ChemSW to Sponsor BLR Webcast on Achieving Regulatory Chemical Compliance: Strategies & Approaches That Reduce Risk & Lower Costs

SOURCE: ChemSW, Inc.

FAIRFIELD, CA--(Marketwired - Aug 30, 2013) - ChemSW, Inc. will present a Business & Legal Reports (BLR) webcast on the "Achieving Regulatory Chemical Compliance: Strategies & Approaches that Reduce Risk & Lower Costs" on Wednesday, September 18, 2013 from 11:00am-12:00pm PT / 2:00pm-3:00pm ET. Register at http://webcasts.blr.com/SafetyDailyAdvisor/chemsw/chemical-compliance.aspx.

As most EHS managers know, compliance with many regulations on OSHA, SARA, TSCA, hazard communications, hazardous and solid waste -- and many more -- require you to have a detailed understanding of the materials that you are using in your facility. But, it goes much further than that. It is also necessary to have a detailed understanding of the quantity and attributes of the chemicals that you store, use, and dispose.

Compliance with most of these regulations is just not possible without a thorough understanding of the data on "what materials" and "how much." Trying to manage these two components manually and assure compliance is nearly impossible in the existing and complex regulatory reality.

Join us on September 18 for a free 60-minute webinar on how to achieve regulatory compliance for the regulated chemicals on your site. Our speakers will provide you with the latest on regulatory requirements impacting chemical use and storage, best practices for maximizing chemical inventory management compliance at your organization, and much, much more!

Attendees will learn:

A review of the general developments and regulatory requirements concerning chemical management Regulatory requirements that impact a company storing or utilizing chemicals as well as associated chemical waste The challenges you could face if you continue to use common methods to maintain compliance Best practices and management strategies to maximize chemical inventory management compliance  The true ROI of chemical inventory management and compliance, including costs to the company and the benefits of streamlining chemical inventory workflows

Hosted and moderated by BLR, the webinar will feature in-depth presentations by Laura Casey, Certified Safety Professional, and Anne Sefried, Sr. Inventory Consultant at ChemSW.

REGISTER NOW at
http://webcasts.blr.com/SafetyDailyAdvisor/chemsw/chemical-compliance.aspx

About BLR
Business & Legal Reports (BLR) has been helping HR, Safety and Environmental professionals with legal compliance and professional support resources for over 25 years. Employers know that they can count on BLR's compliance and training products to keep them out of legal trouble. For more information, visit http://www.blr.com.

About ChemSW
Founded over two decades ago, ChemSW is a leading provider of chemical and biochemical inventory management systems, MSDS systems, safety inspection software, and other chemistry laboratory software and services. ChemSW's wide range of products enables organizations to efficiently manage assets and processes. ChemSW supports over 15,000 customers in more than 40 countries throughout the world. For more information, visit www.ChemSW.com or call +1 707-864-0845.

View the original article here

Read More

Samoth Announces Private Placement

CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Samoth Oilfield Inc. ("Samoth" or the "Corporation") (TSX VENTURE:SCD) is pleased to announce a non-brokered private placement for gross proceeds of up to $500,000 (the "Private Placement").

Pursuant to the Private Placement, which is subject to acceptance by the TSX Venture Exchange, Samoth intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian securities laws, up to 10,000,000 Common Share Units (the "Units) at a price of $0.05 per Unit. Each Unit is comprised of one Common Share and one Common Share Purchase Warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share of Samoth at an exercise price of $0.05 for a period of two (2) years from the date of issuance of the Units.

The proceeds from the Private Placement will be used for the purposes of potential asset acquisition(s), reserves evaluation and for general working capital.

READER ADVISORY

Statements in this press release may contain forward-looking information including, statements regarding expected use of proceeds. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Samoth. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed private placement will be completed. The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

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

View the original article here

Read More

Strata-X Successfully Drills Horizontal Through Oil Zone in the Burkett 5-34HOR Well, Illinois, USA

DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2013) -

Vail Oil Project - Burkett 5-34HOR well HIGHLIGHTS:

Successful execution of first horizontal well Total depth of 6,762 feet reached (with 1,824 feet of lateral drilling) Oil and gas shows encountered and oil visible in drilling mud from targeted Lingle formation Next step - execute stimulation of the oil zone - on track for completion by end of October 2013 Highly encouraging progress to date in this 100% owned project

The directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) are pleased to announce that the Company has reached a total depth of 6,762 in the Burkett 5-34HOR well. The revised lateral length of approximately 1,824 feet was drilled through the targeted Lingle formation. While drilling the lateral portion of the well, oil and gas shows were encountered and live oil was visible in the drilling mud. Please refer to Slide 14 of the Vail Project Primer found on the Company's website (www.strata-x.com) which illustrates the current stage of the well and the Company's plans for the overall development of the well.

The next stage is to set a liner through the lateral section using mechanical packers and a sliding sleeve completion system. Once the liner has been set the drilling rig will be moved off location. As indicated on Slide 16 of the Vail Primer, the Company will conduct a breakdown and pressure test to obtain definitive reservoir data. This pressure data together with rock mechanics data derived from the core taken in the vertical stage, will be used to finalize the stimulation design for the well. Since the rock mechanics data being undertaken by a third party is not scheduled to be completed until the middle of October, the Company anticipates that it should be able to finalize the design and execute a stimulation of the oil zone by the end of October 2013. The Company owns a 100% working interest in the well and 48,000 net acres in the Vail Oil Project overall.

Ron Prefontaine, the Chairman of Strata-X said, "We have always stated our primary risks for the Vail Oil Project in the Illinois Basin and our Maverick Oil Project in the Eagle Ford shale trend were successful execution of the well drilling and subsequent completion programs in these projects. Strata-X's CEO Tim Hoops, and his technical team led by Vice President of Operations Larry Kellison, have successfully executed the first horizontal well in our Illinois Basin project within an oil saturated dolomitic reservoir. I am very encouraged by the oil and gas shows encountered in the drilling of this well and I am looking forward to continued successful execution of the next stages of the well including the stimulation and testing program of the oil zone in the coming months".

