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Africa Oil Second Quarter of 2013 Financial and Operating Results

Posted on 4:42 PM by Unknown | No comments

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three and six months ended June 30, 2013.

On the back of the successful exploration activities in Kenya during 2012, the Company, together with its partners, continues to ramp up its exploration program in Kenya and Ethiopia. Entering the year, two Tullow-Africa Oil joint venture rigs were operating in Kenya and one joint venture rig was operating in Ethiopia. A fourth Tullow-Africa Oil joint venture rig has been secured and is expected to commence testing and drilling operations in Kenya on Blocks 10BB and 13T during October 2013. The Company, as operator, and its partner in Block 9 (Kenya) have secured a fifth rig, which will commence drilling operations in September 2013. In addition, the Company and its partners in Block 7/8 (Ethiopia) have secured a sixth rig, which will commence drilling operations in September 2013. For a period, the Company will have six drilling rigs operating and expects to exit the year with five rigs operating in the region. The Company plans to have drilled ten exploration wells and to have tested four wells across its exploration blocks during 2013 During the first half of the year, the Company completed a series of well tests at both Twiga South-1 and Ngamia-1 on Blocks 13T and 10BB in Kenya, respectively. These successful well tests confirmed over 5,000 barrels of oil per day ("bopd") flow potential per well and a doubling of our previous estimates of net oil pay. Ekales-1, the next exploration well in the Basin Bounding Fault Play and on trend with Ngamia-1 and Twiga South-1, commenced drilling in July. Transient Pressure Analysis has been conducted on the Twiga South-1 and Ngamia-1 well tests. No pressure depletion was recorded over the duration of the tests. Flow periods ranged from 0.5 to 2.5 days and build up periods ranged between 3 to 12 days. Upon completing testing operations at Ngamia-1 in Block 10BB, the Weatherford 804 rig mobilized to the Ekales-1 well in Block 13T. The Ekales prospect is located on the main basin bounding fault midway between the Ngamia-1 and Twiga South-1 discoveries and is targeting the same formations that were productive in these discoveries. The well spud in July and is expected to be completed around end September. In July, the Company announced a new major oil discovery at Etuko-1. Etuko-1 is located 14 kilometers east of Twiga South-1 in Block 10BB and is the first test of the Basin Flank Play in the eastern part of the Basin. The well encountered approximately 40 meters of net oil pay in the Auwerwer and Upper Lokhone targets and approximately 50 meters of additional potential net pay in the Lower Lokhone interval. The well will be tested later in the year. In July, the Company reported that the Sabisa-1 well on the South Omo Block in Ethiopia, the most northerly well drilled on the Tertiary rift trend to date, had confirmed a viable hydrocarbon system with oil and heavy gas shows. Based on the encouragement of the results, the decision was made to drill the Tultule-1 as the next well on the South Omo Block. This well is expected to spud around the end August. In the first quarter of 2013, the Company and its operating partners on Block 10A completed drilling the Paipai-1 exploration well. The Paipai-1 well tested a large four-way closed structure with Cretaceous-age sandstone targets at multiple depths. Paipai-1 spudded in September 2012 and completed drilling in the first quarter of 2013 to a total depth of 4,255 meters. Light hydrocarbons were encountered while drilling a 55 meter thick gross sandstone interval. Attempts to sample the reservoir fluid were unsuccessful and the hydrocarbons encountered while drilling were not recovered to surface. The Company and its partners were unable to test the well at the time due to the unavailability, in country, of testing equipment capable of handling the higher reservoir pressures encountered at this depth. As a result, the well has been temporarily suspended pending further data evaluation. The Company and its partner on Block 9 are currently planning to drill one exploration well in 2013. Block 9 is in the Cretaceous rift basin on trend with the South Sudan oil fields and the play concept was confirmed by the recent Paipai-1 well drilled in Block 10A. Two major prospects, Bahasi-1 and Sala-1, with large volume potential have been identified. The Company, as operator, and its partners in Block 9 have completed construction of the access road and well site for the Bahasi-1 exploration well. The Greatwall GW190 rig has commenced mobilization to site and the well is expected to spud in September. The Company and its partners continue to focus on the El Kuran oil accumulation on Block 8, discovered in the early 1970's. After completing reservoir characterization studies, the Company focused efforts on testing and completion strategies for producing commercial quantities of oil and gas. The Company and its joint operating partners on Blocks 7/8 (New Age operated) are planning to drill and test the El Kuran-3 appraisal well. The well site has been constructed, erection of the rig is ongoing at site and the well is expected to spud in September 2013. The Company continues to actively acquire, process and interpret 2D seismic over Blocks 10BA, 10BB, 12A, 13T and South Omo. In addition, the Company and its partner in Blocks 10BB and 13T will mobilize a 3D seismic crew to complete a 550 square kilometer 3D seismic survey over the Ngamia and Twiga structures later in 2013. In first quarter of 2013, the Company executed a PSC for the Rift Basin Area in Ethiopia. Located north of the South Omo Block, the Rift Basin Area covers 42,519 square kilometers. This block is on trend with highly prospective blocks in the Tertiary rift valley including the South Omo Block in Ethiopia, and Kenyan Blocks 10BA, 10BB, 13T, and 12A. The Company commenced acquiring a Full Tensor Gradiometry survey in May 2013, which is approximately 70% complete, and is conducting an exhaustive environmental and social impact assessment over the block in preparation for a seismic program in 2014. Africa Oil ended the quarter in a strong financial position with cash of $179.5 million and working capital of $141.2 million.

