Proforma summary of Company post-Acquisition
Production 1st qtr. 2013: 750 boe/d Oil and GasCommon Metrics: $12,850 per flowing boe/dProven Reserves: $ 3.15 per boe of Proven ReservesFacilities: Established and operating with a high working interest, and excess capacityLand: 240,675 net acres; 85,497 acres developed and 155,178 acres undevelopedAdditional Potential: (i) optimization, (ii) work-over, and (iii) developmental drilling opportunities, with up to 100% interests in the Leduc, Viking, Wabiskaw and Mannville horizons in Alberta and exploratory and development opportunities in the Bakken, Birdbear, Shaunavon, Madison, Belly River and Milk River horizons, in Saskatchewan, which will allow for the establishment of further production increases and provides the Company with an inventory of opportunities to grow production rates to 2,000 boe/d in 2013, subject to developmental success and access to financing.
The Company`s engineering and execution of its organic business plan for 2013, in conjunction with the closing of the central Alberta asset acquisition and the cash-flow from the established producing assets, puts Quattro well on track to meet its internal projections of achieving rates greater than 1,000 boe/d in the quarter ending June 2013, subject to completion of financing.
The low risk material growth being established in Western Canada provides the Company and shareholders the certainty that its production base will continue to grow and add value within the context of its established business plan in Canada and Central and South America.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. will continue to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan, with an expanding presence in Alberta. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production through execution of its business plan.
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.
Quattro Exploration & Production
Leonard Van Betuw
President and Chief Executive Officer
(403) 984-3917 or Cell: (587) 228-7070