|By Marketwired .||
|February 27, 2014 05:00 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/27/14 -- MGM Energy Corp. (TSX:MGX) ("MGM Energy" or the "Company") announces that it has completed its formal search for a partner for its Canol shale oil lands. To date, the Company has not been successful in obtaining a partner to assist in the funding of further assessment of the Canol shale oil play and, as a result, the Company will not be drilling any additional wells in the Canol shale oil play in the upcoming winter of 2014/15.
As a result of the Company's inability to obtain a partner to assist it in funding its Canol shale play, the Company has had high level discussions with management of Paramount Resources Ltd. ("Paramount"), which owns 13.9% of MGM Energy's shares, regarding Paramount acquiring the MGM Energy shares not owned by it. Through such discussions, Paramount has indicated to MGM Energy that it is investigating potentially making a proposal to acquire all of the issued and outstanding shares of MGM Energy. However, there are no assurances that any such proposal will be made by Paramount and, if made, Paramount has indicated to MGM that such a proposal is currently expected to be at or below the current trading price of MGM Energy's shares. In addition, Paramount has indicated to the Company that it is supportive of MGM Energy searching for other strategic alternatives and if Paramount were to make a proposal, such proposal would also allow MGM Energy to search for strategic alternatives for a period of time after any definitive agreement was entered into regarding Paramount's acquisition of the Company's shares not owned by it.
The Company continues to have sufficient cash to fund its expected expenditures through to at least mid 2015.
MGM Energy also announces an update of its assessment of the shale oil initially-in-place ("OIIP") within the Canol and Bluefish formations on the Company's land holdings in the Central Mackenzie Valley, Northwest Territories.
The assessment is updated from the estimate provided in the 2012 Annual Information Form dated March 25, 2013 and is based on analysis completed by the Company from (i) the drilling, coring, logging, fracture stimulation and testing of the East MacKay I-78 well drilled in 2013, (ii) additional well data available to the Company, and (iii) further geological and geophysical work completed on the Canol shale oil play. The updated assessment was completed internally by Qualified Reserves Evaluators, and is as of December 31, 2013. The table below summarizes the estimated OIIP on a 100% gross and Company-interest basis. The estimates presented are in accordance with the definitions and guidelines in the COGE Handbook and NI 51-101.
Discovered Shale Oil Initially-In-Place - MMbbl(1)(3) -------------------------------------------------- Company Gross(5) 100% Gross(1)(4) Mean Estimate(6) Exploration Licence Mean Estimate(6) As at Dec. 31, 2013 ---------------------------------------------------------------------------- EL466 1,000 625 -------------------------------------------------- Total Discovered OIIP 1,000 625 Undiscovered Shale Oil Initially-In-Place - MMbbl(2)(3) -------------------------------------------------- Company Gross(5) 100% Gross(2)(4) Mean Estimate(6) Exploration Licence Mean Estimate(6) As at Dec. 31, 2013 ---------------------------------------------------------------------------- EL474 3,100 1,550 EL475 5,000 2,500 EL487 3,000 750 -------------------------------------------------- Total Undiscovered OIIP 11,100 4,800 Notes: (1) There is no certainty that it will be commercially viable to produce any portion of the resources. (2) There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. (3) "MMbbl" is millions of barrels at standard conditions. (4) 100% Gross means OIIP without any adjustments for working interest, royalties or other encumbrances. (5) Company Gross means OIIP with adjustments for working interest, but not for royalties or other encumbrances. (6) The mean estimate is the mean volume of OIIP from the probabilistic assessment of oil that is in place.
Discovered shale oil initially in place (equivalent to discovered resources) are those quantities of petroleum estimated on a given date to be remaining in known accumulations. Undiscovered shale oil initially in place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. It is not possible at this time to determine an estimate of what portion of the OIIP is recoverable and what portion is unrecoverable as additional drilling, seismic and development engineering is required to determine an anticipated recovery factor. A portion of the OIIP may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks. Additional information regarding the risks associated with the Canol shale oil play and the estimate of OIIP can be found in the Company's 2012 Annual Information Form dated March 23, 2013.
MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada. MGM Energy's common shares are listed on the Toronto Stock Exchange under the symbol "MGX".
Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation, including statements and information about a potential proposal from Paramount. Such forward-looking statements or information are based on information known to date and a number of assumptions which may prove to be incorrect. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy 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.
MGM Energy Corp.
(403) 781-7801 (FAX)
MGM Energy Corp.
Chief Financial Officer
(403) 781-7801 (FAX)
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 29, 2015 01:00 AM EST Reads: 433
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 28, 2015 08:00 PM EST Reads: 430
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 28, 2015 01:00 PM EST Reads: 479
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 28, 2015 12:00 PM EST Reads: 338
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 28, 2015 12:00 PM EST Reads: 553
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 28, 2015 12:00 PM EST Reads: 235
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 28, 2015 11:45 AM EST Reads: 407
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 28, 2015 11:15 AM EST Reads: 417
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 28, 2015 11:00 AM EST Reads: 517
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 28, 2015 10:30 AM EST Reads: 315
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 28, 2015 10:15 AM EST Reads: 260
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 28, 2015 10:00 AM EST Reads: 400
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 28, 2015 10:00 AM EST Reads: 199
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 28, 2015 09:00 AM EST Reads: 184
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 28, 2015 08:45 AM EST Reads: 441