Keith Hill, President and CEO, commented, "Africa Oil is very encouraged with the results of our first three exploration wells in the Lokichar basin. Our fully funded 2013 work program is focused on drilling and testing multiple wells in the Lokichar sub-basin in Kenya in an effort to reach commercial thresholds and on drilling multiple potential basin-opening wells across its vast East African exploration acreage."

Second Quarter 2013 Financial and Operating HighlightsConsolidated Statement of Net Income (Loss) and Comprehensive Income (Loss)(Thousands of United States Dollars)Three months
ended
June 30,
2013Three months
ended
June 30,
2012Six months
ended
June 30,
2013Six months
ended
June 30,
2012Stock exchange and filing feesImpairment of intangible exploration assetsNet income (loss) and comprehensive income (loss)Net income (loss) and comprehensive income (loss) attributable to non-controlling interestNet loss and comprehensive loss attributable to common shareholdersNet loss attributable to common shareholders per shareWeighted average number of shares outstanding for the purpose of calculating earnings per share

Operating expenses increased $3.8 million for the three months ended June 30, 2013 compared to the prior year due mainly to an increase of $6.5 million in stock-based compensation relating to the 5,673,500 options granted in the current period. The increase was offset partially by a decrease of $3.1 million in professional fees due to finder fees paid in shares during the second quarter of 2012. The remaining $0.4 million increase can be attributed to increased salary and travel related costs associated with increased headcount and operational activity.

Operating expenses increased $1.2 million for the six months ended June 30, 2013 compared to the prior year due mainly to an increase of $6.6 million in stock-based compensation relating to the 5,673,500 options granted in the current period. The increase was offset by a decrease of $3.2 million in professional fees due to finder fees paid in shares and $3.1 million in impairment of intangible exploration assets relating to the abandonment of Blocks 7 and 11 in Mali during the prior period. The remaining $0.8 million increase can be attributed to increased salary and travel related costs associated with increased headcount and operational activity.

Financial income and expense is made up of the following items:

Three months
ended
June 30,
2013Three months
ended
June 30,
2012Six months
ended
June 30,
2013Six months
ended
June 30,
2012Fair value adjustment - warrants

The loss on revaluation of marketable securities is the result of a decrease in the value of 10 million shares held in Encanto Potash Corp which were acquired as part of the acquisition of Lion. These shares were sold during the first quarter of 2012.

At June 30, 2013, nil warrants were outstanding in AOC and 53.4 million warrants were outstanding in Horn. AOC holds 13.3 million of the warrants outstanding in Horn. The Company recorded a $0.2 million gain on the revaluation of warrants for the three months ended June 30, 2013 and a $2.9 million gain for the six months ended June 30, 2013, due to a reduction in the volatility of the shares of Horn combined with a reduction in the remaining life of the warrants. The Company will incur fair market value adjustments on the Horn warrants until they are exercised or they expire (43,868,527 expire September 20, 2013, 9,375,000 expire June 8, 2014, 156,248 expire June 11, 2014, and 15,000 expire June 18, 2014).

Interest income increased in the first six months of 2013 due to a significant increase in cash late in the fourth quarter of 2012 as a result of cash received from the non-brokered private placement in December of 2012.

The foreign exchange gains and losses are the direct result of changes in the value of the Canadian dollar in comparison to the US dollar. The Company's cash holdings are primarily in US and Canadian currency.

(Thousands United States Dollars)Accounts payable and accrued liabilitiesEquity attributable to common shareholders

The increase in total assets from December 31, 2012 to June 30, 2013 is primarily attributable to intangible asset expenditures incurred during the quarter in Kenya, Ethiopia and Puntland (Somalia).

