Ivanhoe Mines files an updated NI 43-101 technical report for the Kamoa-Kakula Copper Project

Vancouver, British Columbia–(Newsfile Corp. – March 22, 2019) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announced today that, further to its news release of February 6, 2019, the company has filed an updated National Instrument 43-101 (NI 43-101) technical report covering the independent pre-feasibility studies for the development of the Kakula and Kansoko copper mines at the Kamoa-Kakula Project in the Democratic Republic of Congo (DRC).

The technical report also includes an updated, expanded preliminary economic assessment for the overall integrated development plan for the Kamoa-Kakula Project.

The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines, Zijin Mining Group, Crystal River Global Limited and the DRC government. All figures in the NI 43-101 technical report are on a 100%-project basis unless otherwise stated.

The NI 43-101 technical report was independently prepared by OreWin Pty Ltd. of Adelaide, Australia; Amec Foster Wheeler E&C Services Inc. (a division of Wood PLC) of Reno, USA; SRK Consulting Inc. of Johannesburg, South Africa; KGHM Cuprum R&D Centre Ltd. of Wroclaw, Poland; Stantec Consulting International LLC of Arizona, USA; DRA Global of Johannesburg, South Africa; Golders Associates of Vancouver, Canada and Johannesburg, South Africa; and Epoch Resources (Pty) Ltd. of Johannesburg, South Africa.

The report – titled Kamoa-Kakula Integrated Development Plan 2019 – has been filed on the SEDAR website at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com.

Information contacts

Investors

Bill Trenaman +1.604.331.9834

Media

North America: Kimberly Lim +1.778.996.8510
South Africa: Jeremy Michaels +27.82.772.1122

Website www.ivanhoemines.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43622

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Scandium International Closes Private Placement Financing

Vancouver, British Columbia–(Newsfile Corp. – March 22, 2019) – Scandium International Mining Corp. (TSX: SCY) (“Scandium International” or the “Company”) is pleased to announce that it has closed a previously announced private placement of 5,926,301 shares at C$0.18 per share for gross proceeds of C$1,066,734. The primary investor was Rothschild Asset Management, but the equity placement also reflects a unanimous participation from the Company’s Board members. No commissions or fees were paid on the transaction.

The proceeds from the financing will be used for general working capital, and specifically for the advancement of the Company’s Nyngan Scandium Project in NSW, Australia.

All securities issued under the private placement will be subject to a Canadian hold period expiring four months after the closing date. The securities will also be subject to restrictions on resale under U.S. federal securities laws. Closing of the private placement is subject to stock exchange approval.

Eight directors of the Company participated in the private placement for an aggregate of 1,561,151 shares for aggregate proceeds of $281,007, representing 0.5% of the Company’s issued and outstanding common shares. Each director’s participation in the Private Placement constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation requirements and the minority shareholder requirements of MI 61-101 contained in Section 5.5(a) and Section 5.7(1)(a) on the basis that the fair market value of the transaction involving insiders was not more than 25% of the Company’s market capitalization.

For inquiries to Scandium International Mining Corp, please contact:

Edward Dickinson (CFO)
Tel: (775) 233-7328

George Putnam (CEO)
Tel: (925) 208-1775

Email: info@scandiummining.com

The securities offered 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 within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43602

Canlan Achieved Its Sixth Consecutive Year of Record Revenue and EBITDA in 2018 and Continues Dividend

Burnaby, British Columbia–(Newsfile Corp. – March 22, 2019) – Canlan Ice Sports Corp. (TSX: ICE) (the “Corporation”)  today reported its financial results for the fourth quarter and year ended December 31, 2018. The Corporation also announced the continuation of its dividend for Q1 2019.

Highlights of 2018

  • Revenue of $87.6 million increased $2.2 million or 2.6% compared to 2017;
  • Operating margin increased to 23.3% from 21.9% a year ago;
  • EBITDA of $14.7 million rose $1.9 million or 14.7% compared to 2017; and
  • Cash flow from operations increased by $1.6 million or 14.9% compared to 2017.

