CALGARY, Alberta, Oct. 14, 2016 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (TSX-V:QXP) ("Quattro" or the "Company") is pleased to report on the activities to date in regards to Quattro’s Court of Queen's Bench of Alberta approved proposed sale and investor solicitation process ("SISP") that was launched on October 3rd, 2016.
NRG Divestitures Inc. (“NRG”), a Calgary-based independent marketing Company, is acting as agent for the divestiture and sale of Quattro’s assets under the SISP. NRG continues to manage the solicitation process and has received numerous inquiries to date, has signed over 15 NDAs and has created a data room for potential purchasers who have signed an NDA.
In addition, Durham Capital Canada Corporation (“Durham”) is acting as Quattro’s financial advisor under the SISP and has formally opened up the investment solicitation process pursuant to the SISP to the broader market as of October 3rd, 2016. The Company is encouraged with the number of inquiries to date. Currently, a number of interested investment parties are evaluating the Company’s business plan.
The deadline for interested parties to submit non-binding indications of interest to continue to participate in the SISP is October 31st, 2016 at 5:00 pm. Binding bids must be received by the Company no later than 5:00 pm on November 28th, 2016.
Quattro encourages interested purchasers to contact NRG Divestitures Inc. at 403-668-0688 or via e-mail at email@example.com and interested investors to contact Mr. Ross Robertson of Durham at 403-266-4600 (Office) or 403-479-5218 (mobile).
As anticipated with the Company’s expanded plan announced on August 11th, 2016, the Divestiture plan was increased to $30 million while the Company is under proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). On October 7th, 2016, Quattro was granted an extension of the stay of proceedings until November 30th, 2016. The Company is working closely with the Monitor in order for it to provide its next report to the Court due on November 4th, 2016.
Quattro is continuing to advance its business plan and is very pleased with the responses that it has received from the SISP to date.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leonard Van Betuw President and Chief Executive Officer
Office (403) 984-3917 Ext.102
Direct Line (587) 228-7070
Michael Bejerman, MBA, CPA, CMA
Office (403) 984-3917 Ext.114
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.
Source:Quattro Exploration and Production Ltd.