Consolidated Statement of Cash Flows(Thousands United States Dollars)Three months
ended
June 30,
2013Three months
ended
June 30,
2012Six months
ended
June 30,
2013Six months
ended
June 30,
2012Cash flows provided by (used in):Net income (loss) and comprehensive income (loss) for the periodImpairment of intangible exploration assetsFair value adjustment - warrantsUnrealized foreign exchange lossChanges in non-cash operating working capitalProperty and equipment expendituresIntangible exploration expendituresProceeds from sale of marketable securitiesChanges in non-cash investing working capitalDeposit of cash for bank guaranteeEffect of exchange rate changes on cash and cash equivalents denominated in foreign currencyDecrease in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of period

The decrease in cash for the three and six months ended June 30, 2013 is mainly the result of intangible exploration expenditures and cash-based operating expenses.

Consolidated Statement of Equity(Thousands United States Dollars)Shares to be issued in lieu of professional feesNet loss and comprehensive loss attributable to common shareholdersTotal equity attributable to common shareholdersNon-controlling interest on issuance of Horn sharesNet income (loss) and comprehensive income (loss) attributable to non-controlling interest

The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and six months ended June 30, 2013 and the 2012 Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com).

Outlook

The Company is significantly increasing the pace of exploration. For a period during the last half of the year, the Company will have six drilling rigs operating and expects to exit the year with five rigs operating.

The Ngamia-1, Twiga South-1 and Etuko-1 light oil discoveries in the Lokichar sub-basin, combined with positive results from reservoir analysis and flow rate tests at Ngamia-1 and Twiga South-1, has led to a significant increase in the pace of exploration focused on tertiary rift basins. The Company and its joint venture partners in the tertiary rift play in east Africa plan to have four rigs operating by the end of 2013. The near term focus of these rigs is to continue drilling and testing wells in the Lokichar sub-basin in Kenya with improved efficiencies in an effort to continue building its contingent resource base, and to drill potential basin-opening wells in the Turkana, Chew Bahir, and Kerio basins in the tertiary rift play within Kenya and Ethiopia. Resources discovered to date are of a scale that the Tullow-Africa Oil joint venture partnership will initiate discussions with the Government of Kenya and other relevant stakeholders to consider development options. These discussions include consideration of a "start-up phase" oil production system with potential to deliver significant production rates with oil export via road or rail in advance of a full-scale pipeline development. The Company and its partners will continue to acquire seismic data throughout the tertiary rift in Kenya and Ethiopia in an effort to add to its existing portfolio of drill-ready prospects.

The Company and its operating partner in Block 9 in Kenya are currently mobilizing Greatwall GW190 rig to drill the Bahasi-1 exploratory well. This well which is planned to spud in September will be drilled on a large anticlinal structure targeting tertiary and cretaceous sandstones where six billion barrels of oil was discovered along trend in Sudan in a similar geologic setting. A follow-up well is also being considered in early 2014 in Block 9. The Company and its operating partners in Blocks 7/8 in Ethiopia are currently mobilizing a rig to drill a well to appraise reservoir characteristics of Jurassic carbonates on the El Kuran oil accumulation. The main focus of this well which is expected to spud in September, is to establish commercial rates with acidizing, fraccing and horizontal sidetracks being considered.

Based on the encouragement provided by the Shabeel wells, the Company and its partners entered the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which carry a commitment to drill one well in each block within an additional three year term ending October 2015. The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland Government regarding drill ready prospects in the Nugaal Valley block. The focus of the Dharoor Valley block seismic program will be to delineate new structural prospects for the upcoming drilling campaign. Horn has been in discussion with potential joint venture partners and is reviewing new venture opportunities in the region.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 250,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. Two new significant discoveries have been announced in the Lokichar basin in which the Company holds a 50% interest along with operator Tullow Oil plc. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward- looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

ON BEHALF OF THE BOARD

"Keith C. Hill", President and CEO

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.

Neither the TSX Venture Exchange nor its Regulation Services Pareto Provider Öhman (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Marauder Resources East Coast Inc.: News Release

Posted on 10:57 PM by Unknown | No comments

CALGARY, ALBERTA--(Marketwired - Aug. 28, 2013) - Marauder Resources East Coast Inc. (TSX VENTURE:MES) ("Marauder") announces that it has filed with Canadian securities authorities its interim unaudited consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2013.

Copies of the filed documents may be obtained through http://www.sedar.com/.

This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

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

Posted on 4:58 AM by Unknown | No comments

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.

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.

