 75 boe/d in the first 180 days graduating to having a 7 to 10% annual decline after 180 days of production.
Further to these results Quattro deemed it appropriate to complete an addition tranche of its previously announced non-brokered private placement (the "Private Placement") in the aggregate additional amount of $671,149.90 consisting of the issuance of an additional 1,597,976 common shares on a "flow-through" basis, to Canadian institutional subscribers at a price of $0.42 per common share. The closing brings the total amount raised under this placement to an aggregate $1,679,149.90, consisting of the issuance of 3,997,976 common shares. The additional shares are subject to a four month hold period that expires on April 24, 2015. In connection with the current portion of the offering, the Company paid a finder's fee of $33,557.50 representing 5% of the aggregate subscriptions secured by an eligible finder.
The proceeds of the Private Placement will be used for further oil and natural gas exploration in Western Canada.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan, with an expanding presence in Western Canada. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Western Canada, Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth including reserves, production and profitability.