Marketwire
CALGARY, ALBERTA--(Marketwired - Sept. 16, 2013) - Quattro Exploration And Production Ltd. ("Quattro" or the "Company") (TSX VENTURE:QXP) is pleased to announce that it has entered into an arms-length agreement with an Alberta-based corporation to settle amounts owing of $150,000 and all associated legal and administrative expenses, through the issuance of 500,000 common shares of the Company.
Leonard Van Betuw, President & CEO of the Company, commented, "We are very pleased, to have concluded this agreement and believe that the 500,000 shares being issued at the deemed price of $0.30 per share is appropriate. Quattro believes the price reflects the average industry multiple of the Company's book value and profit vs. equity rather than the extreme discount being experienced by many publicly listed Junior Oil and Gas companies with in the Canadian markets."
The Company also continues to advance the acquisition previously announced on March 21st, 2013, in East Central Alberta and in the process of concluding further conditions of closing, with revised terms for closing being September 30th, 2013 or at such time shortly after as mutually agreed to by the parties.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. 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 Alberta. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in 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.
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.
BOE presentation:
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.