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Samoth Announces Private Placement

Posted on 8:49 PM by Unknown | No comments

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

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Appulse Corporation: Announcing an Exclusive Canadian Services Provider Agreement With Flottweg Separation Technology Inc.

Posted on 6:52 PM by Unknown | No comments

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Appulse Corporation (TSX VENTURE:APL) ("Appulse") today announced that its primary operating subsidiary, Centrifuges Unlimited Inc. ("CUI ") has signed an exclusive authorized services provider agreement for Canada with Flottweg Separation Technology Inc., a subsidiary of Flottweg SE ("Flottweg"), headquartered in Vilsbiburg, Germany.

Flottweg is a major centrifuge manufacturer with a strong international reputation for quality. With an annual revenue for the group exceeding 140 million euros, Flottweg exports sophisticated separation equipment to all major markets, with eight prime business centers including Flottweg Separation Technology Inc. of Independence Kentucky, covering the United States and Canada. The company is increasing its focus on the Canadian market with applications in a variety of industries currently concentrated in central and eastern Canada.

Under terms of the agreement, CUI will provide maintenance, repair and start-up services to current and future Flottweg customers in Canada. All spare parts requirements will be facilitated through CUI from a local stock of Flottweg parts. CUI will also be involved in the sale of new Flottweg machines for the industrial market. In addition, the companies have entered into preliminary discussions related to the joint development of a new decanter style centrifuge related primarily to the oil industry including drilling mud applications.

About Appulse

Through its subsidiaries, Centrifuges Unlimited Inc., Rolyn Oilfield Services Inc., and Design Machining Unlimited Inc., Appulse specializes in the sales, servicing and refurbishing of centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. The Corporation continues to pursue expansion to its product base and geographic markets, in addition to adopting a program of controlled acquisitions complementing its current activities.

Further information on Appulse and its subsidiaries can be obtained through the Corporation's website, at www.appulsecorp.net and on SEDAR at www.sedar.com. Certain statements in this release are forward looking and the reader is cautioned that such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect.

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.

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RIB MC2 Welcomes Ron Babich to Its Expanding International Team as CEO, North America

Posted on 9:36 AM by Unknown | No comments

SOURCE: RIB MC2

GLENDALE, AZ--(Marketwired - Aug 30, 2013) - RIB MC², creator of 5D Total Cost Management software solutions for the construction industry, today announced Ron Babich has been brought on board as CEO for its North America operations.

RIB Software is a successful global corporation that offers software solutions for the construction industry and currently has over 15,000 customers. Babich has extensive experience in the construction software sector, having served as Chief Revenue Officer at Hard Dollar Corporation for five years. While at Hard Dollar, he helped to grow the company to four times its previous employee size and increase revenue by 143 percent, with a consistent 32 percent year over year increase in a recessive market. Ron also led the company in the expansion into new market segments and transformed the brand from a point solution into an enterprise level platform for owners, EPCMs, and contractors in mining, oil and gas, shutdowns, turnarounds, and outages (STO), power/process and environmental industries. Ron's contributions to revenue growth were also acknowledged by Inc. 5000 as one of the fastest growing private companies in America for 2011-2013. Additionally, the Arizona Business Journal and Business Marketing Association recognized Babich as Arizona Marketer of the Year in 2012.

"I'm thrilled to join the RIB team," said Ron Babich, CEO, North America of RIB MC². "The company's longevity and sheer customer size is proof of its permanence within the industry. Its acclaimed products to owners, EPCMs and contractors are evidence of the needs the company fills in the marketplace. I could not be more eager to bring my experience with software and construction technology together to further the great work of RIB."

Prior to Hard Dollar, Babich spent 20 years in software development and technology, holding leadership roles with Telesoft Corporation, Sage SalesLogix, General Electric, and Western Savings and Loan. Babich excels in leading teams to bring enterprise software solutions into the hands of those in the construction industry by creating new market categories with innovative products. He believes in the power of progressive technology in achieving maximum ROI and transparent visibility to costs and productivity in high profile construction projects.

As CEO, North America, Babich will focus on taking the success that RIB has overseas and developing it within the United States. With headquarters in Stuttgart, Germany, the business has gained considerable market share in Germany and other locations including Guangzhou, China, and 13 additional offices globally. Babich plans to accomplish similar results on U.S. soil.

"We feel very privileged to welcome Ron to our team and couldn't have asked for a better fit for our organization," says Thomas Wolf, CEO of RIB Software. "His proven track record with enterprise solutions and his strategic experience will guide our North American division toward great success. We're confident in his abilities, and looking forward to seeing him replicate his success with us."