As previously announced the Company will be presenting at the RIU Good Oil Conference which is being held September 3-4, 2013 in Freemantle, Western Australia. Timothy Hoops, President and Director of Strata-X, will give a presentation on the Company on September 4, 2013 at the afternoon session. The Good Oil Conference is one of the leading venues for Junior explorers in Australia.

The Company also intends to present at the ASX Spotlight Investor Conference to be held in Singapore & Hong Kong on October 29 and 31, 2013. More details will follow on times and location of this conference.

As previously announced (Press Release dated July 17, 2013) the Company released an Investor Presentation called the Vail Oil Project Primer which can be found www.strata-x.com.

About Strata-X

Strata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, California, Colorado, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 123,912,453 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.

This announcement was made in Canada for the TSX.V and in Australia for the ASX.

Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au (Australia).

By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." The Handbook further states - Caution (per NI 51-101/5.9(2)(v)(B)) - "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." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."

CAUTIONARY STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is intended to identify forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected and the forward-looking statements included in this news release should not be unduly relied upon. See "Risks and Uncertainties" in the Company's Filing Statement dated August 30, 2011 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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.

View the original article here

Read More

Synergy Resources to Purchase Assets in Wattenberg Field

SOURCE: Synergy Resources Corporation

PLATTEVILLE, CO--(Marketwired - August 29, 2013) - On August 27, 2013 Synergy Resources Corporation (NYSE MKT: SYRG) (Synergy), a U.S. oil and gas exploration and production company with operations focused in the D-J Basin, entered into a Purchase and Sale Agreement (Agreement) with an unnamed private party (Seller). Under the Agreement, Synergy will purchase 38 wells with a 27.5% working interest and 22% net revenue interest in 3,639 gross acres, 1,006 net acres of which 902 acres are located in the core of the Wattenberg Field. Synergy will be the operator of these wells. Other assets being acquired under the Agreement include interest in 9 non-operated wells and a 25% interest in a Class II disposal well. Estimated average production of the acquired wells is approximately 200 BOE/D as of July 31, 2013. Under the Agreement Synergy will pay Seller $17.5 million, 75% in cash and 25% in common stock. The Agreement has an effective date of August 1, 2013 and is expected to close during the fourth calendar quarter. Closing is subject to the completion of due diligence and the satisfaction of other conditions that are customary for transactions of this nature.

Ed Holloway, President and CEO, of Synergy, stated, "We are pleased to announce the purchase of these assets in the Wattenberg Field which complement our current acreage position in the oilier portions of the field. We are focused on increasing our position and ramping up production in the Wattenberg which we believe offers some of the best returns on capital in North America."

About Synergy Resources Corporation
Synergy is a Colorado-based independent exploration and production company focused primarily on the development of its assets in the Wattenberg Field in the Denver-Julesburg Basin ("D-J Basin") in Weld County, Colorado. In addition to the Company's Wattenberg Field acreage position, it has also assembled a large lease hold position directly to the northeast of the Wattenberg Field (the "Northern Extension Area"), which Synergy believes to be prospective for the Niobrara and Greenhorn formations. 

SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations and industry conditions, and are forward-looking statements. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. 

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions, nationally and/or in the communities in which Synergy conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, the ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting the Company's operations. 

These forward-looking statements are based on current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Synergy's control.

View the original article here

Read More

Manitok Energy Inc. Announces Financial Results for the Second Quarter of 2013

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces its financial and operating results for the second quarter of 2013.

The full text of Manitok's second quarter report containing its unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2013 and the related management's discussion and analysis will be available electronically on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and also on Manitok's website at www.manitokenergy.com. All dollar figures are in Canadian dollars unless otherwise noted.

Second Quarter 2013 Operational & Financial Highlights:

An increase in average production by 133% to 4,045 boe/d for the second quarter of 2013 from 1,733 boe/d for the comparable period in 2012. Increased the crude oil and NGLs weighting to 52% of total production in the second quarter of 2013 from 22% of total production in the second quarter of 2012. Funds from operations increased by 356% to $11.3 million ($0.16 per share) in the second quarter of 2013 from $2.5 million ($0.04 per share) for the comparable period in 2012. Operating netback increased by 47% to $34.73 per boe for the second quarter of 2013 from $23.60 per boe for the comparable period in 2012 due to the increase of light oil volumes in the total production mix. Achieved strong quarterly per share growth as production and funds from operations per weighted average diluted share increased 100% and 292%, respectively, while decreasing net debt to $9.2 million as at June 30, 2013 from $10.9 million as at June 30, 2012. Total operating costs in the second quarter of 2013 were $6.42 per boe net of recoveries and $7.06 per boe prior to recoveries, which is 27% and 36% lower, respectively, on a boe basis, than the comparable period last year. Transportation and marketing costs were $2.93 per boe, up from $1.87 per boe in the comparable period last year due mainly to the increased proportion of oil production. Manitok's capital expenditures before divestitures for the second quarter of 2013 were $9.6 million, which is down 11% from $10.8 million in the comparable quarter in 2012. Drilled 4 gross (1.5 net) wells in the second quarter of 2013, 3 (1.0 net) in the Stolberg area of Alberta and 1 (0.5 net) in the Cabin Creek area of Alberta. Completed a disposition of royalty interest properties for total cash consideration of $3.3 million. As at June 30, 2013, Manitok had net debt of approximately $9.2 million and unused credit facilities of $90.0 million. Purchased 282,700 shares at an average price of $2.54 in the quarter pursuant to its normal course issuer bid ("NCIB"). Subsequent to the second quarter, the Corporation has acquired an additional 1,087,100 shares at an average price of $2.65 per share under its NCIB program. Increased net income to $4.8 million ($0.07/share) for the second quarter of 2013 from $0.5 million ($0.01/share) for the comparable period in 2012. The income in the second quarter of 2013 included a gain on divestiture of $0.7 million compared to loss on divestiture of $0.4 million in the second quarter of 2012. Operational and Financial HighlightsAverage realized sales price (CAD$)Undeveloped Land (end of period)Petroleum and natural gas salesRealized gain on financial instrumentsTransportation and marketing expensesGeneral and administrative expenses, netInterest and financing expensesFunds from operations netback(1)Petroleum and natural gas revenue ($000)Funds from operations ($000)(1)Weighted average for the period - basicWeighted average for the period - dilutedCapital expenditures, net ($000)Working capital deficiency ($000)(2)Drawn on credit facilities ($000)

