All values are in Canadian dollars unless otherwise
indicated. Conversion of natural gas volumes to barrels of oil
equivalent (boe) are at 6:1.
CALGARY,
May 29, 2015 /CNW/ - Spyglass
Resources Corp. ("Spyglass", or the "Company") (TSX: SGL, OTCQX:
SGLRF) announces the Company and its lenders have agreed to
further extend its annual credit facility review and borrowing base
determination from May 29, 2015 to
June 30, 2015. The Company's
existing credit facility has therefore been extended until
June 30, 2015 consistent with this
revised renewal schedule. Spyglass will issue a press release once
the review has concluded.
Reader Advisory and Note Regarding Forward
Looking Information
Certain statements contained within this press
release, and in certain documents incorporated by reference into
this document constitute forward looking statements. These
statements relate to future events or 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", "budget", "plan", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions. These statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward looking statements.
In particular, this press release contains the
following forward looking statements pertaining to, without
limitation, the following: Spyglass' (i) future production volumes
and the timing of when additional production volumes will come on
stream; Spyglass' (ii) realized price of commodities in relation to
reference prices; (iii) future commodity mix; (iv) future commodity
prices; (v) expectations regarding future royalty rates and the
realization of royalty incentives; (vi) expectation of future
operating costs on a per unit basis; (vii) the relationship of
Spyglass' interest expense and the Bank of Canada interest rates; (viii) future general
and administrative expenses; future development and exploration
activities and the timing thereof; (ix) deferred tax liability; *
estimated future contractual obligations; (xi) future liquidity and
financial capacity of the Company; (xii) ability to raise capital
and to add to reserves through exploration and development; (xiii)
ability to obtain equipment in a timely manner to carry out
exploration and development activities; (xiv) ability to obtain
financing on acceptable terms, and (xv) ability to fund working
capital and forecasted capital expenditures. In addition,
statements relating to "reserves" or "resources" are deemed to be
forward looking statements, as they involve assessments based on
certain estimates and assumptions that the resources and reserves
described can be profitably produced in the future.
We believe the expectations reflected in the
forward looking statements are reasonable but no assurance can be
given that our expectations will prove to be correct and
consequently, such forward looking statements included in, or
incorporated by reference into, this press release should not be
unduly relied upon. These statements speak only as of the
date of this press release or as of the date specified in the
documents incorporated by reference in this press release.
The actual results could differ materially from those anticipated
as a result of the risk factors set forth below and elsewhere in
this press release which include: (i) volatility in market prices
for oil and natural gas; (ii) counterparty credit risk; (iii)
access to capital; (iv) changes or fluctuations in production
levels; (v) liabilities inherent in oil and natural gas operations;
(vi) uncertainties associated with estimating oil and natural gas
reserves; (vii) competition for, among other things, capital,
acquisitions of reserves, undeveloped lands and skilled personnel;
(viii) stock market volatility and market valuation of Spyglass'
stock; (ix)geological, technical, drilling and processing
capabilities; * limitations on insurance; (xi) changes in
environmental or legislation applicable to our operations, (xii)
our ability to comply with current and future environmental and
other laws; (xiii) changes in tax laws and incentive programs
relating to the oil and gas industry, and (xiv) the other factors
discussed under "Risk Factors" in the Company's 2014 Annual
Information Form.
Readers are cautioned that the foregoing lists of
factors are not exhaustive. The forward looking statements
contained in this press release and the documents incorporated by
reference herein are expressly qualified by this cautionary
statement. The forward looking statements contained in this
press release speak only as of the date thereof and Spyglass does
not assume any obligation to publicly update or revise them to
reflect new events or circumstances, except as may be required
pursuant to applicable securities laws.
Barrel of oil equivalents or BOEs may be
misleading, particularly if used in isolation. A BOE conversion
ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. As the value ratio
between natural gas and crude oil based on the current prices of
natural gas and crude oil is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis
may be misleading as an indication of value.
This press release shall not constitute an offer
to sell, nor the solicitation of an offer to buy, any securities in
the United States, nor shall there
be any sale of securities mentioned in this press release in any
State in the United States in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities law of any such
State.
SOURCE Spyglass Resources