Quattro Provides Financial Guidance and Announces the Withdrawal of Its Convertible Debenture Offering
23 April 2014 - 9:31AM
Marketwired
Quattro Provides Financial Guidance and Announces the Withdrawal of
Its Convertible Debenture Offering
CALGARY, ALBERTA--(Marketwired - Apr 22, 2014) - Quattro
Exploration and Production Ltd. (TSX-VENTURE:QXP) ("Quattro" or the
"Company") is pleased to announce April 28, 2014 as the anticipated
date for the release of our audited financials for the year ended
December 31, 2013.
The Company is also
pleased to confirm its previous guidance of pro forma
revenue for the year ended December 31, 2013, exceeding $14 million
as previously projected.
Furthermore,
Quattro's Board of Directors, in reviewing the Company's
performance and recent trading activity in the Company's common
shares, has also made the determination that the 3-year convertible
debenture previously being offered with a yield of 8% interest per
annum with the holder being granted the right to convert to Class A
Common shares at $0.50 per share shall be withdrawn by the Company
rather than being re-priced in the context of the current
market.
"Current commodity
prices for oil and gas and the resulting cash flow continues to
provide Quattro a number of strategies to further enhance its
business plan and we look forward to continuing to build on our
organic growth goal of reaching production of 2500 boe per day by
year end 2014," said Leonard Van Betuw, President and CEO.
"In addition, we are
currently reviewing a number of options to further accelerate our
plans. We look forward to providing guidance to the market once the
Board has approved the appropriate course of action that supports
the Company's conservative approach to maintaining a strong balance
sheet, while at the same time increasing growth and enhancing
shareholder value."
About Quattro
Exploration and Production Ltd.
Quattro Exploration
and Production Ltd. ("QXP") continues to focus on the conventional
exploration and development of oil and natural gas reserves in
Western Canada, with an expanding presence in Alberta and British
Columbia. It's core low risk production base will provide the
Company the capacity to aggressively pursue a series of high impact
exploration and development efforts in Central and South America.
Quattro intends to balance this portfolio of activities to assure
its shareholders that it 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.
BOE
presentation:
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 and 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.
Quattro Exploration and Production Ltd.Leonard Van
BetuwPresident and Chief Executive OfficerOffice (403) 984-3917,
Direct Line (587)
228-7070leonard@qxp-petro.comwww.qxp-petro.com
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