Cuda Pétrole et Gaz Inc. annonce une étape importante de financement pour son projet de pétrole léger dans le bassin de la rivière Powder, au Wyoming

Calgary, Alberta—(Newsfile Corp. – le 5 juin 2019) – Cuda Pétrole et Gaz Inc. («Cuda» ou la «société») (TSXV: CUDA) est heureuse d’annoncer qu’elle a signé une lettre d’intention (la « LI ») pour le refinancement de sa facilité de crédit de 35 millions $ CAN (la « Facilité ») avec son prêteur institutionnel canadien ( le « Prêteur »). Le refinancement inclut une extension de la maturité de la Facilité pour un an de juillet 2019 à juillet 2020 et est sujet à une entente définitive. Les intérêts de la Facilité continueront à être composés et payables sur une base mensuelle à un taux annuel de 10,5%. En relation avec le refinancement de la Facilité, la société émettra des bons de souscription pour 1,500,000 actions ordinaires (« les « Bons ») à l’intention du Prêteur. Chaque Bon permettra au Prêteur d’acheter une action ordinaire (chaque « Action Ordinaire ») de Cuda a un prix d’exercice de 0.65$ CAN/ Action Ordinaire et se terminera 24 mois après l’émission des Bons. L’émission des Bons est sujette à l’approbation de la Bourse de croissance du TSX.

En plus, le Prêteur accepte de fournir une demande de facilité additionnelle de 8 millions $ CAN (la « Facilité Additionnelle ») qui sera due le 31 décembre 2019. Les intérêts sur la Facilité Additionnelle seront composés et payables mensuellement à un taux annuel de 10,75%. Le produit de la Facilité Additionnelle fournira un filet de sécurité financier pour le financement et l’exécution du programme d’injection de gaz naturel miscible (le « Programme ») situé sur l’unité fédérale Barron Flats (Profonde) (« BFU ») dans le comté de Converse, au Wyoming. Un test de stimulation par injection cyclique de gaz, associé au Programme, est prévu débuter en juillet 2019 au puits William Valentine # 1.

KES 7 Capital Inc (« KES 7 » agit à titre de conseiller financier pour la société.

La Facilité additionnelle est un jalon important dans le support du plan d’investissement en capital de 2019 afin de développer les importantes réserves attribuées à la société à la fin de l’année 2018. Les réserves ont été préparées conformément aux définitions, standards et procédures contenues dans le COGE Handbookan NI 51-101 – Standards of Disclosure for Oil and Gas Activities (« 51-101 ») par les évaluateurs indépendants de la compagnie Ryder Scott. Toutes les informations sur les réserves prouvées développées (« PDP ») et celles prouvées développées inexploitées (« PNP »), le total des réserves prouvées (« 1P ») et le total des réserves prouvées et probables (« 2P ») sont disponibles ci-dessous :

Réserves au 31 Décembre 2018

  • PDP + PNP est 1,534 mbep (million de baril équivalent de pétrole) (62 % pétrole & liquides)
  • 1P est 4,949 mbep (84 % pétrole & liquides)
  • 2P est 14,571 mbep (84% pétrole & liquides)

Valeur des réserves au 31 décembre 2019 (Avant taxes escompté de 10%)

  • PDP + PNP est de 26.8 M$ ou 1.22$ par action ordinaire
  • 1P est de 77.8 M$ ou 3.55$ par action ordinaire
  • 2P est 191.6 M$ ou 8.74$ par action ordinaire

En plus des conditions existantes, la Facilité Additionnelle est soumise à des frais réguliers d’opération et d’établissement et d’un retrait initial de 3.5 Millions $ CAN. La valeur requise du PDP à la fin de l’an 2019 ne doit pas être inférieure à 50 Millions S CAN basée sur le rapport d’évaluation de fin d’année de Ryder Scott.