Babich is establishing the RIB MC² North American corporate headquarters in Glendale, Arizona and will be hiring new employees and overseeing operations. The company is expected to achieve record revenue heights this year, and Babich will be an integral part of achieving that goal.

About the RIB Group
With more than 15,000 customers, the Stuttgart-based RIB Group is one of the largest software providers in the field of technical ERP solutions for the construction industry. Established in 1961, RIB has attained a market-leading position in Germany. The world's largest construction companies, public administrations, architecture and engineering firms, and large enterprises in the field of industrial and plant construction around the globe optimize their planning and construction processes with the aid of RIB software systems. RIB is represented by its own branches in EMEA, North America, and APAC. Further information is available at www.rib-software.com.

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

Posted on 12:57 AM by Unknown | No comments

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.

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Elumelu Broadens Oil and Gas Focus, Expands Into West African Offshore Services

Posted on 3:31 PM by Unknown | No comments

Heirs Holdings Has Acquired Significant Stake in Seadrill Mobil Units (Nigeria) Limited, a West African Affiliate of NY Listed Global Offshore Drilling Company, Seadrill

LAGOS, NIGERIA--(Marketwired - Aug 29, 2013) - Tony O. Elumelu's pan-African investment vehicle, Heirs Holdings, today announced a substantial investment in Seadrill Mobil Units (Nigeria) Limited, an affiliate of one of the world's leading offshore deepwater drilling companies, Seadrill. Elumelu has been appointed as chairman of the Board of Seadrill Mobil Units.

The investment is further evidence of Elumelu's strategy of increasing African businesses participate across the oil and gas value chain, and complement existing interests in oil and gas production and exploration. Seadrill, the world's leading offshore driller is listed on both the New York and Oslo stock exchanges, operating the second largest ultra-deepwater fleet and largest premium jackup fleet in the industry with 7,500 staff in 15 countries.

Commenting on the investment, Elumelu said, "Seadrill is a significant player in the oil and gas space, with a strong track record and one of the most respected names in the industry. The partnership makes strong commercial sense, bringing together a major global player and a leading African participant in the oil and gas industry. Successful development of Nigeria's deep water oil and gas fields is of strategic importance for our country. This is an important part of our own approach of creating synergistic added value investment across the energy sector, from extraction to processing and perhaps most importantly for Nigeria, industrial production and power generation."

Commenting further, Elumelu said, ''This partnership sets the stage for greater development in our energy sector, driven by local talent and should serve as a model for further, genuine, indigenous participation, creating both economic and social impact."

Seadrill Mobil Units (Nigeria) Limited, Director Svend Anton Maier added, "The partnership with Heirs Holdings creates the right mix of global technical expertise, backed by operational excellence and sound financial management to the Nigerian market. It positions the company as a local industry leader and a truly indigenous player."

Heirs Holdings makes proprietary investments in strategic sectors throughout Africa. Through affiliates Tenoil Petroleum & Energy Services; and Transcorp Energy -- established to lead Transcorp's focus on the energy sector, Heirs Holdings has already made significant commitments to the oil exploration and production sector, through the acquisition of OPL 281, an onshore oil field with substantial gas reserves, by Transcorp and Tenoil's development of OPL 2008, which is intended to enter production in 2014.

About Heirs Holdings
Heirs Holdings is a pan-African proprietary investment company driving Africa's development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent. Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa.

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Pine Cliff Completes Acquisition of Further Working Interests in Shallow Gas Assets and Assumes Operatorship

Posted on 9:53 PM by Unknown | No comments

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

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

Pine Cliff Energy Ltd. ("Pine Cliff") (TSX VENTURE:PNE) is pleased to announce that the previously announced acquisition of additional working interests in the Monogram Unit and the Southern Alberta and Southern Saskatchewan properties (the "Assets") for cash consideration of $13.25 million, prior to adjustments, has closed.

Pine Cliff now owns a 90.7639% working interest in the Monogram Unit and an approximate 96% working interest in the Southern Alberta and the Southern Saskatchewan properties. As part of the acquisition, the asset management agreement governing Pine Cliff's interests in the Assets was terminated and Pine Cliff has assumed operatorship of the Assets.

Pine Cliff's current production levels are approximately 6,850 barrels of oil equivalent per day, weighted approximately 97% towards natural gas.

Cautionary Statements

Certain statements contained in this news release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to, production levels going forward. All such forward-looking information is based on certain assumptions and analyses made by us in light of our current experience and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may be impacted by other factors, many of which are beyond our control. Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this release is expressly qualified by this cautionary statement. This news release should not be considered a suitable source of information for readers who are unfamiliar with Pine Cliff and should not be considered in any way as a substitute for reading all of Pine Cliff's public disclosure.

