CALGARY, June 9, 2015 /CNW/ - Montana Exploration Corp.
("Montana") (TSXV:MTZ) has negotiated an agreement with
Waldron Energy Corp. ("Waldron") to issue common shares
("Common Shares") of the Corporation in full and final
settlement of the amounts owing to Waldron pursuant to the
termination of the arrangement agreement (the "Arrangement
Agreement") between Waldron and the Corporation dated
July 31, 2013.
Subject to approval of the TSX Venture Exchange, Montana will
issue an aggregate of 1,300,000 Common Shares at a deemed price of
$0.12 per Common Share to settle
$156,000 of debt as part of an
overall settlement of the action commenced by Waldron on
March 21, 2014 at the Alberta Court of Queen's Bench for termination
fees payable under the Arrangement Agreement.
The issuance of Common Shares preserves Montana's working
capital for future operations. All Common Shares issued in
connection with the shares for debt transaction are subject to a
four-month statutory hold period, in accordance with applicable
securities legislation.
About Montana Exploration Corp.
Montana is a Canadian junior oil and gas exploration and
production company focusing on the Bakken and Shaunavon oil opportunities underlying its
extensive land holdings in the state of Montana. In the United States the company operates through
its wholly owned subsidiary, Montana
Land & Exploration, Inc. Montana's common shares are
listed on the TSX Venture Exchange under the trading symbol "MTZ".
Additional information regarding Montana is available under
Montana's profile at www.sedar.com or at Montana's website,
www.montanaexplorationcorp.com.
For further information on Montana and the share for debt
settlement, please contact:
Montana
Exploration Corp.
|
|
Charles
Selby
Chairman and Chief
Executive Officer
|
Don
Foulkes
President
|
Telephone:
|
(403)
265-9091
|
(403)
265-9091
|
Email:
|
Info@altacanada.com
|
Info@altacanada.com
|
Forward Looking Statements
This press release contains statements that constitute
"forward-looking information" or "forward-looking" statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. Forward-looking information is
often, but not always, identified by the use of words such as
"anticipate", believe", "expect", "plan", "intend", "forecast",
"target", "project", "guidance", "may", "will", "should" "could",
"estimate", "predict" or similar words suggesting future outcomes
or language suggesting an outlook.
Forward-looking statements and information contained in this
press release are based on our current beliefs as well as
assumptions made by, and information currently available to, us.
Although we consider these assumptions to be reasonable based on
information currently available to us, they may prove to be
incorrect.
By their very nature, the forward-looking statements included in
this press release involve inherent risks and uncertainties, both
general and specific, and risks that predictions, forecasts,
projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual
results to differ materially from the beliefs, plans, objectives,
expectations and anticipations, estimates and intentions expressed
in such forward-looking statements. These factors include, but are
not limited to, the volatility of oil and gas prices; production
and development costs and capital expenditures; the imprecision of
reserve estimates and estimates of recoverable quantities of oil,
natural gas and liquids; Montana's ability to replace and expand
oil and gas reserves; environmental claims and liabilities;
incorrect assessments of value when making acquisitions; increases
in debt service charges; the loss of key personnel; the
marketability of production; defaults by third party operators;
unforeseen title defects; fluctuations in foreign currency and
exchange rates; inadequate insurance coverage; compliance with
environmental laws and regulations; changes in tax and royalty
laws; Montana's ability to access external sources of debt and
equity capital; and Montana's ability to obtain equipment in a
timely manner to carry out development activities. Readers are
cautioned that the foregoing list of factors that may affect future
results is not exhaustive. When relying on our forward-looking
statements to make decisions with respect to Montana, investors and
others should carefully consider the foregoing factors and other
uncertainties and potential events. Furthermore, the
forward-looking statements contained in this press release are made
as of the date of this document and we do not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
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 Montana Exploration Corp.