Cuda a également acquis récemment l’unité de Cole Creek composée d’une superficie de 11 000 acres brutes (3 630 acres nets) et qui peut supporter un projet de 48 puits (16,7 puits nets) qui peut être développée avec la technologie de forage horizontal non conventionnelle.

Le bassin de la rivière Powder, et plus particulièrement le comté de Converse, continue de connaître une augmentation des activités des principales sociétés E&P pétrolières et gazières ainsi que des entreprises soutenues par du financement privé. Les différentes cibles pétrolières du bassin, et superposées les unes aux autres en profondeur, continue de donner des résultats positifs. La société a reconnu qu’il existait plusieurs opportunités supplémentaires à différente profondeur sous le Grès conventionnel du Shannon sur son territoire, et plus précisément, dans les formations géologiques du Frontier, Niobrara et Muddy. Ces opportunités constituent la base d’un développement ultérieur des ressources sur les terrains de la société.

À propos de Cuda Pétrole et Gaz Inc.

Cuda Pétrole et Gaz Inc. est engagée dans des activités d’exploration, de développement et de production de pétrole et de gaz naturel, ainsi que dans l’acquisition de propriétés pétrolières et gazières partout en Amérique du Nord. Les membres de l’équipe de direction de Cuda collaborent étroitement depuis plus de 20 ans au sein de sociétés fermées et ouvertes et ont déjà fait leurs preuves sur le plan de l’excellence du rendement réalisé par les actionnaires. Cuda continuera à mettre en œuvre sa stratégie éprouvée en matière d’exploration, d’acquisition et d’exploitation en se concentrant à long terme sur ses éléments d’actif recelant de vastes ressources de pétrole léger en Amérique du Nord, y compris sa vaste expérience en exploitation aux États-Unis. L’équipe de direction de Cuda possède de l’expérience dans une gamme complète de domaines, soit la géotechnique, l’ingénierie, la négociation et les finances, qu’elle met à profit pour prendre ses décisions en matière de financement.

Pour plus d’informations, veuillez contacter:

Glenn Dawson
Président et chef de la direction
Cuda Oil and Gas Inc.
(403) 454-0862

Mise en garde relative aux énoncés prospectifs

Le présent communiqué de presse contient des « énoncés prospectifs ». Tous les énoncés autres que les énoncés de faits passés qui se trouvent dans le présent communiqué de presse sont des énoncés prospectifs qui comportent certains risques et incertitudes et sont fondés sur des prévisions de résultats opérationnels ou financiers futurs, des estimations de montants ne pouvant être établis à l’heure actuelle et les hypothèses de la direction. Plus particulièrement, les énoncés prospectifs qui figurent dans le présent communiqué de presse portent sur les éléments suivants : (i) les termes du refinancement proposés pour la facilité de crédit et l’émission de bons de souscription au Prêteur; (ii) les activités d’exploration et de développement ainsi que l’échéancier de ses activités; (iii) l’échéancier des développements opérationnels relié aux installations d’injection de gaz naturel miscible de la société; et (iv) les estimations des réserves et la valeur des réserves qui comportent des évaluations implicites que les réserves peuvent être produites de façon rentables, de par leur nature. Ces énoncés sont basés sur certaines hypothèses de la société concernant les conditions actuelles et les futurs développements anticipés incluant des hypothèses concernant: (i) l’exécution de l’entente définitive concernant le refinancement; (ii) toutes les autorisations de tierces parties ou réglementaires seront obtenues; et (iii) les perspectives et opportunités commerciales. Les facteurs de risque qui pourraient faire en sorte que les résultats prévus par ces énoncés prospectifs ne se réalisent pas comprennent les exigences permanentes en matière de permis, les résultats effectivement tirés des activités d’exploration et de développement en cours, les risques opérationnels, les risques associés aux forages et aux complétions de puits, incertitude des données techniques et géologiques, l’accès aux capitaux, les conditions qui règnent sur le marché, l’accessibilité des sources d’énergie de rechange et la nature de ces sources, les conclusions des évaluations économiques et les changements apportés aux paramètres des projets au fur et à mesure que les plans continuent d’être peaufinés, ainsi que les prix futurs du pétrole et du gaz naturel. Bien que Cuda aient tenté d’identifier les facteurs importants qui pourraient faire en sorte que les résultats effectivement obtenus diffèrent considérablement de ceux qui sont prévus, estimés ou voulus, d’autres facteurs pourraient aussi intervenir en ce sens. Toutefois, il ne peut y avoir aucune assurance que ces énoncés prospectifs se révéleront exacts, puisque les résultats réels et les événements futurs pourraient différer considérablement de ceux que ces énoncés prévoient. Par conséquent, les lecteurs ne devraient pas se fier indûment aux énoncés prospectifs. La société décline toute intention et obligation de mettre à jour ou de réviser tout énoncé prospectif, que ce soit en raison de nouveaux renseignements, d’évènements futurs ou d’autres facteurs, à moins que la loi applicable ne l’exige.