Fourth Quarter and Annual Results

    For the 3 months ended     For the year ended  
          December 31           December 31  
(in thousands)   2018     2017     2018     2017  
Revenue $ 24,799   $ 24,278   $ 87,638   $ 85,411  
Operating expenses:                        
  Salaries, wages and benefits   8,317     8,457     32,769     32,874  
  Selling and customer service   2,796     2,432     11,303     11,320  
  Utilities   1,666     1,797     6,889     7,604  
  Cost of goods sold   1,637     1,597     5,697     5,735  
  Repairs and maintenance   2,089     1,210     5,730     4,576  
  Property tax   852     861     3,433     3,404  
  Facility lease   332     348     1,380     1,188  
Total operating expenses   17,689     16,702     67,201     66,701  
    7,110     7,576     20,437     18,710  
G&A expense   1,577     2,074     5,767     5,919  
EBITDA1 $ 5,533   $ 5,502   $ 14,670   $ 12,791  
EBITDA per share $ 0.41   $ 0.41   $ 1.10   $ 0.96  
Depreciation   1,776     1,706     6,929     6,951  
Interest   490     511     2,029     2,110  
Loss (gain) on interest rate swap   570     (85 )   209     (1,027 )
Loss (gain) on foreign exchange   (64 )   (3 )   (91 )   24  
Income taxes   497     939     1,111     1,176  
Net earnings $ 2,264   $ 2,434   $ 4,483   $ 3,557  
Net earnings per share $ 0.17   $ 0.18   $ 0.34   $ 0.27  
_____________________
1 Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles EBITDA to its net earnings.
  

Key Balance Sheet Figures (in thousands):            
As at December 31:   2018     2017  
Assets            
     Cash and cash equivalents $ 19,845   $ 18,629  
     Property plant and equipment   99,582     98,596  
     Investment properties       550  
     Assets held-for-sale   596      
     Other assets   8,912     7,945  
Total assets $ 128,935   $ 125,720  
Liabilities and Equity            
     Interest bearing debt $ 52,525   $ 56,020  
     Accounts payable and accrued liabilities   12,567     10,105  
     Deferred revenue   12,881     13,209  
     Other liabilities   1,138     1,188  
Total liabilities   79,111     80,522  
     Share capital and contributed surplus   63,652     63,652  
     Foreign currency translation reserve   3,775     2,365  
     Deficit   (17,603 )   (20,819 )
Total shareholders’ equity   49,824     45,198  
Total liabilities and equity $ 128,935   $ 125,720  

Fourth Quarter Results
(three months ended December 31, 2018 compared with three months ended December 31, 2017)

  • Q4 revenue of $24.8 million increased by $0.5 million or 2.1% due to higher contract-rental revenue, growth in youth and adult soccer leagues, pricing of adult hockey leagues and incremental food & beverage revenue;

  • Operating costs of $17.7 million, increased by $1.0 million or 5.9% mainly due to higher repairs and maintenance expenses incurred during Q4 2018 compared to prior year; and

  • EBITDA was $5.5 million consistent with 2017.

2018 Year End Results
(year ended December 31, 2018 compared with year ended December 31, 2017)

  • Revenue of $87.6 million increased by $2.2 million or 2.6% compared to 2017;

  • Main drivers of increase were pricing and growth in youth soccer leagues, hockey tournament registrations, and contract ice/field rentals;

  • Total facility operating costs of $67.2 million in 2018 increased moderately by $0.5 million or 0.7% compared to 2017;

  • Increases in repairs and maintenance expenses were partially offset by reduced utility expenses. In addition, staffing levels were optimized to gain efficiencies that resulted in flat labour costs on a year-over-year basis;

  • The relatively low increase in operating costs yielded a higher operating margin of 23% compared to 22% a year ago;

  • Corporate G&A expenses of $5.8 million decreased by $0.2 million or 2.6% compared to 2017 mainly due to decreased labour costs and professional fees;

  • After G&A, EBITDA of $14.7 million, increased by $1.9 million or 14.7% compared to 2017; and

  • After recording a total of $10.2 million related to finance costs, depreciation, foreign exchange, and income tax expense, net earnings for the year was $4.5 million or $0.34 per share compared to $3.6 million or $0.27 per share a year ago.

“Our success in 2018 resulted from a tremendous amount of hard work in all areas of our business,” said Canlan’s CEO, Joey St-Aubin. “The team executed a labour optimization plan, continued our energy reduction program, continued to rollout new menu offerings in our restaurants, and achieved improvements in our tournament operations with a newly formed Sport Tourism division. We asked a lot from our team; the results demonstrate that the team delivered, and I want to thank and congratulate the Canlan crew for a great 2018 year.”

