|By Marketwired .||
|January 24, 2013 07:29 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/25/13 -- Enterprise Energy Resources Ltd. (the "Company" or "Enterprise") (TSX VENTURE:EER) is pleased to announce that in conjunction with an arm's length third party (the "Third Party"), the Company has acquired a 31.5% interest in Telemu No. 18 Ltd. ("Telemu"), a Papua New Guinea based subsidiary of LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) for aggregate consideration of $4,000,000 (the "Transaction").
Telemu is the holder of four petroleum prospecting licenses ("PPL") in Papua New Guinea, PPL 319, PPL 320, PPL 321 and PPL 322, comprising a total of over 5.5 million acres and covering highly prospective territory for oil and gas exploration. PPL 319 lies in the lowland area of the Papuan fold and thrust belt in which a number of substantial oil and gas fields have been discovered and is on-trend with the Kutubu and Gobe producing oil fields owned by Oil Search Limited. LNG has identified a number of structural leads on PPL 319 through the use of recently acquired and processed 2D seismic.
Prior to the Transaction, the Company reorganized its formerly wholly owned British Virgin Island subsidiaries with the result that EERL (BVI) Holdings Ltd. ("EERL Holdings") is now 50% owned by EERL (BVI) Ltd. (a wholly owned subsidiary of the Company) and 50% owned by the Third Party. Each party contributed $2,000,000 of equity capital to EERL Holdings.
In connection with the Transaction, EERL Holdings entered into an investment agreement with Telemu and LNG (the "Investment Agreement") under which EERL Holdings paid Telemu $3,800,000 (the "Invested Funds") part of which was the subscription price for certain Telemu common shares and the balance of which was a non-interest bearing shareholder loan to Telemu. EERL Holdings also paid LNG $200,000 as consideration for the transfer to EERL Holdings of certain outstanding Telemu shares owned by LNG.
After giving effect to the investment, EERL Holdings acquired an aggregate of 31.5% of the outstanding shares of Telemu. Enterprise owns 50% of the shares of EERL Holdings, and therefore effectively holds a 15.75% interest in Telemu. Concurrent with the closing of the Transaction, LNG, EERL Holdings and Telemu entered into a shareholders' agreement to govern the operations of Telemu.
The Invested Funds will be used by Telemu to fund a 22km 2D seismic acquisition program on PPL 319 and for general operating expenses. The seismic program is expected to be completed in April, 2013.
Enterprise is a Canadian exploration and development company with oil and gas properties in Montana, USA and Papua New Guinea. On closing of this transaction, Enterprise holds a 15.75% interest in approximately 5.5 million acres of prospective oil and gas properties in Papua New Guinea. Enterprise also holds a 100% working interest (80% net revenue interest) in approximately 13,000 net mineral acres of oil and gas leases in Daniels and Sheridan Counties located in north east Montana as well as a 100% working interest (79% net revenue interest) in approximately 46,700 net acres of oil and gas leases in Cascade County, in western Montana.
ENTERPRISE ENERGY RESOURCES LTD.
Geoff Carrington, President & CEO
This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the closing of the Transaction, the development of PPL 319 and uncertainties and other factors which may cause the actual results, performance or achievements of the Company and Telemu to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 47,726,795
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 Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Oct. 1, 2016 08:00 AM EDT Reads: 1,307
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Oct. 1, 2016 08:00 AM EDT Reads: 2,240
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Oct. 1, 2016 07:30 AM EDT Reads: 1,173
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Oct. 1, 2016 07:00 AM EDT Reads: 2,397
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Oct. 1, 2016 07:00 AM EDT Reads: 1,865
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Oct. 1, 2016 06:30 AM EDT Reads: 1,931
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Oct. 1, 2016 06:15 AM EDT Reads: 808
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Oct. 1, 2016 06:00 AM EDT Reads: 1,945
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Oct. 1, 2016 06:00 AM EDT Reads: 2,806
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
Oct. 1, 2016 05:45 AM EDT Reads: 1,342
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Oct. 1, 2016 05:30 AM EDT Reads: 642
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Oct. 1, 2016 05:15 AM EDT Reads: 1,438
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Oct. 1, 2016 05:00 AM EDT Reads: 4,758
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 04:45 AM EDT Reads: 580
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Oct. 1, 2016 04:30 AM EDT Reads: 1,825