Avis concernant le pétrole et le gaz

L’estimation de la valeur actualisée nette des revenus futurs nets attribuable aux réserves peut ne pas représenter la valeur juste marchande.

Les « bep » peuvent être trompeurs, particulièrement si on les utilise de façon isolée. Le ratio de conversion utilisé, soit six milliers pieds cubes de gaz naturel par baril d’équivalent de pétrole (6 kpi³ : 1 b), est fondé sur une méthode de conversion d’équivalence énergétique principalement applicable au bec du brûleur et ne représente pas un équivalent de valeur à la tête du puits. Compte tenu du fait que le ratio de valeur fondé sur le prix actuel du gaz naturel par rapport à celui du pétrole brut est très différent de l’équivalence énergétique de 6:1, l’utilisation d’un tel ratio peut donner lieu à une indication trompeuse de la valeur.

Ni la Bourse de croissance TSX, ni son fournisseur de services de réglementation (au sens donné à ce terme dans les politiques de la Bourse de croissance TSX) ne sont responsables de l’exactitude ou de l’exhaustivité du présent communiqué.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45387

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Cuda Oil and Gas Inc. Announces a Financial Milestone for its Light Oil Project in the Powder River Basin, Wyoming

Calgary, Alberta–(Newsfile Corp. – June 5, 2019) – Cuda Oil and Gas Inc. (TSXV: CUDA) (“Cuda” or the “Company“) is pleased to announce it has signed a Letter of Intent (the “LOI“) to refinance its CAD $35 million credit facility (the “Facility“) with its Canadian institutional lender (the “Lender“). The refinancing includes the extension of the maturity of the Facility by one year from July 2019 to July 2020, subject to a definitive agreement. Interest on the Facility will continue to compound monthly at a rate of 10.5% per annum, payable monthly. In connection with the refinancing of the Facility, the Company will issue 1,500,000 common share purchase warrants (the “Warrants“) at the Lender’s option. Each Warrant will entitle the Lender to purchase one common share (each a “Common Share“) of Cuda at an exercise price of CAD $0.65/Common Share and will expire up to 24 months after the issuance of the Warrants. The issuance of the Warrants is subject to the approval of the TSX Venture Exchange.

In addition, the Lender has agreed to provide an additional CAD $8 million demand facility (the “Additional Facility“) that is due on December 31, 2019. Interest on the Additional Facility will compound monthly at a rate of 10.75% per annum, payable monthly. The proceeds on the Additional Facility will provide a financial back-stop to fund and execute the natural gas miscible flood program (the “Program“) at the Barron Flats (Deep) Federal Unit (“BFU“) in Converse County, Wyoming. A cyclic gas-injection stimulation test, associated with the Program, at William Valentine #1 is expected to be onstream in July 2019.

KES 7 Capital Inc. (“KES 7“) is acting as financial advisor to the Company.