Where amounts are expressed in a BOE or daily equivalent of BOE, natural gas volumes have been converted to BOE's on the basis that six thousand cubic feet of natural gas is equal to one barrel of oil. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The term BOE may be misleading, particularly if used in isolation.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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Synergy Resources to Purchase Assets in Wattenberg Field

Posted on 12:35 PM by Unknown | No comments

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.

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Detector Announces Filing of Second Quarter, 2013 Interim Financial Statements

Posted on 4:16 AM by Unknown | No comments

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") announces that Detector has filed (through SEDAR) Detector's:

(a) second quarter ended June 30, 2013 unaudited financial statements,

(b) second quarter report to the Shareholders, operations review (including management discussion and analysis).

Copies of all of these materials are available for viewing by electronic means from the SEDAR web site (www.sedar.com).

Detector is an oil and gas corporation whose shares are listed for trading on TSX Venture Exchange Inc. under the symbol DEX.

As of August 29, 2013 Detector has outstanding 11,918,701 Common Shares. Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 5,589,752 based on information provided to Detector by its insiders.

The officer responsible for issuance of this press release and who may be contacted for further information is:

Ronald E. Alexander, PresidentSuite 1100, 540 - 5th Avenue S.W.

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.

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Alvopetro Announces Second Quarter 2013 Financial and Operating Results

Posted on 6:44 AM by Unknown | No comments

Alvopetro Inc.

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

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Alvopetro Inc. ("Alvopetro" or the "Company") today announces its financial and operating results for the three and six months ended June 30, 2013. The Company's financial statements and management's discussion and analysis for the three and six months ended June 30, 2013 are available on the Company's website (www.alvopetro.com) or SEDAR (www.sedar.com).

Financial and Operating Summary
($000's except per share amounts)Funds from (used in) operations (1)Working capital (deficiency) (1)Operating netback (1) ($/Mcfe)The terms "funds from operations", "operating netback" and "working capital" are not recognized measures under IFRS. Management believes that in addition to net income, funds from operations and operating netback are useful supplemental measures as they provide an indication of the results generated by the Company's principal business activities before the consideration of how those activities are financed. Investors are cautioned, however, that these measures should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating funds from operations may differ from that of other companies, and, accordingly it may not be comparable to measures used by other companies. The Company calculates funds from operations by taking cash flow from operating activities as determined under IFRS before changes in non-cash operating working capital and abandonment expenditures. Operating netback is calculated on a per Mcfe basis taking natural gas sales and deducting royalties, operating expenses and transportation expenses. Working capital is calculated as current assets less current liabilities.

Corporate Highlights

The following are the highlights for the quarter:

In June, the Company completed the first two tranches of a $5,000,000 non-brokered private placement, raising proceeds of $1,937,000 through the issuance of 7,746,000 common shares at a price of $0.25 per share. In addition, the Company issued $200,000 of convertible debentures in April. The proceeds will be used to augment the Company's unallocated working capital and finance its operations in Brazil.

In May, Alvopetro S.A. completed the farm-in agreements for blocks 170 and 183 in the Recôncavo Basin. Both blocks are contiguous with Alvopetro S.A.'s existing acreage and offer the same tight-oil potential on trend with the Gomo member of the Candeias Formation. The acquisitions are subject to approval by the Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil (the "ANP").

In May, Alvopetro S.A. participated in the Brazilian 11th Bid Round, administered by the ANP, and successfully bid and was awarded Block REC-T 107 in the Recôncavo Basin. The block is comprised of 7,561 acres located in the southern portion of the Recôncavo Basin, near Alvopetro S.A.'s Bom Lugar field and will be subject to an ANP contract which is expected to be finalized in August 2013. The first phase work commitment consists of drilling two wells.

Natural Gas, Crude Oil and Natural Gas Liquids (NGL) Conversions

Certain crude oil and NGL volumes have been converted to cubic feet equivalent (cfe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Cfe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the well head.

Caution to Reader

This news release contains forward-looking information, including without limitation statements concerning the acquisition of the exploration blocks, the planned drilling program, and the ability to continue as a going concern. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Alvopetro at the time of preparation, may prove to be incorrect. The actual results achieved in future periods will vary from the information provided herein and the variations may be material.

The common shares of Alvopetro have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of 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. The common shares of Alvopetro have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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PetroCorp Group Inc. Announces Corporate Update and Proposed Private Placement

Posted on 4:47 AM by Unknown | No comments

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.

