CUT BANK, MT, July 7, 2015 /CNW/ - Mountainview Energy, Ltd.
("Mountainview" or the "Company") (TSX-V: MVW) announces the Credit
Facility issued to a wholly owned subsidiary of Mountainview,
Mountain Divide, LLC, with outstanding principal in the amount of
$49,000,000 has matured and remains
unpaid as of July 1, 2015.
Mountainview has previously disclosed certain Credit Facility
covenant breaches and default events in its year end 2014 and first
quarter 2015 financial statements. Although the lending bank has
not enacted any of its remedies in relation to the current and past
default events, it has specifically reserved all of its available
rights and remedies under the agreement.
Mountainview's executive team continues ongoing negotiations
with all creditors of the Company, including the issuing bank of
the above referenced Credit Facility. Negotiations are focused on a
comprehensive solution which would provide the Company with the
ability to sustain current operations. During this period of
negotiation, Mountainview continues its focus on maintaining
production and reducing operating and general and administrative
costs in the current depressed commodity price environment.
Mountainview cautions that there are no assurances that such
negotiations will yield satisfactory results for the Company and
its stakeholders.
About Mountainview
Mountainview Energy Ltd. is a public oil and gas company listed
on the TSX Venture Exchange, with a primary focus on the
exploration, production and development of the Bakken and Three
Forks Shale in the Williston Basin and the South Alberta
Bakken.
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements relating
to negotiations with a lender. These forward-looking statements may
include opinions, assumptions, estimates and management's
assessment of future plans and operations.
Forward-looking statements typically use words such as "will",
"anticipate", "believe", "estimate", "expect", "intend", "may",
"project", "should", "plan", and similar expressions suggesting
future outcomes, and include statements that actions, events or
conditions "may", "would", "could", or "will" be taken or occur in
the future. The forward-looking statements are based on various
assumptions including expectations regarding the nature and success
of negotiations. While the Company considers these assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect.
Forward-looking statements are subject to a wide range of
assumptions, known and unknown risks and uncertainties and other
factors that contribute to the possibility that the predicted
outcome will not occur, including the Company's possible inability
to negotiate acceptable terms with current and future lenders;
general economic conditions; failure to meet credit facility
covenants; and ability to access sufficient capital from internal
and external sources. Readers are cautioned that the foregoing list
of factors is not exhaustive.
Although Mountainview believes that the expectations represented
by such forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. As a
consequence, actual results may differ materially from those
anticipated in the forward-looking statements and you should not
rely unduly on forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
of this news release. Except as required by applicable law,
Mountainview does not undertake any obligation to publicly update
or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Mountainview Energy Ltd.