CALGARY, ALBERTA--(Marketwire - Oct. 17, 2012) - AvenEx Energy Corp. (TSX:AVF) ("AvenEx"), is pleased to announce that its Board of Directors have declared its regular monthly dividend for October 2012 of $0.035 per common share payable on November 15, 2012 to shareholders of record at the close of business on October 31, 2012.
The Board of Directors reviews the dividend on a monthly basis with monthly dividends expected to be paid on the 15th of the month. Shareholders are entitled to receive dividends only when any such dividends are declared by the Board of Directors and there is no entitlement to any dividend prior thereto.
For Canadian resident shareholders the dividend declared is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
AvenEx also announces that it has initiated a process to identify potential alternatives to maximize the value of its oil and natural gas properties. Such alternatives may include, but are not limited to, the sale of all or a portion of AvenEx's assets, the sale of the corporation, or a merger or other business combination or similar transaction. AvenEx 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.
An electronic copy of this press release may be obtained on AvenEx's SEDAR profile at www.sedar.com.
Forward Looking Statements
Certain statements contained herein including, without limitation, statements with respect to dividend policy and the asset review process may be forward looking statements.
Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", "targeted" and similar expressions may be used to identify these forward looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including, but not limited to, risks associated with oil and gas exploration: development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and the inability to retain drilling rigs and other services; risks associated with its Elbow River business including, but not limited to, counterparty risk in default, operational risks, hedging, access to credit, competitor risk, seasonality and impact of the global recession on overall economic activity; and risks associated with the Real Estate Division including, but not limited to the impact the overall economy has on valuations, future delinquencies, access to mortgages and impact on interest rates; as well as the risks associated with AvenEx's incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources and the risk factors outlined under "Risks and Uncertainties" in AvenEx's public filings. The recovery and reserve estimates of AvenEx's reserves are estimates only and there is no guarantee that the estimated reserves will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
While AvenEx has initiated the asset review process to improve the recognition of value it believes is inherent in its assets, there is no guarantee that the process will result in an increased valuation of AvenEx's shares.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although AvenEx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because AvenEx can give no assurance that such expectations will prove to be correct.
These forward looking statements are made as of the date hereof and AvenEx assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.