/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR
DISSEMINATION IN THE UNITED
STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF UNITED
STATES SECURITIES LAW./
CALGARY, Nov. 17, 2017 /CNW/ - Manitok Energy Inc.
("Manitok" or the "Corporation") (TSXV: MEI) provides
the following update related to its transaction with Questfire
Energy Corp. ("Questfire") and various other corporate
matters it is pursuing. As announced by Questfire on November 16, 2017, Questfire's lenders are
seeking a court order to place Questfire in receivership. As a
result, Manitok's previously announced plan of arrangement
transaction with Questfire is terminated.
Manitok has been aware of this possibility and has taken steps
to preserve its ability to complete the acquisition of Questfire's
assets. Manitok has communicated with Questfire's receiver and its
potential financiers regarding the dynamics involved with the
Questfire creditors and regulations now involved. Manitok
continues to progress its two financing alternatives, one involving
debt alone and the other equity combined with debt, to the later
stages of completion. Both options are at the final stages of
due diligence and once due diligence is completed successfully,
would require about 10 to 14 days to finalize the definitive
agreements.
About Manitok
Manitok is a public oil and gas exploration and development
company focusing on Lithic Glauconitic light oil in southeast
Alberta and Cardium light oil in
west central Alberta. The
Corporation utilizes its expertise, combined with the latest
recovery techniques, to develop the remaining oil and liquids-rich
natural gas pools in its core areas of the Western Canadian
Sedimentary Basin.
Forward-looking Information Cautionary
Statement
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning the
timing of Manitok's financing alternatives.
The forward-looking statements in this press release are
based on certain key expectations and assumptions made by Manitok,
including expectations and assumptions concerning the prevailing
market conditions, the intentions of its lender, commodity prices,
and the availability of capital.
Although Manitok believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because Manitok can give no assurance
that it will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, risks
associated with adverse market conditions, the inability of Manitok
to complete the financing alternatives at all or on the terms
announced, not obtaining the required court, shareholder and
regulatory approvals, a lender not approving the extension or
amendment to a credit facility and the risks associated with the
oil and gas industry in general (e.g., operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserves estimates; the
uncertainty of estimates and projections relating to production,
costs and expenses; and health, safety and environmental risks),
uncertainty as to the availability of labour and services,
commodity price and exchange rate fluctuations, unexpected adverse
weather conditions, general business, economic, competitive,
political and social uncertainties, capital market conditions and
market prices for securities and changes to existing laws and
regulations. More information about certain of these risks are set
out in the documents filed from time to time with the Canadian
securities regulatory authorities, available on Manitok's SEDAR
profiles at www.sedar.com.
Forward-looking statements are based on estimates and
opinions of management of Manitok at the time the statements are
presented. Manitok may, as considered necessary in the
circumstances, update or revise such forward-looking statements,
whether as a result of new information, future events or otherwise,
but Manitok undertakes no obligation to update or revise any
forward-looking statements, except as required by applicable
securities laws.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
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 Manitok Energy Inc.