The Additional Facility is an integral milestone in support of the 2019 capital plan to fund the development of the significant light oil reserves assigned to the Company at year-end 2018. The reserves were prepared in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“), by the Company’s independent reserves evaluator, Ryder Scott. All reserves information for Proven Developed (“PDP“) and Proved Non-Producing (“PNP“), Total Proved (“1P“), and Proved plus Probable (“2P“) Reserves is provided below.

Reserves at December 31, 2018

  • PDP + PNP is 1,534 mboe (62 % oil & liquids)
  • 1P is 4,949 mboe (84 % oil & liquids)
  • 2P is 14,571 mboe (84% oil & liquids)

Reserve Value at December 31, 2018 (BT discounted at 10%)

  • PDP + PNP is $26.8 Million or $1.22 per basic common share
  • 1P is $77.8 Million or $3.55 per basic common share
  • 2P is $191.6 Million or $8.74 per basic common share

In addition to the existing covenants, the Additional Facility is subject to customary work and facility fees and an initial draw of CAD $3.5 million. PDP values at year-end 2019 are required to be no less than CAD $50 million based on a Ryder Scott year-end reserve report.

Cuda also recently acquired the Cole Creek Unit consisting of 11,000 gross acres (3,630 acres net) which can support a 48 well (16.7 net) project that can be developed with unconventional horizontal technology.

The Powder River Basin, specifically Converse County, continues to see higher activity levels from major oil and gas E&P companies and private equity backed firms. The stack of horizontal oil targets continues to deliver positive results. The Company has recognized that several additional horizontal opportunities exist below the conventional Shannon Sand on the land base, specifically within the Frontier, Niobrara and Muddy formations. These opportunities provide for further resource development on Company lands.

About Cuda Oil and Gas Inc.
Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource- based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.

For further information please contact:

Glenn Dawson
President and Chief Executive Officer
Cuda Oil and Gas Inc.
(403) 454-0862

Forward-Looking Information
This news release contains forward-looking information. All statements other than statements of historical fact included in this news release are forward-looking information that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to: (i) the terms of the proposed refinancing of the Company’s credit facility and the issuance of the warrants to the Lender; (ii) exploration and development activities and the timing of such activities; (iii) the timing of operational developments relating to the Company’s natural gas miscible flood program; and (iv) reserve estimates and reserve values which by their nature involve the implied assessment that the reserves can be profitably produced. These statements are based on certain assumptions of the Company relating to current conditions and expected future developments including assumptions relating to: (i) the execution of definitive agreements relating to the refinancing; (ii) all necessary third party and regulatory approvals being obtained; and (iii) business prospects and opportunities. Risk factors that could prevent forward looking statements relating to Cuda and its operating activities from being realized include ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, access to capital, market conditions, the availability and nature of alternative sources of energy, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of oil and natural gas. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Oil and Gas Advisories
Estimates of the net present value of future net revenue attributable to reserves do not represent fair market value.

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil 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 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 release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45343

Aurora Solar Technologies Receives Order from Another Top-Tier Solar Cell Manufacturer

North Vancouver, British Columbia–(Newsfile Corp. – June 3, 2019) – Aurora Solar Technologies Inc. (TSXV: ACU) (the “Company“) is pleased to announce that it has received an order to supply another major China-based manufacturer of high-efficiency PERC solar cells with four DM-110e measurements systems. The systems will be shipped in June 2019. This order marks the third China-based manufacturer customer that Aurora has secured since February 2019.

“Over the past few months we have now gained orders from three of the global top ten solar cell manufacturers. These orders have followed a period of thorough competitive product evaluations by these industry leaders, demonstrating that Aurora’s products are technically and commercially superior. We are also in active discussions and evaluations with other top ten manufacturers,” said Gordon Deans, Aurora’s Chief Executive Officer. “Building these customer relationships puts the company in a strong position for future sales of all of our products – DM, Insight and Visualize, as these product lines each provide complementary value to solar cell manufacturers.”