(1) Funds from operations, funds from operations per share and funds from operations netback are non-GAAP measures that represent cash flow from operating activities as determined in accordance with International Financial Reporting Standards ("IFRS") before changes in non-cash operating working capital and decommissioning expenditures. Funds from operations should not be considered an alternative to, or more meaningful than cash flows from operating activities as determined in accordance with IFRS as an indicator of the Corporation's performance. Funds from operations, funds from operations per share (basic and diluted), and funds from operations netback do not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities.

(2) Working capital deficiency is defined as current assets less current liabilities excluding the current portion of the amount drawn on the credit facilities and the fair value of financial instruments.

Operations

Based on recent field estimates, current corporate production is approximately 4,240 boe/d (47.5% crude oil and condensate, 0.5% NGLs). The field estimates include a contribution of about 300 bbls/d of oil from the four well pad, which was recently drilled in the Stolberg area. The 4 (1.33 net) wells on the pad are expected to be on full production by early October and are anticipated to add another 200 to 300 bbls/d to net production. Manitok is currently drilling 2 (1.5 net) wells at Stolberg. One is the first horizontal well of an expected 2 (1.6 net) well pad targeting Cardium oil on section 29, which has produced over 575,000 bbls of light oil (454,000 net) from 3 (2.4 net) wells over the last 14 months. The second is a liquids rich natural gas well (0.75 net), offsetting a Manitok liquids rich gas well drilled in 2011. That well initially flowed at approximately 5.0 Mmcf/d (3.75 net) with about 10.0 bbls/Mmcf (7.5 net) of wellhead condensate and has produced nearly 3.0 Bcf (2.25 net) of natural gas and approximately 22,000 bbls (16,500 net) of condensate over the course of about two years. The current drill will intersect the same Ostracod pool and is ultimately targeting a repeat of the same zone about 100 to 250 metres deeper. If successful, Manitok intends to produce the two zones separately within the same wellbore.

Normal Course Issuer Bid

As of today, Manitok has purchased a total of 1,369,800 shares for approximately $3.6 million (average price of $2.62 per share) in 2013, pursuant to its NCIB programs. Management believes that with potential acquisition values ranging from 5 to 7 times next year's projected funds from operations, buying Manitok shares at less than 3 to 4 times next year's projected funds from operations under its NCIB program is advantageous to Manitok shareholders with a longer term view.

2013 Guidance

Assuming drilling success based on Manitok's expected outcomes and applied risk parameters, Manitok expects to exit 2013 with production ranging from 5,300 to 5,500 boe/d (approximately 55% to 57% crude oil and condensate, 0.5% NGLs), which would be a 40% to 45% increase over the 2012 exit production rate. At that production level, funds from operations is estimated to be $5.7 to $6.0 million per month, which would be an increase of approximately 50% over the 2012 exit funds from operations rate. It is anticipated that there will be an additional 400 to 500 boe/d of production (about 85% crude oil) added in the first quarter of 2014 where the majority of the capital expenditures relating to that production will be incurred in the fourth quarter of 2013.

Manitok has increased its 2013 capital expenditure budget by 7% to approximately $76.0 million or $72.6 million net of dispositions. This is an increase of $5.0 million to the previously guided $71.0 million which was made up of $63.0 million for drilling, completions, tie-ins and equipping and $8.0 million for land and seismic. The increased $76.0 million of capital expenditures is made up of $70.0 million of drilling, completions, tie-ins and equipping and $6.0 million of land and seismic. The updated forecast includes 19 (12.1 net) wells with all but 2 (1.75 net) targeting Cardium light oil predominantly in the Stolberg area and also in the Cabin Creek and Quirk Creek areas. The first of the two wells not targeting Cardium is a vertical liquids rich natural gas well targeting an Ostracod pool (mentioned in the operations section above) and the second is an exploration well targeting an oil zone other than the Cardium in a new area. The increased capital budget will be financed with funds from operations and Manitok's existing $90.0 million credit facilities with the National Bank of Canada.

Average production in 2013 is expected to range between 4,200 to 4,400 boe/d (approximately 52% crude oil and condensate, 0.5% NGLs), which would be an increase of 76% to 84% over its 2012 average production. Manitok anticipates funds from operations to be $48.0 to $50.0 million, which is lower than the previous guidance of $55.0 to $57.0 million. However, it still results in an anticipated increase of over 150% from funds from operations in 2012. The main reasons for the decrease are timing delays of new production additions due to drilling four wells on one pad versus drilling four wells on two pads, lower working interests in wells than previously budgeted due to a pooling agreement, and a lower oil weighting than anticipated, decreasing from 57% to 52% on total production for 2013, due mostly to adding a liquids rich gas well to the 2013 drilling program in lieu of an additional Cardium oil well. Manitok would like to caution the readers that changes to the drilling and production schedules may be necessary from time to time in order to capture value from new opportunities or gain efficiencies in its operations. Given the relatively low number of drills Manitok will execute in a one year period and the potentially high initial production rates associated with these wells, these changes may initially have a negative short term impact to funds from operations; however that does not materially change the ultimate value created over the life of the well.

