|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.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Oct. 4, 2015 04:00 AM EDT Reads: 634
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, foc...
Oct. 4, 2015 04:00 AM EDT Reads: 283
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingl...
Oct. 4, 2015 04:00 AM EDT Reads: 304
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
Oct. 4, 2015 04:00 AM EDT Reads: 270
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
Oct. 4, 2015 03:30 AM EDT Reads: 551
The cloud has reached mainstream IT. Those 18.7 million data centers out there (server closets to corporate data centers to colocation deployments) are moving to the cloud. In his session at 17th Cloud Expo, Achim Weiss, CEO & co-founder of ProfitBricks, will share how two companies – one in the U.S. and one in Germany – are achieving their goals with cloud infrastructure. More than a case study, he will share the details of how they prioritized their cloud computing infrastructure deployments ...
Oct. 4, 2015 03:00 AM EDT Reads: 605
Data loss happens, even in the cloud. In fact, if your company has adopted a cloud application in the past three years, data loss has probably happened, whether you know it or not. In his session at 17th Cloud Expo, Bryan Forrester, Senior Vice President of Sales at eFolder, will present how common and costly cloud application data loss is and what measures you can take to protect your organization from data loss.
Oct. 4, 2015 03:00 AM EDT Reads: 415
Decisions about budgets and resources are often made without IT even having a seat at the table. As technologist we understand the value of DevOps - but do your business counterparts? If they don't, your DevOps initiatives could lose funding before they start. In her session at DevOps Summit, Jeanne Morain, Strategist / Author at iSpeak Cloud, LLC, will provide insights on how to bridge the gap between business and technology leaders. Attendees will learn prescriptive guidance on balancing wor...
Oct. 4, 2015 02:00 AM EDT Reads: 504
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated a...
Oct. 4, 2015 12:00 AM EDT Reads: 364
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Oct. 4, 2015 12:00 AM EDT Reads: 230
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems is strained, in large part due to misaligned objectives. In his session at DevOps Summit, James Urquhart, Senior Vice President of Performance Analytics at SOASTA, Inc., will discuss how measuring user outcomes –...
Oct. 3, 2015 11:00 PM EDT Reads: 272
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
Oct. 3, 2015 09:00 PM EDT Reads: 344
While testing is often ignored when it comes to DevOps - it could be the most important aspect of achieving true DevOps success. Without rethinking automated testing from the ground-up, the entire DevOps productivity gain cannot be realized. Large tech companies build their own rapid test automation that runs in minutes across functional, performance, security and other tests. In his session at DevOps Summit, Kevin Surace, CEO of Appvance, will discuss how we learn from these real-world succe...
Oct. 3, 2015 06:00 PM EDT Reads: 292
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Oct. 3, 2015 05:00 PM EDT Reads: 310
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, ...
Oct. 3, 2015 05:00 PM EDT Reads: 315