/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
TSXV Trading Symbol: SWE
CALGARY, July 3, 2014 /CNW/ - SilverWillow Energy Corporation
("SilverWillow" or the "Corporation") today announces that its Board of
Directors has approved a reduction in staffing levels to align human
resources with current levels of activity. SilverWillow will also take
further steps to reduce general and administrative costs; however, the
current executive officers of the Corporation will remain in their
existing positions. It is anticipated that these measures will allow
the Corporation to continue operations to the end of 2015 with current
cash resources.
In March of 2014 SilverWillow announced that its Board of Directors had
commenced a process to consider strategic and financial alternatives
available to the Corporation with the objective of enhancing
shareholder value. That process is ongoing and the Corporation
cautions that there are no assurances that the process will result in a
transaction, or if a transaction is undertaken, the terms or timing of
such a transaction.
In the meantime, the Corporation will continue to address regulatory
issues related to its 12,000 barrel per day Audet Steam Assisted
Gravity Drainage ("SAGD") project resulting from the Alberta Energy
Regulator's deferral of certain projects in the designated shallow SAGD
area. The Corporation will also examine ways to advance the
Corporation's Birch Mountains oil sands leases which have approvals in
place for an exploration drilling program.
For further information regarding SilverWillow's business and operations
please see SilverWillow's Management Discussion and Analysis for the
period ended March 31, 2014 which was filed on SEDAR at www.sedar.com and the Corporation's website at www.swenergy.ca.
About SilverWillow Energy
SilverWillow Energy Corporation is a Calgary, Alberta based oil sands
exploration and development company, with a portfolio of exploration
leases in Canada's Athabasca oil sands. To learn more, please visit www.swenergy.ca.
FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information is
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar words,
or statements that certain events or conditions "may" or "will" occur.
The forward-looking information in this news release relates, but is
not limited to, statements with respect to the Corporation's plans to
reduce staffing levels and reduce expenses, statements regarding the
ability of the Corporation to maintain cash resources until the end of
2015, statements regarding the conduct of the Corporation's strategic
review process and the possibility of a transaction arising therefrom,
as well as statements relating to the Corporation's plans to advance
the development of the Audet SAGD project and to prepare for
exploration at the Birch Mountains oil sand leases.
The forward-looking information set out in this news release, is based
on certain expectations and assumptions regarding, among other things,
the Corporation's ability to reduce expenses to an appropriate level as
a result of the Corporation's efforts, the absence of unexpected
expenses which provide a further drain on the Corporation's cash
resources, the ability of the Independent Committee to identify
appropriate transactions to enhance shareholder value; the availability
of counterparties with whom the Corporation can conduct a transaction;
the ongoing conduct of the exploration and development of the
Corporation's projects and properties; the ability of the Corporation
to obtain required regulatory approval for the development of its
projects; the ability of the Corporation to raise capital to fund the
development of the projects; the geography of the areas in which
SilverWillow will be exploring; and the sufficiency of budgeted capital
expenditures in carrying out planned activities. These expectations
and assumptions are based on certain factors and events that are not
within the control of SilverWillow and there is no assurance they will
prove to be correct.
Forward-looking information is subject to known and unknown risks and
uncertainties and other factors which may cause actual results, levels
of activity and achievements to differ materially from those expressed
or implied in such forward-looking information. Such risks,
uncertainties and factors include, among others, the risk that
unexpected expense could arise which cause the Corporation's cash
resources be depleted prior to the end of 2015, the risk that the
Independent Committee and the Corporation are not able to identify an
appropriate transaction to enhance shareholder value; the risk that new
regulatory requirements may prevent the development of the
Corporation's projects; the risk that, even if new regulatory
requirements do not restrict the development of the Corporation's
projects, regulatory approvals in respect of the projects will not be
received in the timeframe or on the terms expected or at all; and the
general risks associated with exploring for, developing and producing
bitumen. Additional risks relating to the business and operations of
SilverWillow are set forth in the Corporation's annual information form
for the year ended December 31, 2013 and in its most recent
Management's Discussion and Analysis, which are filed under the
Corporation's profile on SEDAR at www.sedar.com.
SilverWillow undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned not
to place undue reliance on forward looking information.
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
SOURCE SilverWillow Energy Corporation
please contact Howard J. Lutley, President and Chief Executive Officer, at (403) 538-7030.