Aurora is exhibiting its DMTM, InsightTM and VisualizeTM product lines at the SNEC trade show in Shanghai, China, from June 4 to 6. Visit us at booth 225 in hall N3.

About Aurora Solar Technologies:

Aurora’s mission is to deliver exceptional results to the photovoltaic industry through measurement, visualization and control of critical processes during solar cell manufacturing. We measure and map the results of critical cell fabrication processes, providing real-time visualization of material properties, cell parameters and production tool performance. Our products provide process engineers and production-line operators with the means to rapidly detect, analyze and correct process excursions, limit variations, and optimize processes, thereby increasing yield and profits. We are creating the quality control standard for the global photovoltaic manufacturing industry. For more information, Aurora’s website is located at www.aurorasolartech.com.

For further information contact:

Gordon Deans, P.Eng.
President and Chief Executive Officer
Aurora Solar Technologies Inc.
Phone: +1 (778) 241-5000
info@aurorasolartech.com

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45200

Advantagewon Oil Corp., Announces Completion Timing for the New Well Drilled, Releases Financial Results for Q1, 2019

Toronto, Ontario–(Newsfile Corp. – June 3, 2019) – Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the “Corporation”, “Advantagewon”, “AOC”) announced today that it had sourced equipment, and that it had completed making arrangements for the completion of the first well of the Corporation’s 2019 drilling program, where drilling commenced on the first well back on March 19th, 2019 and was completed on April 3rd, 2019. Work is to commence on the completion of two Poth Sand zones in the first well during the week of June 3-7, 2019 with production testing to follow immediately. The Corporation also released today a summary of its financial results for the three months ended March 31st, 2019.

Key highlights include:

  • Total Revenue of $ 166,839 CDN in Q1 2019 was up from $ 157,062 CDN in Q4 2018 representing an increase of 6%.

  • Total General and Administrative Expenses were reduced to $ 138,837 for the three months ended March 31st, 2019, from General and Administrative expense of $ 452,764 in Q1 2018, and $ 215,435 in Q4 2018 representing decreases of 70% and 36% respectively.

  • Net loss for the three months ended March 31st, 2019 was reduced to $ 241,597 CDN vs. $ 744,803 CDN for the three months ended March 31st, 2018 representing a decrease of 68%.

  • Fully Diluted EPS for the three months ended March 31st, 2019 remained as $0.00 vs. $0.00 for the three months ended March 31st, 2018.

The Corporation’s interim financials statements for the three months ended March 31st, 2019 are available to view in the financials section of the Corporation’s website http://www.aoc-oil.com or alternatively the interim financials can be viewed on the Corporation’s SEDAR archive page by visiting http://www.sedar.com.

About Advantagewon Oil Corp.

Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon’s common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange (“CSE”) in Canada. Advantagewon is a member of the CSE Composite Index (CSE:AOC). For more information please visit http://www.aoc-oil.com.

For further information please contact:

Mr. Charles Dove
CEO & Director
Advantagewon Oil Corp.
T: (403) 815-2440
E: charles.dove@aoc-oil.com
W: www.aoc-oil.com

Mr. Paul Haber
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501
E: paul.haber@aoc-oil.com
W: www.aoc-oil.com

Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp.
T: (647) 466-4037
E: frank.kordy@aoc-oil.com
W: www.aoc-oil.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.

– 30 –

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45241

Smartcool’s UK Division Secures Purchase Order for Heath Club Group

Energy Savings to Assist in Achieving Sustainability Targets

Vancouver, British Columbia–(Newsfile Corp. – June 3, 2019) – Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) (“Smartcool” or the “Company”) is pleased to announce that its wholly owned UK subsidiary, has received its first purchase order for a UK based Health Club. The state of the art facility incorporates a gym, exercise studios, indoor and outdoor tennis courts, badminton and squash courts, indoor and outdoor pools and spa facilities.