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Americas Petrogas Announces Second Quarter 2013 Results

Posted on 8:42 PM by Unknown | No comments

Operating Netback(1) increases $13.7 million or 234%; Increase in net revenue by 75%; Net income of $5.1 million; $36.7 million of cash, investments and financial assets

CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) - Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE:BOE) announces the Company continued to execute on its investment plan on its oil and gas properties in Argentina.

Summary Financial and Operational Highlights

Selected financial and operational information is outlined below and should be read in conjunction with the Company's condensed interim consolidated financial statements and the related Management's Discussion and Analysis ("MD&A") for the quarter, which have been filed on SEDAR under the Company's profile at www.sedar.com and are also available on the Company's website at www.americaspetrogas.com. All amounts are in Canadian dollars unless otherwise stated.

Net income: $5,121,233 in the second quarter of 2013 compared to a net loss of $4,731,206 for the equivalent period of 2012. This is the second consecutive quarter that the Company has reported profitability. Net revenue: increased by $6,371,527 or 75% compared to second quarter of 2012. Cash position: $36.7 million of consolidated cash, cash equivalents, short-term investments, and available-for-sale financial assets as of June 30, 2013. Oil sales volume: during the second quarter of 2013, the Company continued to produce and sell oil primarily from its Medanito Sur conventional block. During the second quarter of 2013, sales volume averaged 2,398 bopd (net), an increase of 70% over the second quarter of 2012 of 1,409 bopd (net). Operating netback: for the second quarter of 2013, operating netback (excluding Oil Plus benefits) was $44.72 per barrel and operating netback (including Oil Plus benefits) was $89.51 per barrel. For the second quarter of 2012, operating netback was $45.68 per barrel. Oil Plus benefits: during the second quarter of 2013, the Company recognized $11.2 million of Oil Plus benefits (related to production and reserve increases). This is in addition to $3.4 million recognized in the first quarter of 2013 and to $1.3 million recognized in the fourth quarter of 2012. Operating netback (including Oil Plus benefits)(1)Operating netback (excluding Oil Plus benefits) per barrel(1)Operating netback (including Oil Plus benefits) per barrel(1)Net income (loss) attributable to owners of the CompanyWeighted average number of common shares outstanding(3)Cash flow from operating activitiesAverage selling price per barrel

Notes:

"Operating netback" is a non-GAAP measure and is calculated as revenues from oil sales less royalties and production costs. Operating netback is used as an indicator of operating performance, profitability and liquidity. Operating netback (excluding Oil Plus benefits) excludes any Oil Plus benefits credited to production costs. Operating netback (including Oil Plus benefits) is net of any Oil Plus benefits credited to production costs. Operating netback does not have a standardized meaning prescribed by IFRS. It is unlikely for non-GAAP measures to be comparable to similar measures presented by other companies. For the three months ended June 30, 2013, operating netback including Oil Plus benefits was $19,535,145 (calculated as gross oil sales revenue of $17,224,255 less royalties of $2,368,597 plus production costs recovery of $4,679,487). For the three months ended June 30, 2012, operating netback was $5,855,237 (calculated as gross oil sales revenue of $9,729,829 less royalties of $1,245,698 and production costs of $2,628,894). For the six months ended June 30, 2013, operating netback including Oil Plus benefits was $32,701,960 (calculated as gross oil sales revenue of $33,673,901 less royalties of $4,471,378 plus production costs recovery of $3,499,437). For the six months ended June 30, 2012, operating netback was $12,937,395 (calculated as gross oil sales revenue of $21,357,636 less royalties of $3,789,881 and production costs of $4,630,360). "Funds flow from operations" is an additional GAAP measure because it is presented in the consolidated statement of cash flows. Funds flow from operations and funds flow from operations per share are used to analyze operating performance and liquidity. Funds flow from operations is calculated as net cash generated from (used by) operating activities (as determined in accordance with IFRS) before changes in non-cash balance sheet operating items. Funds flow from operations per share is calculated by dividing funds flow from operations by the weighted average number of shares outstanding. Funds flow from operations should not be considered an alternative to, or more meaningful than net cash generated from (used by) operating activities as determined in accordance with IFRS. Funds flow from operations per share should not be considered an alternative to, or more meaningful than earnings (loss) per share as determined in accordance with IFRS. Diluted weighted average number of common shares outstanding is computed by adjusting basic weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method, which assumes any proceeds received by the Company upon exercise of the in-the-money instruments would be used to repurchase common shares at the average market price for the period. For the three and six months ended June 30, 2013, 1,936,583 (three months ended June 30, 2012 - 8,372,168) and 3,359,445 (six months ended June 30, 2012 - 9,970,025) common shares were deemed to be issued for no consideration in respect of options. Working capital is a non-GAAP measure and is calculated as current assets less current liabilities. Working capital is used to assess liquidity general financial strength. Working capital does not have a standardized meaning prescribed by IFRS. It is unlikely for non-GAAP measures to be comparable to similar measures presented by other companies. Working capital should not be considered an alternative to, or more meaningful than current assets or current liabilities as determined in accordance with IFRS.