After adjusting for the increased capital expenditures in 2013 and the shares purchased through our NCIB, net debt at the end of 2013 is now expected to range between $38.0 to $40.0 million. The net debt to twelve month trailing funds from operations ratio is anticipated to be about 0.8 times as at December 31, 2013 and the net debt to the exit funds from operations rate ratio is anticipated to be about 0.6 times as at December 31, 2013.

The 2013 re-forecasted budget assumes an average price of US$99.00/bbl of WTI crude oil, an average differential of $6.00/bbl, an average $CAD/$US exchange rate of 1.03 and an average price of $3.08/mmbtu of AECO natural gas which results in about a $3.60/mcf realized field price due to heat content. For 2013, royalties, combined operating and transportation costs net of recoveries, general and administrative expenses ("G&A") and interest are expected to average approximately $16.09, $9.06, $3.42 and $0.47 per boe respectively. The average operating netback for 2013 is anticipated to be approximately $34.28/boe, with a range of $23.85/boe at the beginning of the year to $43.34/boe at year end. The average funds from operations netback (operating netback, net of G&A and interest), is anticipated to be approximately $30.39/boe, ranging from $18.27/boe at the beginning of the year to $40.57/boe at year end.

Details regarding Manitok's hedging activities are available in Manitok's unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2013 and the related management's discussion and analysis which will be available electronically on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and also on Manitok's website at www.manitokenergy.com.

Manitok's anticipated capital expenditures and estimated production results are based upon various assumptions as to equipment availability, well production rates, well drainage areas, success rates, timing and costs of future well drilling, the availability of capital, future costs and availability of labour and services.

Management Addition

The Corporation is extremely pleased to announce the appointment of Ms. Yvonne McLeod as Vice-President, Drilling and Facilities. Ms. McLeod has been with Manitok for about 18 months, most recently as our Drilling Manager and has proven she has the technical expertise, leadership skills, integrity and passion to be an excellent member of Manitok's executive team.

About Manitok

Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills. Manitok's corporate strategy is that of being an "early mover" in the exploitation phase of the development life cycle of hydrocarbon reserves in the Canadian foothills. The Corporation will continue to utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in this large and under-exploited region of the Western Canadian Sedimentary Basin.

Forward-looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning planned capital expenditures, the breakdown of planned capital expenditures by class, the anticipated 2013 average and exit rates of production, anticipated funds from operations, the anticipated year end net debt and debt to trailing funds from operations and the development and growth potential of Manitok's properties.

The forward-looking statements in this press release are based on certain key expectations and assumptions made by Manitok, including expectations and assumptions concerning the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the successful application of technology, prevailing weather conditions, commodity prices, royalty regimes and exchange rates and the availability of capital, labour and services.

Although Manitok believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Manitok can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), uncertainty as to the availability of labour and services, commodity price and exchange rate fluctuations, unexpected adverse weather conditions and changes to existing laws and regulations. Certain of these risks are set out in more detail in Manitok's current Annual Information Form, which is available on Manitok's SEDAR profile at www.sedar.com.

The forward-looking statements regarding Manitok's expected 2013 funds from operations are included herein to provide readers with an understanding of Manitok's anticipated funds from operations and Manitok's ability to fund its expenditures based on the assumptions described herein. Readers are cautioned that this information may not be appropriate for other purposes.

Forward-looking statements are based on estimates and opinions of management of Manitok at the time the statements are presented. Manitok may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but Manitok undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.

Non-GAAP Financial Measures

This press release contains references to measures used in the oil and natural gas industry such as "funds from operations", "funds from operations netback", "funds from operations per share", "operating netback", "working capital deficiency (surplus)" and "net debt". These measures do not have any standardized meanings prescribed by generally accepted accounting principles ("GAAP") and therefore, reported amounts may not be comparable to similarly titled measures reported by other companies. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding Manitok's liquidity and its ability to generate funds to finance its operations.

Funds from operations should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net earnings as determined in accordance with IFRS, as an indicator of Manitok's performance or liquidity. Funds from operations is used by Manitok to evaluate operating results and Manitok's ability to generate cash flow to fund capital expenditures and repay indebtedness. Funds from operations or funds from operations netback denotes cash flow from operating activities as it appears on the Corporation's Statement of Cash Flows before changes in non-cash operating working capital and decommissioning expenditures. Funds from operations or funds from operations netback is also derived from net income (loss) plus non-cash items including deferred income tax expense (recovery), depletion and depreciation expense, exploration and evaluation expense, impairment expense, stock-based compensation expense, accretion expense, acquisition-related expenses, unrealized gains or losses on financial instruments and gains or losses on asset divestitures. Funds from operations per share denotes funds from operations divided by the weighted average number of shares outstanding. Operating netback denotes petroleum and natural gas revenue and realized gain (loss) on financial instruments less royalty expenses, operating expenses and transportation and marketing expenses. Working capital deficiency (surplus) includes current assets less current liabilities excluding the current portion of the amount drawn on the credit facilities and the fair value of financial instruments. Manitok uses net debt as a measure to assess its financial position. Net debt includes current liabilities less current assets excluding the current portion of the fair value of financial instruments.

Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas (6 mcf) to one barrel of oil (1 bbl). This boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

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.

View the original article here

Read More

PetroCorp Group Inc. Announces Corporate Update and Proposed Private Placement

PetroCorp Group Inc.

NEX BOARD : PCG.H

EDMONTON, ALBERTA--(Marketwired - Aug. 30, 2013) - PetroCorp Group Inc. (NEX BOARD:PCG.H) (the "Corporation") announces today that Larry Patriquin, Garry Wetsch, Martin Bernholtz and Hal Beauclair have tendered their resignations as directors of the Corporation. The new board of directors consists of Andrew Lindzon, David Bernholtz and Myra Bongard (the "New Board"), who have agreed, subject to regulatory approval, to act as directors of the Corporation until the next annual meeting or until a successor has been appointed.

