Press release from Marketwire
Quattro Continues Strong Advances on Its Business Plan and Provides 2014 Guidance and Operational Update
Tuesday, February 25, 2014
Quattro Continues Strong Advances on Its Business Plan and Provides 2014 Guidance and Operational Update06:00 EST Tuesday, February 25, 2014
CALGARY, ALBERTA--(Marketwired - Feb. 25, 2014) - Quattro Exploration And Production Ltd. (TSX VENTURE:QXP) ("Quattro" or the "Company") is pleased to provide guidance on its current operations. The Company continues with the integration of the asset acquisitions completed in 2013 and is tracking towards its projected average production rate of 1,250 boepd in the 1st quarter of 2014. The production gains are anticipated to be achieved through a combination of remediation work and consolidation of non-operating interests within the Company's core areas, consisting of an extensive network of processing facilities and pipeline gathering systems.
In addition to these efforts, the Company continues to work on further opportunities in order to achieve the Company's goal of exiting the first quarter with petroleum production of between 1,400 and 1,500 boepd, putting Quattro on track towards its further goal of 2,000 boepd by the beginning of the 3rd quarter of 2014.
The Company is also pleased to introduce the following members to the Quattro Team;
Brent McGillivray, P. Eng. - Manager of Operations for Western Canadian Sedimentary Basin.
Mr. McGillivray brings 25 years of experience with junior, intermediate and senior oil and gas companies in Western Canada. He participated as a member in multidisciplinary teams ranging from operations, facilities, production, and completion to exploitation roles. He has worked with Amoco Canada, Husky Oil, Gulf Canada, Anderson Exploration and Ketch Resources Trust. He was a member of a successful private junior oil and gas executive management team that sold Westpoint Energy (formerly Slade Energy) in 2000. Mr. McGillivray has been a professional engineer and a member of the Association of Professional Engineers, Geologist and Geophysicists of Alberta since 1993.
Roberto Rodriguez, P. Eng. - Manager of Capital Projects
Mr. Rodriguez studied the management of engineering projects at Universidad Católica Andrés Bello inCaracas in 1998, having received a Bachelor of Science in Mechanical Engineering from the University of Portland in 1985. In addition to his degree, he is an ISO 9001:2008 certified principal auditor with a project management professional license (PMP). He has also completed numerous leadership and personal development seminars and is currently a member of the Project Management Institute, the Association of Professional Engineers, Geoscientists of Alberta (APEGA), and the RABQSA International Association (now Exemplar Global). Prior to joining Quattro, Mr. Rodriguez has held various roles including as a Construction Engineer, Project Engineer and Manager of Engineering, as well as a Project Manager (including Quality & HSE) Director for PDVSA, CNRL, Husky Energy, SNC LAVALIN, and Toyo Engineering Canada, in Venezuela, U.S.A. and Italy, residing for the past 10 years in Canada.
Sherry Crawford - Production Accounting
Ms. Crawford graduated from the University of Saskatchewan with a BA and received her accounting administrative Certificates from Canadian Armed Forces subsequently receiving her CAPPA certification from Mount Royal College. Ms. Crawford has adapted her extensive skills in Revenue and Production accounting positioning her to hold various positions in these areas since 1995 with Zargon Oil and Gas, EOG Resources, and Bonavista Energy Trust, as an employee, and with Devon Energy and others as a consultant since 2005.
The current Quattro Team is pleased to add these professionals in Calgary and also welcome the contract operators of its newly-acquired Alberta and British Columbia assets. Leonard Van Betuw, President and CEO said, "We finished 2013 by completing the initial phases of our business plan which formed the foundation and confidence for the addition of 2 accomplished professionals such as Brent and Roberto, along with 2 office staff, bringing the team in Calgary to 8 along with a further 6 field operators within the core regions of the Company. The integration of this team gives us the critical mass to integrate further opportunities in an efficient and accretive manner once they have been identified."
Quattro is also pleased to announce the installation and preliminary implementation of the proven Entero One© software which provides Quattro the capacity to integrate engineering, production and financial reporting into one seamless package. This addition will provide the Company the capacity to efficiently expand and track costs both within Canada and internationally as further opportunities develop.
Leonard Van Betuw added further "It is now the Company's goal to inform the investment community of the milestones Quattro has achieved and the future ones we are looking to exceed. To this end, we are pleased to announce the launching of our new website at www.qxp-petro.com. Quattro and its team encourage our shareholders both current and future to explore the growing value proposition that Quattro continues to be."
Quattro looks forward to aggressively advancing its strategy of developing a diversified low risk material growth plan established in western Canada that provides the Company and its shareholders the certainty that its production base will continue to profitably grow materially both in Canada and Central America.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and developmen t of oil and natural gas reserves in Western Canada, with an expanding presence in Alberta and BC. 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Quattro Exploration and Production Ltd.
Leonard Van Betuw
President and Chief Executive Officer
(403) 984-3917 or Direct Line: (587) 228-7070