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CALGARY, Alberta, Aug. 17, 2018 (GLOBE NEWSWIRE) -- PRD Energy Inc. ("PRD" or the "Company") is pleased to provide an update on the status of its liquidation and the anticipated timing of its dissolution.
PRD is currently discharging all of its obligations and completing all other acts required to liquidate its business. PRD's assets, as at June 30, 2018, were comprised of cash on hand of approximately $796,000 and accounts receivable of approximately $39,280. Included in the accounts receivable was approximately $37,500 from a former director and officer of the Company. Effective July 16, 2018, the accounts receivable was settled for a payment to the Company of an aggregate amount of $27,920.
The liabilities of PRD, as at June 30, 2018, were comprised of accounts payable related to general and administrative expenses of approximately $21,342. PRD expects to complete its liquidation and dissolution and the final distribution of the net proceeds of its liquidation in the fourth quarter of 2018.
For more information, please contact:
Michael Greenwood, Chairman and Chief Executive Officer (403) 604-6501
Forward looking information
This news release contains forward-looking statements and information within the meaning of applicable securities laws including statements regarding the liquidation and dissolution of PRD and the final distribution to PRD shareholders and expected timing thereof.
Although PRD believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based upon currently available information to PRD. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in forward-looking statements. Risks include, but are not limited to: receipt of all required regulatory approvals, changes in tax laws, the ability to liquidate the remaining assets of the Company and make distributions to shareholders and the ability to dissolve PRD. Readers are cautioned to not place undue reliance on forward-looking statements.
The statements in this news release are made as of the date of this release, and, except as required by applicable law, PRD does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. PRD undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PRD or the transactions discussed herein.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
SHERMAN OAKS, Calif., Aug. 17, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated oil and gas company, announces the receipt of irrevocable subscriptions from 35 arm’s length parties for an aggregate of 5,922,849 common shares at prices ranging from US$0.70 to US$0.81, and 1,906,110 common share purchase warrants, for gross proceeds of an aggregate US$4,412,030. Each warrant shall entitle the holder to acquire one common share of the Company at exercise prices ranging from US$0.94 to US$1.50 per common share expiring 24 months from the date of issuance.
The Company has also received an irrevocable subscription from an arm’s length party for 250 debenture units of the Company at $1,000 per debenture unit for gross proceeds of US$250,000. Each debenture unit shall consist of (i) one $1,000 principal amount convertible unsecured debenture, and (ii) 1,250 transferable common share purchase warrants. Each debenture will have a term of 12 months and shall bear interest at a rate of 10% per annum and at the option of the holder will be convertible into 1,250 common shares of the Company at US$0.80 per share in accordance with the terms and conditions set out in the debenture. Each warrant shall entitle the holder thereof to acquire one additional common share of the Company at a price of US$1.00 per share until the date that is 12 months from the date of issuance.
In addition, the Company is negotiating definitive terms with an arm’s length lender for the proposed issuance of (i) a US$3,300,000 principal amount (including an original issue discount of 10%) secured convertible debenture, and (ii) an up to US$9,500,000 draw down unsecured non-convertible debenture. The secured convertible debenture would be issued pursuant to the issuance of three debenture units of the Company at $1,000,000 per debenture unit for gross proceeds of US$3,000,000 (not including an original issue discount of 10%). Each debenture unit shall consist of (i) one US$1,100,000 principal amount convertible secured debenture, and (ii) 250,000 transferable common share purchase warrants. Each debenture will have a term of 12 months and shall bear interest at a rate of 5% per annum payable at maturity and at the option of the holder will be convertible into 3,000,000 common shares of the Company at US$1.00 per share in accordance with the terms and conditions set out in the debenture. Each warrant shall entitle the holder thereof to acquire one additional common share of the Company at a price of US$1.10 per share until the date that is 12 months from the date of issuance. The Company has agreed to pay an arm’s length finder 300,000 common shares (10% of the principal amount of the convertible debenture at a deemed price equal to the conversion price of the convertible debenture) for the introduction to the lender. The unsecured non-convertible debenture would include an initial advance of US$100,000, would be callable at any time by the Company, accrue interest at 10% per annum payable monthly and mature after 12 months. In connection with the issuance of the unsecured non-convertible debenture, it is proposed that the lender, Bay Private Equity Inc., would be issued 950,000 commitment shares in consideration for its commitment of the line of credit of up to US$9,500,000.