The installation of an ESM System to manage a chiller and several ECO3 modules to optimize the Air Handling Units (AHU’s) will be completed this week. The combined system is expected to generate about £14,000 of annual savings. Performance of the system will be monitored over the next few months with wireless real time power sensors. Should results be proven during this review period, the Company anticipates a roll out to other facilities owned and operated by this group. This first Health Club is part of a leading group of Health Clubs in the UK and Europe that currently exceed 80 facilities and growing.

Steven Martin, VP UK Operations stated “this is an exciting accomplishment for Smartcool as it opens the door to many other health and fitness organizations. The higher heat loads generated by those exercising in the facilities means higher cooling and ventilation costs. Smartcool equipment should provide a significant savings in costs while achieving Carbon Emissions improvements for the Health Club Group. Sustainability has become a much larger driving factor in deployment of Smartcool technology. We are receiving many new inquiries from organizations looking for ways to meet their Global Climate Change mandates.”

About Smartcool

Smartcool Systems Inc. provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3, ESM and ECOHome are Smartcool’s unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by up to 40%.

Total Energy Concepts (TEC), a wholly owned subsidiary of Smartcool, is a national leader in Power Protection, Energy Management, Power Quality, Facility Grounding, and Lighting Solutions that help companies improve their bottom line by reducing expenses that drastically cut into company profits. TEC focuses on a holistic approach to energy efficiency with proprietary technologies for power factor correction and third party technologies including LED, voltage conditioning and intelligent motor controls.

For more information please www.smartcool.net and www.totalenergyconcepts.com

For further inquiries please contact
Mike Kordysz
Vice President, Investor Relations
TEL +1 604 904 8632 EMAIL mike.kordysz@smartcool.net

Legal Notice Regarding Forward Looking Statements

This news release contains “forward looking statements”. Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate” and words of similar meaning. Forward-looking statements are based on management’s current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward looking statements. Forward-looking statements in this news release include those concerning the company’s belief in the growth opportunities in the UK and USA. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Risks that may prevent or delay the forward looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company’s website, www.smartcool.net.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45223

Pine Cliff Energy Ltd. Announces Closing of Strategic Acquisition, CDE Flow-Through and Common Share Equity Financings

Calgary, Alberta–(Newsfile Corp. – June 3, 2019) – Pine Cliff Energy Ltd. (TSX: PNE) (“Pine Cliff” or the “Company“) is pleased to announce that its previously announced acquisition to acquire oil and natural gas assets (the “Assets“) in the Ghost Pine area of Central Alberta for net cash consideration of $8.6 million, after estimated closing adjustments (the “Acquisition“), has now closed. Pine Cliff is also pleased to announce that is has closed both private placements of flow through shares for gross proceeds of $4.0 million (the “Flow-Through Private Placement“) and common shares for gross proceeds of $1.4 million (the “Common Share Private Placement“).

Acquisition Highlights

The Assets add growth opportunities in the Pekisko oil play, where Pine Cliff drilled its first oil well in late 2018. Based on Pine Cliff’s internal estimates, the Assets will increase Pine Cliff’s development inventory to an estimated 28 gross (27 net) Pekisko oil locations. The Assets currently produce approximately 1,600 barrels of oil equivalent (“Boe“) per day or 9,600 thousand cubic feet equivalent (“Mcfe“) per day, weighted 80% to natural gas, 7% to oil and 13% to natural gas liquids. The production from the Assets has increased Pine Cliff’s estimated annual production volumes to a range of 19,250 to 19,750 Boe per day (115,500 to 118,500 Mcfe per day), weighted 92% to natural gas.

CDE Flow-Through and Common Share Equity Financings

Pine Cliff issued by way of a non-brokered private placement, 14,492,754 “flow-through” common shares (within the meaning of the Income Tax Act (Canada)) (the “Flow-Through Shares“), at a price of $0.276 per Flow-Through Share, resulting in gross proceeds of $4.0 million. The net proceeds of the Flow-Through Private Placement will be used to incur eligible Canadian development expenses (“CDE“). Pine Cliff will, pursuant to the provisions of the Income Tax Act (Canada), incur all eligible CDE prior to March 30, 2020 of the Flow-Through Private Placement.