“Increased operating earnings also contributed to stronger cash flow from operations,” added Canlan’s CFO, Ivan Wu. “This enables us to continue making improvements to our infrastructure, maintain our building envelopes, and target strategic opportunities for investment to expand our portfolio.”

Dividend Policy

Canlan’s Board of Directors has approved the continuation of the Corporation’s quarterly dividend policy and declared eligible dividends totaling $0.025 per common share that will next be paid on April 16, 2019 to shareholders of record at the close of business March 29, 2019. Canlan’s Board of Directors reviews the Corporation’s dividend policy on a quarterly basis. Canlan’s dividend is designated as an “eligible” dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.

“For 2019, we are very excited about the Leafs Ice Centre acquisition that was just recently announced. In addition, we want to continue moving the needle on cost efficiencies to improve margins and cash flow company-wide. This enables us to put emphasis on R&D and innovation, and to create new revenue streams that help position us to take advantage of investment opportunities,” said Mr. St-Aubin.

Canlan’s financial statements and Management’s Discussion & Analysis for the year ended December 31, 2018 will be available via SEDAR on or before March 29, 2019.

About Canlan

Canlan Ice Sports Corp. is the North American leader in the development, operations and ownership of multi-purpose recreation and entertainment facilities. We are the largest private sector owner and operator of recreation facilities in North America and currently own, lease and/or manage 21 facilities in Canada and the United States with 60 ice surfaces, as well as five indoor soccer fields, and 15 sport, volleyball, and basketball courts. To learn more about Canlan please visit www.icesports.com.

Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol “ICE.”

Caution concerning forward-looking statements

Certain statements in this News Release may constitute ”forward looking” statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this News Release, such statements may use such words as ”may”, ”will”, ”expect”, ”believe”, ”plan” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this News Release. These forward-looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Corporation’s markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive.

For more information:

Canlan Ice Sports Corp.
Ivan Wu
Chief Financial Officer
604 736 9152

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43595

Black Iron Announces Private Placement Financing

Toronto, Ontario–(Newsfile Corp. – March 21, 2019) – Black Iron Inc. (TSX: BKI) (OTC Pink: BKIRF) (FSE: BIN) (“Black Iron” or the “Company”) announces it intends to complete a non-brokered private placement financing of up to 25,000,000 units of the Company (the “Units”) at a price of $0.06 per Unit for maximum gross proceeds of $1,500,000 (the “Offering”). Each Unit shall consist of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) entitling the holder to acquire a Common Share at a price of $0.09 for a period of three years from the date of issuance. In the event that the Common Shares of the Company trade at $0.15 or higher on the Toronto Stock Exchange for a period of 10 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.

The Company intends to use the net proceeds of the Offering to advance the Company’s Shymanivske project (the “Project”), including negotiations to secure essential land surface rights, to further discussions and negotiations on construction financing and for general working capital purposes. The Common Shares, Warrants and common shares underlying the Warrants will be subject to a four month and one day statutory hold period.

Closing of the Offering remains subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange. Closing of the Offering is anticipated to occur on or before March 29, 2019. In connection with the Offering, Black Iron may pay finder’s fees to eligible finders in accordance with the rules and policies of the Toronto Stock Exchange.

Black Iron also notes that benchmark 62% iron content ore continues to sell in the mid $80 per tonne range, which is well above the long-term $62 per tonne used in Black Iron’s PEA. The PEA estimates an after-tax unlevered IRR of 36% and NPV of US$1.7 billion using a 10% discount rate for a US$436 million investment to construct the initial 4Mtpa plant which is expected to produce ultra-high grade 68% iron content pellet feed. The strong economic returns expected to be generated by the Shymanivske Project reinforce the unique investment opportunity Black Iron presents by not having to build high-cost rail, powerlines or a port, as is required with the majority of other iron ore development projects globally. As noted in Black Iron’s press release dated May 2, 2018, highly regarded market analysis firm CRU recently ranked the Project at the lowest position on the business cost curve (i.e., normalized operating costs) and as the second-lowest capital intensity undeveloped pellet feed iron ore project globally.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryvyi Rih, Ukraine. The Shymanivske project contains a NI 43-101 compliant resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 31.6% total iron and 18.8% magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1% total iron and 17.9% magnetic iron, using a cut-off grade of 10% magnetic iron. Additionally, the Shymanivske project contains 188 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full mineral resource details can be found in the NI 43-101 compliant technical report entitled “Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” effective November 21, 2017 (the “PEA”) under the Company’s profile on SEDAR at www.sedar.com. The Shymanivske project is surrounded by five other operating mines, including ArcelorMittal’s iron ore complex. Please visit the Company’s website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.

