Quattro Announces 2013 Third Quarter Results
November 29 2013 - 7:30AM
Marketwired
Quattro Announces 2013 Third Quarter Results
CALGARY, ALBERTA--(Marketwired - Nov 29, 2013) - Quattro
Exploration and Production Ltd. (TSX-VENTURE:QXP) ("Quattro" or the
"Company") is pleased to report financial results for its third
quarter, ended September 30, 2013.
For the nine months
ending September 30th, 2013, largely as a result of the acquisition
of producing oil and gas properties by Quattro announced on
November 5, 2013, effective January 1, 2013, the Company has
achieved production levels greater than 1072 boe/d, with the
Company's current efforts providing a clear path towards daily
average production rates of 1,100 boe/d for the full year ending
December 2013 and an exit production rate of approximately 1,200
boe/d by the end of the 4th quarter of 2013.
When the effects of
the Acquisition are included, total revenues for the nine months
ending September 30th 2013 were $11,342,127 compared with
$2,099,014 for the comparative period in 2012, greater than a 500%
increase.
"The third quarter
2013 marks the evolution of Quattro from an emerging company to a
full cycle oil and gas producer in Western Canada." stated Leonard
Van Betuw, President & CEO of the Company. "The Company
continues to grow its cash flow in Western Canada based on a
foundation of conservative cash management and a strong capital
structure. Quattro continues to evaluate additional acquisitions
and divestitures, taking aim on increasing cash flows to levels in
Western Canada that are harmonized with our international
activities in 2014."
About Quattro
Exploration and Production Ltd.
Quattro Exploration
and Production Ltd. is focused on the conventional exploration and
development of oil and natural gas reserves in Western Canada. Our
growing core of low risk production and development drilling will
provide us the capacity to aggressively pursue a series of high
impact exploration and development efforts in Central and South
America. The company intends to balance this portfolio of
activities to assure its shareholders that it achieves material
growth including reserves, production and profitability.
This release
includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events
or developments that the Company expects are forward-looking
statements. Although the Company believes the expectations
expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from
those in forward looking statements include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and those actual results or
developments may differ materially from those projected in the
forward - looking statements. For more information on the Company,
Investors should review the Company's registered filings which are
available at www.sedar.com.
This news
release shall not constitute an offer to sell or the solicitation
of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities offered have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state
securities laws.
BOE
presentation:
Barrel ("bbl")
of oil equivalent ("boe") amounts may be misleading particularly if
used in isolation. All boe conversions in this report are
calculated using a conversion of six thousand cubic feet of natural
gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on
an energy conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the well
head.
Trading in the
securities of Quattro Exploration & Production Ltd. should be
considered highly speculative. 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.
Leonard Van BetuwQuattro Exploration & ProductionPresident
and Chief Executive OfficerOffice (403) 984-3917 / Direct Line
(587) 228-7070leonard@qxp-petro.comwww.qxp-petro.com