CALGARY, ALBERTA--(Marketwire - Oct. 9, 2012) - Quattro Exploration and Production Ltd. ("Quattro" or the "Company") (TSX VENTURE:QXP) is pleased to announce that it has completed its due diligence, negotiations and required closing adjustments associated with the purchase of certain oil and gas assets located in East Central Alberta announced on September 4th, 2012. The closing of this Acquisition is anticipated to occur on or before October 30th, 2012.
The purchase continues to include the purchase of 100% of a conventional heavy oil field, a material interest in a gas field and various minor gas interests within a core area of East Central Alberta. Through the Acquisition, Quattro continues to focus on acquiring concentrated high quality conventional oil and gas assets with substantial land bases, infrastructure and processing facilities, with the majority of the assets being operated and/or high working interests.
"We continue to be very pleased with status of the proposed acquisition, the due diligence process has allowed us to confirm the potential initially identified with this acquisition and how it will further diversify our portfolio of activities in Western Canada. As earlier announced, the Company continues to focus on building on our well- established core competencies, which includes in this case the detailed analysis of conventional, shallow oil and gas reservoirs which enhance shallow drilling and completion techniques.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") continues to focus on low risk exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan and east central Alberta in conjunction with the aggressive pursuit of a series of high impact exploration efforts in Central and South America. The company intends to balance its portfolio of activities to assure its shareholders that Quattro achieves material growth in both reserves and production.
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.
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.