Welcome!

News Feed Item

Quattro Closes Acquisition at Milo-Clarke Lake, North East British Columbia, Completes Divestiture of Non-Core Assets at Noel, British Columbia, and Signs a Binding Letter of Intent for the ...

Acquisition of Producing Properties at Donalda, Alberta

CALGARY, ALBERTA -- (Marketwired) -- 03/25/14 -- Quattro Exploration and Production Ltd. (TSX VENTURE: QXP) ("Quattro" or the "Company") is pleased to announce;

Milo-Clarke Lake, British Columbia

On March 24th, 2014, Quattro closed the acquisition of 100% of Progress Energy Canada, Japex Montney Ltd. and Petroleum Brunei Montney Holdings Ltd's interests, including all wells, facilities and lands as outlined in the agreement as the Milo-Clarke Lake Region of British Columbia.

The effective date for the acquisition is February 1st, 2014, which increases Quattro's production in the region by 900 mcf/d (net) bring Quattro's production at Milo-Clarke Lake up to 1,850 mcf/d (net). On closing, Quattro will become the Operator of Record for the facilities and the associated wells while increasing its ownership in the related facilities to 52%. The facilities are well-maintained, with a designed capacity of 20,000 mcf/d of compression, dehydration and treating. Quattro now holds a 48% operating interest in the wells which in February of 2014 averaged 3,850 mcf/d. The wells are long life in nature and have produced to date a total of 59.6 BCF of gas from the Slave/Pine Point formation and are located within Quattro's current developed and undeveloped land base. The purchase price was $750,000 plus G.S.T., and the assumption of the associated decommissioning costs estimated to be approximately $680,000 (net) less further post-closing adjustments as would be normally associated with an acquisition of this nature, for a total cost of $1,430,000 or $9,530 per flowing boe/d. The acquisition was funded through the combination of cash on hand and current cash-flow.

Noel, British Columbia

Quattro would also like to announce the sale of its 80% interest in exploration lands located at Noel, BC to Nordic Oil and Gas Ltd. In connection with the sale, Quattro acquires a 2.5% GORR on the lands and retains an option to convert to a 25% net operating interest at the casing point of the first well. The sale price was $300,000 paid by way of the issuance of a securitized Promissory Note for $100,000, due on or before December 2014, yielding 8% interest per annum and 4,000,000 units of Nordic ("Units"), each Unit consisting of one (1) Class A common share of Nordic ("Nordic Shares") and 4,000,000 purchase warrants ("Nordic Warrants"). Each Nordic Warrant is exercisable into one Nordic Share at a purchase price of $0.05 per share prior to March 20th, 2016.

Donalda, Alberta

Quattro has also executed a binding letter of intent for the acquisition from a private Alberta based company of a combination of 1,000 mcf/d of natural gas along with the associated gathering and compression and spare equipment. The results will be, 1,000 mcf/d being added to Quattro's Donalda facilities and a 600 mcf/day (net) increase in production. The Company also acquired certain additional lands, minerals rights and suspended wells along with the associated undeveloped land. The effective date of the acquisition will be February 1st, 2014.

The acquisition adds additional flexibility and capacity to further increase production through reactivations in the region with the goal of bringing Quattro's Donalda production to greater than 3,000 mcf/d (net) in the 3rd quarter of 2014. Upon closing the Company's developed land base at Donalda will be 44,465 acres (net) developed and 27,810 acres (net) of undeveloped lands.

The purchase price is $350,000 plus G.S.T., and the assumption of the associated decommissioning costs estimated to be approximately $925,000 (net) with further post-closing adjustments as would be normally associated with an acquisition of this nature, for a total cost of $1,275,000 or $12,750 per flowing boe/d, which also includes all developed and undeveloped lands. The acquisition is being funded through a combination of cash on hand and current cash-flow. The transaction is scheduled to close on or before April 30th, 2014.

Leonard Van Betuw, President and CEO commented, "As we announced in our February 25th, 2014 news release, these transactions are evidence of the execution of Quattro's continuing business plan involving the consolidation of its producing asset base and the consolidation of non-operating interests within the Company's core areas, consisting of an extensive network of processing facilities and pipeline gathering systems. We have a very dedicated team at Quattro, and both the Company and staff, are pleased with its progress in achieving its ambitious goals. The Company continues to advance its remediation plans and with the addition of this 1,500 mcf/d announced today we are aggressively nearing our previously announced production and asset targets as set out for the first half of 2014."

"The Company is now the operator of record and has a greater than 65% ownership in 8 facilities. Quattro's operated facilities have a combined capacity of 12,000 BOEPD (net). In Canada it continues to Quattro's plan to continue to concentrate on being a diversified and efficient operator of these facilities. The Company's efforts are increasing both volumes and netbacks as we aggressively improve equipment utilization through optimization and consolidation as shown with the announcements made today. Quattro is pleased on how our strategy of developing a diversified, low-risk material growth plan in western Canada is advancing, while we continue our broader commitment to simultaneously improving our corporate value both in western Canada and Central America.", added Mr. Van Betuw.

About Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, with an expanding presence in Alberta and British Columbia. It's core low risk production base will provide the Company the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. Quattro intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.

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.

BOE presentation:

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...