The net proceeds will be used by the Company for use on its extraction technology in Asphalt Ridge, Utah, for potential acquisitions of new oil sands resources, and for working capital. Closing of the transactions are subject to approval of the TSX Venture Exchange and the directors of the Company. All securities issued pursuant to the above noted transactions would be subject to a four-month hold period.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. In addition, the Company, through its wholly owned subsidiary, PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including: closing of the above noted transactions; and the Company successfully developing block chain technology for the oil and gas industry and the anticipated benefits of such technology, are intended to identify forward-looking information. Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion of the resources. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: receipt of the approval of the TSX Venture Exchange and the directors of the Company for the transactions; successfully negotiating definitive terms with the lender for the secured convertible debenture and unsecured non-convertible debenture; closing conditions being met; PetroBLOQ successfully developing and implementing a blockchain-based supply chain management system, the blockchain-based supply chain management system being adopted by energy participants, and the producing the benefits anticipated. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: uncertainties inherent in the estimation of resources including whether any reserves will ever be attributed to the Company’s properties; PetroBLOQ not having the expertise and/or funds necessary to develop and implement a blockchain-based supply chain management system; PetroBLOQ not being able to develop the blockchain technology to completion; blockchain technology not being adopted by the oil and gas industry; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and ability by the Company to raise capital; litigation; the commercial and economic viability of the Company’s oil sands hydrocarbon extraction technology, and other proprietary technologies developed or licensed by the Company or its subsidiaries, which are of experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company to maintain its mineral lease holdings; potential failure of the Company’s business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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.
Petroteq Energy Inc.
DENVER, Aug. 17, 2018 (GLOBE NEWSWIRE) -- QEP Resources, Inc. (NYSE: QEP) (the “Company”) announced today that members of the Company’s senior management will participate in Enercom’s The Oil & Gas Conference on Monday, August 20, 2018, at 4:45 p.m. ET (2:45 p.m. MT). A link to the webcast will be available at www.qepres.com. Attendees should log in to the webcast approximately 15 minutes prior to the presentation’s start time.
QEP Resources, Inc. (NYSE:QEP) is an independent crude oil and natural gas exploration and production company focused in two regions of the United States: the Northern Region (primarily in North Dakota and Utah) and the Southern Region (primarily Texas and Louisiana). For more information, visit QEP Resources' website at: www.qepres.com.
William I. Kent, IRC
Revenue, EBITDA and profit increase between periods
Key figures from the interim financial statements
Hörður Arnarson, CEO:
“Landsvirkjun’s operations continue to develop in a positive way. The first half of 2018 is the highest revenue half recorded in the Company’s history, partly due to increased energy sales and higher aluminium prices. Profit before unrealized financial items, which is the criterion we preferably focus on, amounted in USD 87 million and increased by 15% from the same period prior year. The Company’s net debt decreased by USD 50 million from the beginning of the year, after a temporary decrease in debt reduction due to an extensive construction period.
A corner stone was set in Burfell II hydro power station, Landsvirkjun’s eighteenth power station, and the station commissioned at the end of June. The station will be taken into full operation in August 2018. Earlier, Theistareykir geothermal power station was taken into full operation in April 2018.”
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, SWITZERLAND, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Oslo, 17 August 2018
Reference is made to the stock exchange announcement dated 15 August 2018 regarding the result of the subsequent offering where SeaBird Exploration Plc ("SeaBird" or the "Company") allocated 156,250,000 new shares (the "Offer Shares").
The Company announced that the Offer Shares were expected to be delivered to the investors and admitted to trading on or about 20 August 2018. The Company currently expects that the Offer Shares will be delivered to the investors and admitted to trading on 21 August 2018.
The Offer Shares may not be transferred or traded before they are issued and registered in the Norwegian Central Securities Depository. The Company will send an announcement when the Offer Shares are issued.
For further information, please contact:
Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22 40 27 18
CFO SeaBird Exploration
Phone: +47 22 40 27 17
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Seabird Exploration:
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data.
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