Press release from Marketwire
Quattro Provides Financial Guidance and Announces the Withdrawal of Its Convertible Debenture Offering
Tuesday, April 22, 2014
Quattro Provides Financial Guidance and Announces the Withdrawal of Its Convertible Debenture Offering19:31 EDT Tuesday, April 22, 2014
CALGARY, ALBERTA--(Marketwired - April 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per annum with the holder being granted the right to convert to Class A Common shares at $0.50 per share shall be withdrawn by the Company rather than being re-priced in the context of the current market.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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Quattro Exploration and Production Ltd.
Leonard Van Betuw
President and Chief Executive Officer
Office (403) 984-3917, Direct Line (587) 228-7070