Cautionary Statement

The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

For more information, please contact:

Black Iron Inc.,
Matt Simpson

Chief Executive Officer
Tel: +1 (416) 309-2138
info@blackiron.com

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled ”Risk Factors” in the Company’s annual information form for the year ended December 31, 2018 or as may be identified in the Company’s public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Project, the Offering, the mineralization of the Project, the results of the PEA, the realization of the PEA, and future plans for the Company’s development. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been 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 within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Corporate Communications:
NetworkWire (NW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkWire.com

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION TO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43593

DXI Reports Q4 and Fiscal 2018 Results

Vancouver, British Columbia–(Newsfile Corp. – March 21, 2019) – DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) (“DXI” or the “Company”), an upstream oil and gas exploration and production company operating in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia, today announced its financial results for the three and twelve months ended December 31, 2018.

2018 Key Financial and Operating Highlights are:

  1. Successfully drilled a new discovery natural gas well at the Company’s Woodrush property, north of Fort St. John, British Columbia, in March, 2018;
  1. Completed the 1st tranche of a debt financing of $520,000 with arms-length U.S. accredited investors. The loans are convertible into 8,666,666 common shares of the Company at $0.06 per share until expiry in 2022;
  1. Settled the financial contract liability with a U.S. oil and gas drilling fund through the assignment of certain non-producing, non-core leasehold interests in the Piceance Basin of Colorado; and
  1. Reduced G&A expenses by 35% to $1,082,000 from $1,673,000 for the comparative period ended December 31, 2017.

CORPORATE SUMMARY – THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2018

OPERATIONS Three months ended December 31, Twelve months ended December 31,

2018 2017 Change 2018 2017 Change
Production





   Oil and natural gas liquids (bbls/d) 52 89 -42% 62 82 -25%
   Natural gas (mcf/d) (2) 360 832 -57% 747 1,145 -35%
   Combined (BOE/d) 112 228 -51% 186 273 -32%







Realized sales prices





   Oil and natural gas liquids ($/bbl) 39.18 54.72 -28% 58.28 56.21 4%
   Natural gas ($/mcf) 3.57 1.82 96% 2.33 2.71 -14%







Operating expenses





   Oil operations ($/bbl) 43.44 25.66 69% 36.55 23.12 58%
   Natural gas operations ($/mcf) 4.52 5.07 -11% 3.61 3.33 8%







Operating netback





   Oil operations ($/bbl) -9.78 21.49 -146% 14.79 25.37 -42%
   Natural gas operations ($/BOE) -8.40 -21.02 -60% -8.73 -5.25 66%







General and administrative expenses ($/BOE) 7.25 24.07 -70% 15.91 16.78 -5%

 

FINANCIAL (CA$ thousands, except per share) Three months ended December 31, Twelve months ended December 31,

2018 2017 Change 2018 2017 Change







Revenue 307 589 -48% 1,951 2,816 -31%
Royalties 42 81 -48% 207 336 -38%







Cash flow (1) -289 -711 -59% -1,611 -1,777 -9%
Cash flow per share (basic) -0.00 -0.01 -100% -0.02 -0.03 -46%
Cash flow per share (diluted) -0.00 -0.01 -100% -0.02 -0.03 -46%







Net loss 8,739 1,286 580% 11,632 5,209 123%
Basic loss ($/share) 0.08 0.01 501% 0.11 0.08 33%
Diluted loss ($/share) 0.08 0.01 501% 0.11 0.08 33%







Capital expenditures, net of dispositions 37 274 -86% 781 456 71%







Weighted average shares outstanding (thousands)





Basic 103,606 91,567 13% 103,606 61,682 68%
Diluted 103,606 91,567 13% 103,606 61,682 68%







Debt, net of working capital


3,362 8,167 -59%

 

Note 1: “Cash flow” is a non-IFRS measure calculated by adding back settlement of decommissioning liabilities and change in operating working capital to cash flows from (used in) operating activities. See “Non-IFRS Measure” below for details.

