CUT BANK, MT, May 14, 2012 /CNW/ – Mountainview Energy Ltd. (“Mountainview” or the “Company”) (MVW:TSX-V) is pleased to announce that further to its previously announced proposed:
acquisition of certain oil and gas assets located in the Williams and Lake Frances areas of Pondera County, Montana, which consist of: (i) 15,520 gross (15,520 net) acres of developed land producing approximately 66 gross (42 net) boe/d of natural gas; and (ii) 40,583 gross (31,593 net) acres of undeveloped land (the “Pondera Assets”);
acquisition of a certain compressor plant, related ancillary equipment and field wellhead equipment and pipelines related to the Pondera Assets (the “Pondera Equipment”);
acquisition of certain non-producing oil and natural gas assets located in the Medicine Lake prospect in Divide County, North Dakota and Sheridan County, Montana, consisting of approximately 44,181 gross (8,836 net) acres of undeveloped land (the “Medicine Lake Assets” and collectively with the Pondera Assets and the Pondera Equipment, the “Assets”);
continuance of the Company into the Province of Alberta (the “Continuance”),
The holders of common shares of Mountainview (“Mountainview Shareholders”) have approved the acquisition of the Assets and the Continuance and such transactions have closed. Mountainview Shareholders overwhelmingly supported the acquisition of the Assets and the Continuance, with 100% of Mountainview Shareholders that voted in person or by proxy at the special meeting of Mountainview Shareholders voting in favour of the transaction.
Following the completion of the acquisition of the Assets, Mountainview’s oil and gas production is now 192 boe/d and Mountainview’s undeveloped land position is an aggregate of 92,000 gross (23,550 net) acres in the Williston Basin and an aggregate of 78,382 gross (70,000 net) acres in the South Alberta Bakken play.
Forward Looking Statement Disclaimer and Other Cautionary Statements
This press release contains forward looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. More particularly, this press release contains statements concerning the anticipated use of funds from the Facility and certain related matters. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and may be based on assumptions that could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Although Mountainview believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Mountainview can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Mountainview may not be able to obtain the necessary shareholder, regulatory and stock exchange approvals on the timelines it has planned or at all. The transactions to be considered at the Meeting will not be completed at all if these approvals are not obtained. Accordingly, there is a risk that such transactions will not be completed within the anticipated time or at all.
The forward looking statements contained in this press release are made as of the date hereof and Mountainview undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (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 (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
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.Back to top