The Corporation also announces that, effective immediately, Andrew Lindzon has replaced Larry Patriquin as President and Chief Executive Officer of the Corporation and David Bernholtz has replaced Randy Fries as Chief Financial Officer of the Corporation. All officer appointments are also subject to regulatory approval.

The following are biographies regarding the members of the New Board and newly appointed officers of the Corporation.

Andrew Lindzon

Andrew Lindzon has been President of Ashlin Technology Solutions Inc. ("Ashlin") since 1985. Ashlin is a Canadian technology solutions provider to Canadian businesses with a subsidiary in the United States which provides the same services to American businesses. Mr. Lindzon is also a director of RYM Capital Corp. and Hudson River Minerals Ltd., a company listed on the TSX Venture Exchange ("TSXV"). Mr. Lindzon obtained his LLB from York University in 1984.

David Bernholtz

David Bernholtz is an Account Manager at Mash+Media Solutions Inc. Mr. Bernholtz is also a director of Pacific Orient Capital Inc., a capital pool company, listed on the TSXV and AH Capital Corp. Mr. Bernholtz graduated from Seneca College with a degree in General Arts & Science as well as Creative Advertising.

Myra Bongard

Myra Bongard has been a real estate sales representative since 1985. Ms. Bongard was associated with Century 21 Heritage Group until 2006 and is currently employed by Right At Home Realty. Ms. Bongard is currently a director of Pacific Orient Capital Inc., a capital pool company, listed on the TSXV. Ms. Bongard was formerly a director of Ribbon Capital Inc., a capital pool company, which completed its qualifying transaction with Selectcore Inc. Ms. Bongard graduated from Bathurst Heights Collegiate in 1965.

The Corporation also announces that it plans to complete a non-brokered private placement of up to 10,000,000 common shares of the Corporation (the "Common Shares") at a price of $0.005 per share for aggregate gross proceeds of up to $50,000 (the "Offering").

The proceeds of the Offering will be used for general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Common Shares issued will be subject to a four month hold period from the date of issuance pursuant to securities legislation.

Neither the NEX, nor its Regulatory Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to obtaining necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

View the original article here

Read More

Divestco Reports Q2 2013 Results

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - (TSX VENTURE:DVT) - Divestco Inc. ("Divestco" or the "Company") announces its operating results for the three and six months ended June 30, 2013.

Three Months Ended June 30, 2013

Divestco had a net loss of $2.2 million for the second quarter of 2013 ($0.03 per share - basic and diluted) compared to net income of $0.9 million ($0.01 per share - basic and diluted) for the same period in 2012. The loss in Q2 2013 was primarily due to the Company recognizing a $1 million accounting loss from the disposal of certain data library assets and a $0.7 million impairment of leasehold improvements (net of tenant inducements) associated with the surrender of office space in the quarter. Excluding the non-cash loss and impairment, the net loss for Q1 2013 would have been $0.5 million.

The Company generated revenue of $7.1 million in Q1 2013 compared to $11.5 million in Q2 2012, a decrease of $4.4 million (38%). Revenue in the Software and Data segment increased by $1 million (48%) related to a significant software license sale. Revenue in the Seismic Data segment decreased by $4 million (79%) due to lower industry activities and corresponding revenue in the Services segment also decreased by $1.3 million (32%) with geomatics, processing and land management services all experiencing weaker than normal demand as compared to Q2 2012.

Operating expenses (excluding depreciation and amortization) decreased by $1.3 million (17%) to $5.9 million in Q2 2013 from $7.2 million in Q2 2012. Salaries and wages were down $0.5 million (12%). G&A expenses were down $0.6 million (22%) due to lower occupancy costs as the Company surrendered a floor of office space effective January 1, 2013 and another floor effective June 1, 2013. In addition, stock-based compensation, professional fees, and bad debt expenses were lower than 2012. Depreciation and amortization decreased by $1.6 million (52%) mainly due to lower depreciation on seismic data as the Company completed a seismic program in Q2 2012 but did not acquire any new data in Q2 2013.

Excluding the non-cash accounting loss and impairment of $1.7 million, EBITDA was $1.1 million in Q2 2013, a $3.2 million (74%) decrease from $4.3 million for the same period in 2012. The Company generated funds from operations of $1.2 million ($0.02 per share - basic and diluted) for the second quarter of 2013, compared to $4.3 million ($0.06 per share - basic and diluted) for the same period in 2012, a decrease of $3.1 million (73%) primarily due to a lower volume of services and seismic data activities.

Six Months Ended June 30, 2013

Divestco had a net loss of $0.1 million for the first six months of 2013 ($nil per share - basic and diluted) compared to net income of $3.6 million ($0.05 per share - basic and diluted) for the same period in 2012. Excluding the loss and impairment, the Company would have had net income of $1.5 million ($0.02 per share - basic and diluted) for the six months ended June 30, 2013.

The Company generated revenue of $18.7 million compared to $25.9 million in 2012, a decrease of $7.2 million (26%). Revenue in the Software and Data segment increased by $1.1 million (28%) related to a significant software license sale. Revenue in the Seismic Data segment decreased by $4.6 million (39%) which was primarily due to lower speculative survey revenue and seismic data management revenue. Revenue in the Services segment decreased by $3.7 million (38%) with geomatics, processing and land management services all experiencing weaker demand as compared to 2012.

Operating expenses (excluding depreciation and amortization) decreased by $1.6 million (11%) to $12.6 million in for the first six months of 2013 from $14.2 million during the same period in 2012. Salaries and wages were down $1 million (11%) and G&A expenses were down $0.6 million (14%) due to lower occupancy costs as the Company surrendered a floor of office space effective January 1, 2013 and another floor effective June 1, 2013. In addition, stock-based compensation, professional fees, and bad debt expenses were lower than 2012. Depreciation and amortization decreased by $4.1 million (50%) mainly due to lower depreciation on seismic data as the Company acquired more data in 2012 as compared to 2013.

