Press release from CNW Group
3MV Energy Announces Execution of Asset Purchase and Sale Agreement
Thursday, September 26, 2013
3MV Energy Announces Execution of Asset Purchase and Sale Agreement22:04 EDT Thursday, September 26, 2013
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./
CALGARY, Sept. 26, 2013 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to announce that it has entered into an Asset Purchase and Sale Agreement with an arms' length private energy company (the "Transaction"). 3MV has agreed to sell a land package in west central Saskatchewan, related inventory and equipment within the property (the "Assets") to the private energy company. The purchase price of the Transaction is $9,500,000 less any usual adjustments as set out in the Asset Purchase and Sale Agreement. Closing date of the Transaction is scheduled for November 1, 2013. Closing is subject to the Purchaser obtaining financing.
The proceeds of the Transaction will be applied to reduce 3MV's trade and account payables as well as provide additional funds for future acquisitions. The sale of these assets is advances the Company's strategic goal of reducing its debt load.
The closing of the Transaction is subject to final approval from the TSX Venture Exchange.
3MV is an oil and gas exploration and development company with assets throughout west central Saskatchewan's Viking oil play.
Neither 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.
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. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by 3MV. Although 3MV believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because 3MV can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 3MV's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements contained in this document are made as of the date hereof and 3MV undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE: 3MV Energy Inc.
For further information:
CFO, VP Finance