SUPPLEMENTAL FINANCIAL INFORMATION – NON-IFRS MEASURE

Three months ended December 31, Twelve months ended December 31,
(CA$ thousands) 2018 2017 2018 2017
Cash flows from (used in) operating activities (483) (776) (891) (1,558)
Change in operating working capital 194 65 (720) (219)
Cash flow (289) (711) (1,611) (1,777)

 

RESERVES

Independent Reserves Evaluation

DXI’s reserves were evaluated by independent evaluators as at December 31, 2018 in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). GLJ Petroleum Consultants (“GLJ”) were retained by the Company to evaluate it Canadian properties and Gustavson Associates (“Gustavson”) were retained by the Company to evaluate its US properties. The reserves evaluation was based on forecast pricing as outlined in the notes to the table below entitled “Forecast Prices in 2018 Reserves Report”. Additional reserves disclosures are included in the Company’s AIF for the year ended December 31, 2018.

Summary of Reserves as at December 31, 2018(1)

Oil % of Proved
Oil Natural Gas NGL Equivalent Plus Probable
(MBBL) (MMCF) (MBOE) (MBOE) Reserves
Proved
   Developed Producing 25 1,318 51 297 27%
   Developed Non-Producing 286 13 61 6%
   Undeveloped 3,437 160 733 66%
Total Proved 25 5,041 224 1,091 99%
Total Probable 12 4 12 1%
Total Proved and Probable 37 5,045 224 1,103 100%

 

Note 1: Reserves means DXI’s working interest reserves before deduction of royalties and without including any royalty interests.

Summary of Net Present Values, Before Tax

Discounted at
(CA$ thousands) 0% 5% 10% 15% 20%
Proved
   Developed Producing 1,745 1,093 815 662 566
   Developed Non-Producing 789 436 293 216 167
   Undeveloped 8,506 3,451 1,442 392 (264)
Total Proved 11,040 4,980 2,550 1,270 469
Total Probable 46 57 60 59 57
Total Proved and Probable 11,086 5,037 2,610 1,329 526

 

Future Development Costs

(CA$ thousands) Proved Reserves Proved plus Probable Reserves
2019 5,286
2020
2021
2022
Total Undiscounted 5,286

 

Forecast Prices in 2018 Reserves Report

The following table summarizes the first five years of the forecast prices used by GLJ and Gustavson in preparing DXI Energy’s estimated reserve volumes and net present values of future net revenues in the 2018 reserves report.


GLJ
Gustavson
Year Natural gas
(AECO)
Cdn$ / mmbtu
NGL
(Edmonton
Pentanes Plus)
Cdn$ / bbl
Crude oil
(Edmonton
Par)
Cdn$ / bbl

Natural gas
(NYMEX
Henry Hub)
US$ / mmbtu
NGL
(Williams Fork
Wellhead)
US$ / bbl
Condensate
(NYMEX
WTI)
US$ / bbl
2019 1.85 67.67 63.33
3.00 35.28 56.25
2020 2.29 79.22 75.32
3.15 37.04 63.00
2021 2.67 83.54 79.75
3.35 39.39 67.00
2022 2.90 85.49 81.48
3.50 41.15 70.00
2023 3.14 87.80 83.54
3.63 42.68 72.50
2024+ See AIF for additional details

 

About DXI ENERGY INC.

DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada and has been producing commercial quantities of oil and gas since 2008. The company is publicly traded on the Toronto Stock Exchange (DXI.TO) in Canada and the OTCQB (DXIEF) in the US.

Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.’s operations or financial results, are included in DXI Energy Inc.’s reports on file with Canadian and United States securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change unless otherwise required under securities law.

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

Follow DXI Energy’s latest developments on: Facebook http://facebook.com/dxienergy and Twitter @dxienergy.

Contact:
DXI Energy Inc.

Sean Sullivan
President and CEO
604-638-5050
investor@dxienergy.com

David Matheson
CFO
604-638-5054
dmatheson@dxienergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43587

DXI Energy Announces Results of Drilling Operations in Northeast British Columbia

Vancouver, British Columbia–(Newsfile Corp. – March 20, 2019) – DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) (“DXI” or the “Company”), an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia, today announces the Company has reached TD at its b-089-E/94-H-1 drilling location at Woodrush in NE British Columbia.