Excluding the non-cash accounting loss and impairment of $1.7 million, EBITDA was $6.1 million in the first six months of 2013, a $5.6 million (48%) decrease from $11.7 million for the same period in 2012. The Company generated funds from operations of $6.4 million ($0.10 per share - basic and diluted) in the first half of 2013, compared to $11.5 million ($0.17 per share - basic and diluted) for the same period in 2012, a decrease of $5.1 million (44%) primarily due to a lower volume of services and seismic data activities.

Liquidity and Working Capital

On May 9, 2013, the Company announced it had closed a new senior credit facility of up to $11 million. The Company also received $1 million in new shareholder loans just prior to the closing of the new facility. The proceeds were used to retire bank and subordinated debt totaling approximately $6 million. The facility has an expanded operating line ($8 million as compared to $5 million under its previous facility) based on receivables aged less than 90 days and $3 million in term debt as well as a financial covenant that is better suited to the Company's business.

Management ensures that Divestco's credit facilities, combined with its working capital and funds from operations, will be sufficient in the short-term and long-term to meet planned growth and to fund future capital expenditures.

Divestco ended Q2 2013 with positive working capital of $0.7 million (December 31, 2012: $7.5 million deficit), excluding deferred revenue of $3.4 million (December 31, 2012 - $2.4 million). The improvement in working capital from the end of 2012 was primarily due to a number of data transactions completed in the first six months of 2013 offset by an unpredictably slow period for the services segment. As a result of closing these data deals, the Company has significantly reduced its payables since the end of 2012. The Company's funded debt to equity ratio was 0.66:1 at June 30, 2013 compared to 0.64:1 at December 31, 2012.

Financial Position (Thousands)Long-Term Financial Liabilities (2)Excludes the current portion of deferred revenue of $3.4 million (December 31, 2012: $2.4 million; December 31, 2011: $4.6 million).Includes long-term debt obligations, deferred rent obligations, sublease loss provision and other long-term liabilities. The long-term debt obligations are comprised of the Company's subordinated debt, shareholder loans and finance leases.

Operations Update

In June, 2013, the Company subscribed for 500,000 shares of a newly incorporated entity in exchange for $0.2 million in cash and a portion of its well data library that was transferred to the new entity with a fair value of $0.3 million for a total investment of $0.5 million. Concurrently, two private companies (dealing at arm's length with the Company) subscribed for 1 million shares for $1 million in cash. As a result each company became a 1/3 shareholder of the new entity. Immediately thereafter, the Company granted a software license to the new entity for $1.2 million. The Company recognized $0.8 million of revenue on this transaction after eliminating the Company's share in the new entity. The new entity has granted each shareholder a data licence for $250,000 per annum payable on a monthly basis. As a result of the non-monetary contribution made by the Company, an accounting loss on disposal of $1 million was recognized for the difference between the net book value and fair value of the assets contributed.

During the first six months of 2013, the Company completed a 3D seismic participation survey, covering an area of approximately 93 square kilometers.

Mr. Stephen Popadynetz, CEO commented: "Divestco returned to positive working capital in Q2 2013 through the restructuring of its debt, commitment to cost control and realizing the value of its assets. Despite a weak industry in the first half of 2013, our seismic inventory sales and software sales in the first six months of 2013 remained strong. As well, despite the softness in our Services group as we entered 2013, we are seeing increased activity levels which should result in improved results going forward. Our efforts to expand into international markets are expected to result in increased revenue in 2013. Additionally, our Software group is rapidly developing new products which are about to hit the marketplace and we believe will lead to significant growth later this year. With all of these positive growth catalysts, we remain optimistic that Divestco will continue to strengthen its balance sheet."

Non-GAAP Measures

The Company's condensed consolidated interim financial statements have been prepared in accordance with IFRS. Certain measures in this document do not have any standardized meaning as prescribed by IFRS and are considered additional GAAP measures. While these measures may not be comparable to similar measures presented by other issuers, they are described and presented in this MD&A to provide shareholders and potential investors with additional information regarding the Company's results, liquidity, and its ability to generate funds to finance its operations. These measures include:

Earnings before interest, taxes, depreciation and amortization ("EBITDA")

Divestco uses EBITDA as a key measure to evaluate the performance of its segments and divisions as well as the Company overall, with the closest IFRS measure being net income or loss. EBITDA is a measure commonly reported and widely used by investors as indicators of the Company's operating performance and ability to incur and service debt, and as a valuation metric. The Company believes EBITDA assists investors in comparing the Company's performance on a consistent basis without regard to financing decisions and depreciation and amortization, which are non-cash in nature and can vary significantly depending upon accounting methods or non-operating factors such as historical cost.

EBITDA is not a calculation based on IFRS and should not be considered an alternative to net income or loss in measuring the Company's performance. As well, EBITDA should not be used as an exclusive measure of cash flow, because it does not consider the impact of working capital growth, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows. While EBITDA has been disclosed herein to permit a more complete comparative analysis of the Company's operating performance and debt servicing ability relative to other companies, investors should be cautioned that EBITDA as reported by Divestco may not be comparable in all instances to EBITDA as reported by other companies. Investors should also carefully consider the specific items included in Divestco's computation of EBITDA.

The following is a reconciliation of EBITDA with net income (loss):

Working capital

Working Capital is calculated as current assets minus current liabilities (excluding deferred revenue). Working capital provides a measure that can be used to gauge Divestco's ability to meet its current obligations.

Additional GAAP Measure

Funds from operations

Divestco reports funds from operations because it is a key measure used by management to evaluate its performance and to assess the ability of the Company to finance operating and investing activities. Funds from operations excludes certain working capital changes and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows.

Funds from operations is not a calculation based on IFRS and should not be considered an alternative to the consolidated statements of cash flows. Funds from operations is a measure that can be used to gauge Divestco's capacity to generate discretionary cash flow. Investors should be cautioned that funds from operations as reported by Divestco may not be comparable in all instances to funds from operations as reported by other companies. While the closest IFRS measure is cash from operating activities, funds from operations is considered relevant because it provides an indication of how much cash generated by operations is available before proceeds from divested assets and changes in certain working capital items.