Second Quarter Highlights and Recent Developments

Ryder Scott Company estimated that the Company has 56.1 Billion Barrels of Oil Equivalent ("BOE") initially in place and 8.3 Billion BOE Recoverable in the Company's nine unconventional shale oil and shale gas properties. The report only considered the Vaca Muerta, Agrio and Los Molles shales. The report did not consider additional zones of interest such as the Quintuco, Tordillo, Mulichinco and others. During the second quarter of 2013, Petrogas Argentina obtained two loans from the Industrial and Commercial Bank of China (Argentina) S.A. in the total amount of AR$50.0 million (approximately $9.5 million). Nine (9) conventional wells were drilled during the second quarter of 2013. Earlier in 2013, drilling on Medanito Sur resulted in the discovery of new production areas, including El Alpataco, El Calden Este, Amilcar and La Meseta. In total, twenty (20) conventional wells were drilled in the first half of 2013. As well, the Company invested $12.8 million in facilities and equipment during the first half of 2013. The Company, in conjunction with its partner, ExxonMobil, continued to conduct long-term production testing on the LTE.x-1 well and continued to analyze data relating to the ALL.x-1 well and ADA.x-1 well. During the second quarter of 2013, the Company made the necessary filings and received the necessary approvals to make a Normal Course Issuer Bid ("NCIB") to buy-back some of its common shares commencing on June 21, 2013 and terminating on June 20, 2014 or such earlier date as all shares which are subject to the NCIB are purchased. Up to the current date, the Company has bought back and cancelled 207,000 common shares for a total cost of approximately $185,000.

"We are pleased with our results this quarter, generating $19.5 million of operating netback at $89.51 per barrel, including Oil Plus benefits, and $5.1 million of net income," said Barclay Hambrook, President and Chief Executive Officer. Mr. Hambrook went on to say, "The results of the Ryder Scott Company report were excellent and this report clearly highlights the large upside potential of Americas Petrogas' Neuquen Basin blocks."

For further information regarding the Company's financial results, financial position and related changes, please see the consolidated financial statements and the related MD&A.

About Americas Petrogas Inc.

Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquén Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquén Basin, Argentina. Americas Petrogas also owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration for near-surface potash, phosphates and other minerals, and potential development of a fertilizer project in Peru. Indian Farmers Fertiliser Co-operative Limited (IFFCO) owns a 20% interest in GrowMax Agri Corp. For more information about Americas Petrogas Inc., please visit www.americaspetrogas.com.

This Press Release contains forward-looking information including, but not limited to, the Company's goals and growth, estimates of reserves and resources, production and cash flows, new production areas on the Medanito Sur block, production testing of the LTE.x-1 well, analysis relating to the ALL.x-1 well and ADA.x-1 well, results of the Ryder Scott Company report, the large upside potential of Americas Petrogas' Neuquen Basin blocks, exploration, appraisal and development activities related to conventional and unconventional oil and gas, and other exploration, development and production activities in respect of the projects in Argentina and Peru. The recovery and resources estimates for the Company's properties described in this Press Release are estimates only and there is no guarantee that the estimated resources will be recovered. The actual resources for the Company's properties may be greater or less than those calculated. Additional forward-looking information is contained in the Company's MD&A for this quarter and the Company's Annual MD&A for December 31, 2012, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in those MD&A documents.

Forward-looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward-looking information reflects management's current beliefs and assumptions and is based on information, including reserves and resources information, currently available to management. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks, extensions of concessions and commitments), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity.

Although the forward-looking information contained herein is based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date hereof and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Company's securities should not place undue reliance on this forward-looking information.

The term BOE (barrels of oil equivalent) is used in this press release. All calculations converting natural gas to BOE have been made using a conversion ratio of six thousand cubic feet (six "Mcf") of natural gas to one barrel of oil, unless otherwise stated. The use of BOE may be misleading, particularly if used in isolation, as the conversion ratio of six Mcf of natural gas to one barrel of oil 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 THE RELEASE.

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Divestco Reports Q2 2013 Results

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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".

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.

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