Pine Cliff also issued by way of a non-brokered private placement, 6,215,652 common shares (the “Common Shares“), at a price of $0.23 per Common Share, resulting in gross proceeds of $1.4 million. Insiders, including directors and officers, subscribed for a total of 2,608,695 Common Shares.

As a part of the Offered Securities, the Alberta Investment Management Corporation has increased its shareholdings in the Company by 15,142,754 Common Shares on behalf of certain of its clients.

Pine Cliff’s outstanding Common Shares as of May 31, 2019 total 327,784,193.

About Pine Cliff

Pine Cliff is an oil and natural gas company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on www.sedar.com as well as on Pine Cliff’s website at www.pinecliffenergy.com.

About Alberta Investment Management Corporation

Alberta Investment Management Corporation, AIMCo, is one of Canada s largest and most diversified high performing institutional investment managers with more than $100 billion of assets under management. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 Alberta-based pension, endowment and government funds, working closely with their clients’ to ensure investment strategies meet their clients’ long-term return objectives. For more information on AIMCo please visit www.aimco.alberta.ca.

For further information, please contact:
Philip B. Hodge – President and CEO 
Cheryne Lowe -CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com

Cautionary Statements

Certain statements contained in this news release potentially 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. In particular, this news release contains statements regarding the operational, economic, closing adjustments, production volumes guidance and financial impacts of the Acquisition on Pine Cliff and the potential growth opportunities on the Assets.

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.

Natural gas liquids and oil volumes are recorded in barrels of oil (“Bbl“) and are converted to a thousand cubic feet equivalent (“Mcfe“) using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet (“Mcf“) are converted to barrels of oil equivalent (“Boe“) using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation.

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 oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

The TSX does not accept responsibility for the accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45235

Permex Petroleum Corporation to Participate at Montreal Capital Investment Conference

Vancouver, British Columbia–(Newsfile Corp. – June 3, 2019) – Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) (“Permex” or the “Corporation”) today announced that it will be participating in the Montreal Capital Investment Conference. President and CEO Mehran Ehsan will be meeting with investors and financial professionals to discuss the company’s operational plans for the second half of 2019 and the various milestones it looks to achieve for corporate growth.

Capital Event Conferences will host the event at the DoubleTree by Hilton Montreal on June 7-9, 2019. The conference introduces growth companies (Resource, Technology, Biotech, Special Situations) to active top-level capital finance individuals through a day of scheduled one-on-one meetings.

About Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) www.permexpetroleum.com

Permex Petroleum is a uniquely positioned junior Oil & Gas company with assets and operations across the Permian Basin of west Texas and the Delaware Sub-Basin of New Mexico. The company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The company through its wholly owned subsidiary Permex Petroleum US Corporation is a licensed operator in both states; and owns and operates on Private, State and Federal land.

About Capital Investment Conferences

Capital Investment Conferences produces 7 conferences per year across North America and the Bahamas. Attendees include leading public and private issuers and a range of investors consisting of large book brokers, fund managers, and high net worth investors. Capital Event’s unique format allows principals to establish new and lasting relationships that lead to financings, open market support, and increased awareness with key contacts in the investment community.

CONTACT INFORMATION

Permex Petroleum Corporation
Mehran Ehsan
President, Chief Executive Officer & Director
(604) 259-2525

Scott Kelly
CFO, Corporate Secretary & Director
(604) 259-2525

Or for Investor Relations, please contact:
admin@permexpetroleum.com

CAUTIONARY DISCLAIMER STATEMENT:

Neither Canadian Securities Exchange, OTCMarkets nor their Regulation Services Providers (as that term is defined in their respective policies) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45207