Final logs of the wellbore indicate 19.8 ft. of high quality Gething gas pay to complement the Company’s growing Gething natural gas reserves at Woodrush. Further, while the well encountered 16.5 ft. of oil-stained Halfway sand, the interval is not conventional in reservoir quality. The Company has run production casing, primarily to allow for future production of the Gething natural gas interval when natural gas markets improve. The drilling and casing operation was completed under budget and without any technical and safety issues.

At least one and possibly two additional Gething gas locations were delineated by the b-089-E/94-H-1 well. Of particular significance, the Company intends to explore the economics of horizontally drilling and fracing this “unconventional” Halfway interval once the cuttings from the reservoir have confirmed the degree of oil saturation required to do so effectively.

President Sean Sullivan states,”We requested the Board in early December, 2018 to appoint me as President & CEO. We implemented a number of initiatives to create value for all shareholders. Key objectives were to a) reduce cash operating expenses and interest payments to the bare minimum; b) to source capital for the Company’s exploration efforts; c) to add Mr. Ed Aabak of Denver, Colorado, to complement Mr. Stan Page of Dallas, Texas, both seasoned oil and gas industry professionals, to the Company’s Board of Directors; d) to work cooperatively with the three First Nations impacted by our operations at Woodrush; e) to eliminate in perpetuity cash compensation for the Chairman and President & CEO; f) to obtain our required drilling license for b-089-E/94-H-1 on a timely basis, and g) to eliminate, in full, the $6,980,000 “Financial Contract Liability” on the Company’s balance sheet during 2018. All these objectives have been accomplished. While we acknowledge our disappointment in the “conventional” Halfway result in this well, we will continue to implement our expanding operational plan in NE B.C. to create value for all our stakeholders.”

About DXI ENERGY INC.

DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada and has been producing commercial quantities of oil and gas since 2008. The company is publicly traded on the Toronto Stock Exchange (DXI) in Canada and the OTCQB (DXIEF) in the US.

Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements in this press release include, but are not limited to, statements regarding the future plans of the Company, the completion and final amount raised in the capital raise financing, the final use of proceeds and that all necessary final approvals will be obtained. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.’s operations or financial results, are included in DXI Energy Inc.’s reports on file with Canadian and United States securities regulatory authorities.

We assume no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change unless otherwise required under securities law.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

Follow DXI Energy’s latest developments on: Facebook http://facebook.com/dxienergy and Twitter @dxienergy.

Contact: DXI Energy Inc.

Sean Sullivan
Director, President & CEO
604-638-5050
investor@dxienergy.com

David Matheson
CFO
604-638-5054
dmatheson@dxienergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43537

IAMGOLD Announces Westwood Gold Mine Workforce Reduction

Toronto, Ontario–(Newsfile Corp. – March 19, 2019) – IAMGOLD Corporation (TSX: IMG) (“IAMGOLD” or the “Company”) announced today that the workforce at its Westwood Gold Mine in Quebec, Canada, will be reduced by 32% through a process which commenced this week.

The decision results from both planned reductions due to the stage of mine development as well as realignment reductions due to the previously disclosed production guidance. As previously announced, Westwood production guidance for 2019 is 100,000 to 120,000 ounces, with the workforce reduction intended as a stabilizing cost control measure. IAMGOLD is developing a revised life of mine (“LOM”) plan for Westwood and expects to provide an update in the fourth quarter of 2019.

“We sincerely regret that our valued colleagues are leaving us and we are providing redeployment assistance,” said Steve Letwin, President and CEO of IAMGOLD. “We concluded that this difficult decision had to be made in conjunction with planned reductions after assessing the balance of production levels and costs. We remain focused on developing a long term plan for Westwood that is both safe and profitable. On behalf of everyone at IAMGOLD, I express appreciation to all of our Westwood employees for their continued hard work and commitment.”

About IAMGOLD

IAMGOLD (www.iamgold.com) is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. IAMGOLD is in a strong financial position with extensive management and operational expertise.

For further information please contact:

Indi Gopinathan, Investor Relations Lead, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883

Martin Dumont, Senior Analyst Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942

IAMGOLD Corporation Toll-free: 1 888 464-9999 info@iamgold.com

Please note:

This entire news release may be accessed via fax, e-mail, IAMGOLD’s website at http://www.iamgold.com and through Newsfile’s website at www.newsfilecorp.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le http://www.iamgold.com/French/accueil/default.aspx

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43517