TSXV Trading Symbol: SWE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
March 17, 2014 /CNW/ - SilverWillow
Energy Corporation ("SilverWillow" or the "Corporation") today
announces that its Board of Directors has commenced a process to
consider strategic and financial alternatives available to the
Corporation with the objective of enhancing shareholder value.
Strategic and financial alternatives may
include, but are not limited to, the sale of the Corporation,
merger or other business combination, additional financing, sale of
all or a portion of the Corporation's assets, or any combination
thereof, and continued execution of its business plans among all
other alternatives. The Board of Directors has established an
independent committee comprised of independent directors (the
"Independent Committee") to oversee the process and RBC Capital
Markets has been retained to assist the Independent Committee and
the Corporation with this process.
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.
During the course of the strategic review
process the Corporation will continue activities to advance its
12,000 barrel per day Audet Steam Assisted Gravity Drainage
("SAGD") Project through the regulatory process as well as prepare
for further exploration of the Corporation's Birch Mountains oil
sands leases.
For further information regarding SilverWillow's
business and operations please see SilverWillow's Management
Discussion and Analysis for the period ended September 30, 2013 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 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 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 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;
risks relating to the early stage of development of SilverWillow
and its projects; and the general risks associated with exploring
for, developing and producing bitumen. In addition, there are
numerous uncertainties inherent in estimating bitumen, including
many factors beyond the Corporation's control, and no assurance can
be given that the indicated level of bitumen or the recovery
thereof will be realized. Additional risks relating to the business
and operations of SilverWillow are set forth in the Corporation's
TSX Venture Exchange Listing Application 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