The following reconciles funds from operations with cash from operating activities:

Cash from Operating ActivitiesChanges in Non-Cash Working Capital Balances Related to Operating ActivitiesFinancial Results (Thousands, Except Per Share Amounts)Income (Loss) before Income TaxesWeighted Average Shares OutstandingThree months ended June 30, 2013 (Thousands)Income (loss) before income taxesLoss on Disposal of Intangibles and Impairment of Property and EquipmentThree months ended June 30, 2012 (Thousands)Income (loss) before income taxesSix months ended June 30, 2013 (Thousands)Income (loss) before income taxesLoss on Disposal of Intangibles and Impairment of Property and EquipmentSix months ended June 30, 2012 (Thousands)Income (loss) before income taxes

Divestco Inc.

Condensed Consolidated Interim Statements of Financial Position

Prepaid expenses, supplies and depositsInvestment in affiliated companyParticipation surveys in progressLiabilities and Shareholders' EquityAccounts payable and accrued liabilitiesCurrent loss on sublease loss provisionCurrent portion of long-term debt obligationsCurrent portion of tenant inducementTotal liabilities and shareholders' equityDivestco Inc.

Condensed Consolidated Interim Statements of Income and Comprehensive Income

(Thousands, Except Per Share Amounts - Unaudited)Net income (loss) and comprehensive income (loss) for the periodWeighted average number of shares

Divestco Inc.

Condensed Consolidated Interim Statements of Changes in Equity

Reduction of stated capital and deficitNet income (loss) and comprehensive income (loss) for the periodTransactions with owners, recorded in equity contributions by and distributions to owners:Issuance of Class A common shares as service
awardsIssuance of Class A common shares on exercise of PSUsReclassification on exercise of PSUsNet income (loss) and comprehensive income (loss) for the periodTransactions with owners, recorded in equity contributions by and distributions to owners:Issuance of Class A common shares as service awards

Divestco Inc.

Condensed Consolidated Interim Statements of Cash Flows

Cash from (used in) operating activitiesNet income (loss) for the periodAmortization of tenant inducementsLoss on disposal of intangiblesImpairment of property and equipmentUnrealized foreign exchange lossChanges in non-cash working capital balancesNet cash from operating activitiesCash from (used in) financing activitiesRepayment of long-term debt obligationsProceeds received from long-term debt obligations (net of committedNet cash from (used in) financing activitiesCash from (used in) investing activitiesAdditions to intangible assetsDecrease in participation surveys in progressPurchase of property and equipmentPayments towards sublease loss provisionAdvances from equity-accounted investeesChanges in non-cash working capital balancesNet cash from (used in) investing activities

About the Company

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol "DVT".

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 news release.

This press release contains forward-looking information related to the Company's capital expenditures, projected growth, view and outlook with respect to future oil and gas prices and market conditions, and demand for its products and services. Statements that contain words such as "could', "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning applicable by Canadian securities legislation. Although management of the Company believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the risks materialize, or should the assumptions underlying forward-looking statements or forward-looking information prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Readers should not place undue reliance on forward-looking statements or forward-looking information. All of the forward-looking statements and forward-looking information of the Company contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Except where required by law, the Company does not assume any obligation to update these forward-looking statements or forward-looking information if conditions or opinions should change.

In particular, this press release contains forward-looking statements pertaining to the following: Company's ability to keep debt and liquidity at acceptable levels, improve/maintain its working capital position and maintain profitability in the current economy; availability of external and internal funding for future operations; relative future competitive position of the Company; nature and timing of growth; oil and natural gas production levels; planned capital expenditure programs; supply and demand for oil and natural gas; future demand for products/services; commodity prices; impact of Canadian federal and provincial governmental regulation on the Company; expected levels of operating costs, finance costs and other costs and expenses; future ability to execute acquisitions and dispositions of assets or businesses; expectations regarding the Company's ability to raise capital and to add to seismic data through new seismic shoots and acquisition of existing seismic data; treatment under tax laws; and new accounting pronouncements.

These forward-looking statements are based upon assumptions including: future prices for crude oil and natural gas; future interest rates and future availability of debt and equity financing will be at levels and costs that allow the Company to manage, operate and finance its business and develop its software products and various oil and gas datasets including its seismic data library, and meet its future obligations; the regulatory framework in respect of royalties, taxes and environmental matters applicable to the Company and its customers will not become so onerous on both the Company and its customers as to preclude the Company and its customers from viably managing, operating and financing its business and the development of its software and data; and that the Company will continue to be able to identify, attract and employ qualified staff and obtain the outside expertise as well as specialized and other equipment it requires to manage, operate and finance its business and develop its properties.

These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including: general economic, market and business conditions; volatility in market prices for crude oil and natural gas; ability of Divestco's clients to explore for, develop and produce oil and gas; availability of financing and capital; fluctuations in interest rates; demand for the Company's product and services; weather and climate conditions; competitive actions by other companies; availability of skilled labour; failure to obtain regulatory approvals in a timely manner; adverse conditions in the debt and equity markets; and government actions including changes in environment and other regulation.

View the original article here

Read More

Blacksteel Energy Inc. Announces Resignation of Director

CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel" or the "Corporation") announces that Greg McLean has resigned from the board of directors due to other commitments. The Corporation would like to thank Mr. McLean for his extensive contributions while on the board of Blacksteel.

Blacksteel is a junior oil and gas company involved in the exploration, exploitation, development and production of petroleum and natural gas resources. The focus of the company remains on establishing a low risk, high net back, light oil weighted platform to build the company. The Corporation has a 100% working interest in a four section petroleum and natural gas lease in the Del Bonita Area of Southern Alberta, which it believes may have Bakken potential. It also has a 25% working interest in one section of land in the Crossfield area, which the Corporation believes is oil prospective in the Elkton formation, and varying working interests of 22% - 37.5% in 1840 acres of Crown land in the Devon area of Alberta.

Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements as to the Corporation's anticipated transactions are forward-looking statements. These forward looking-statements are based upon various assumptions. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefit the Corporation will derive there from. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

View the original article here

Read More

Relentless Resources Announces Filing of 2nd Quarter Financial Statements

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE:RRL) announces that it has filed its unaudited condensed interim financial statements for the six month period ended June 30, 2013, and the accompanying management's discussion and analysis, such filings available on SEDAR at www.sedar.com.

On June 20th, 2013, Relentless closed its previously announced asset exchange agreement with an arm's length Calgary-based private oil and gas company ("Privateco"). Effective May 1, 2013, Relentless assigned all of its petroleum and natural gas interests in the Loverna area of south-western Saskatchewan in exchange for Privateco's interests in producing petroleum and natural gas properties located in the Willesden Green area of Alberta, and an aggregate of 53,723 net acres of undeveloped petroleum and natural gas interests located in various areas throughout Alberta and a cash payment of $200,000.00 (the "Transaction").

The Privateco Assets include 5.0 (3.91 net) producing oil and natural gas wells and 8 suspended wells. The average net, May and June 2013 production rate from the acquired producing wells was approximately 53 boes/d, which includes 34 bbls/d of crude oil and natural gas liquids production out of a total corporate production of 87 boes/d. All Privateco's oil and natural gas production comes from the Willesden Green area of Alberta. The Transaction significantly enhanced the Company's presence in Alberta by expanding its land base to 54,878 net acres. Relentless is now fully dedicated to promoting the development of its undeveloped land base.

The acquired assets have increased total corporate production, lowered operating expenses and increased corporate netbacks. Relentless plans to grow by taking advantage of the financial strength the Company has established.

About Relentless Resources Ltd.

Relentless is a Calgary based emerging oil and natural gas company, engaged in the exploration, development, acquisition and production of natural gas and light gravity crude oil reserves in Alberta. Relentless' common shares trade on the TSX Venture Exchange under the symbol RRL.

Relentless' primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management.

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.

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

View the original article here

Read More

Falcon Oil & Gas Ltd. Announces Its Annual General and Special Shareholder Meeting to Be Held on 30 September 2013

DUBLIN, IRELAND--(Marketwired - Sept. 2, 2013) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) ("Falcon") announces that its Annual General and Special Shareholder Meeting will be held at O'Callaghan Stephen's Green Hotel, 1-5 Harcourt Street, Dublin 2, Ireland, on Monday 30 September 2013 at 11:00 a.m. (Greenwich Mean Time).

A complete notice and related documents have been sent to the shareholders of record as at 22 August 2013 and are also available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and Falcon's website at www.falconoilandgas.com.

About Falcon Oil & Gas Ltd.

Falcon is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio spread between Australia, South Africa and Hungary. Falcon is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

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.

View the original article here

Read More

Avista Requests Rate Reduction for Oregon Firm-Service Natural Gas Customers

SOURCE: Avista

SPOKANE, WA--(Marketwired - Aug 29, 2013) - Avista's (NYSE: AVA) approximately 96,000 customers in Oregon could see an overall decrease of 5.5 percent in their natural gas rates effective Nov. 1, 2013, if the Public Utility Commission of Oregon (PUC) approves the company's annual Purchased Gas Cost Adjustment (PGA) and related filings made today.

If the requests are approved, an Avista residential customer using an average 48 therms a month could expect their bill to decrease by $3.27, or 5.6 percent, for a revised monthly bill of $54.73 beginning Nov. 1, 2013. Avista's natural gas revenues would decrease by $5.1 million, or 5.5 percent. The company does not mark up the cost of natural gas purchased to meet customer needs, so there is no impact on company earnings. 

PGAs are filed each year to balance the actual cost of wholesale natural gas purchased by Avista to serve customers with the amount included in rates. These costs not only include natural gas commodity costs but also the cost to transport natural gas on interstate pipelines to Avista's local distribution system. The primary driver for the company's requested decrease is a reduction in the interstate pipeline transportation costs, which more than offset the rising wholesale natural gas prices seen in 2013.

Approximately 36 Schedule 440, or interruptible, customers do not pay interstate transportation costs because their service can be interrupted when the transportation system is constrained. As a result, those customers will not receive the benefit of reduced transportation costs that residential and other firm-service commercial and industrial customers will receive if Avista's PGA filing is approved. Without the decrease in transportation costs to offset the increase in commodity costs, Schedule 440 customers would see an increase in their monthly bill.

In addition to the PGA request, Avista also made three related administrative filings today with the PUC related to demand side management, the Klamath Falls Lateral, and intervener funding.

About 55 percent of an Avista natural gas customer's bill is the combined costs of purchasing natural gas on the wholesale market and transporting it to Avista's system. These costs fluctuate up and down based on market prices, and Avista does not mark up these costs. The remaining 45 percent covers the cost of delivering the natural gas -- the equipment and people needed to provide safe and reliable service.

Avista recently filed a general rate request to increase natural gas rates to recover investments made in the company's natural gas delivery system -- the 45 percent of a customer's bill. The PUC has up to 10 months to review the request.

To help customers proactively manage their energy use, Avista offers a number of energy efficiency programs. Information on available energy efficiency rebates and incentives from Avista for residential, commercial and low-income customers is available at www.avistautilities.com, along with other energy-saving information.

Information on energy assistance programs and payment options offered by Avista to help qualifying customers is available at www.avistautilities.com.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 362,000 customers and natural gas to 322,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.5 million. Avista's primary, non-utility subsidiary is Ecova, an energy and sustainability management company with over 700 expense management customers, representing more than 600,000 sites. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.

This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2012 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2013.

To unsubscribe from Avista's news release distribution, send a reply message to Shirley.wolf@avistacorp.com.

View the original article here

Read More