CALGARY, Alberta, May 02, 2016 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (the "Corporation") (TSXV:QXP) is pleased to announce that at year-end 2015 the Company’s total proven reserves increased by 150% (TP) compared to year-end 2014 to 6.602 million boe, while Proven Plus Probable Reserves (2P) were 10.977 million boe equating to a year over year increase of 166%, having a Reserve Life Index (RLI) of 15.89 years.
The Corporation also announces that it has made an application to the Alberta Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation is unable to file its audited financial statements for the year ended December 31, 2015 and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the April 29, 2016 filing deadline (the "Filing Deadline").
The Corporation's failure to file its Required Filings by the Filing Deadline is due to delays in the receipt of its 2015 reserves evaluation from its independent reserves evaluator and the need for additional accounting information related to the acquisition of Quattro (SRD) Innovations Inc. (the wholly owned subsidiary of the Corporation) which occurred in December 2015. Although not material to Quattro, these delays will cause a short delay in filing of the year end statements of Quattro.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings on or before May 21, 2016. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.4 of NP 12-203 so long as the Required Filings are outstanding.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. (“QXP”) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada. Our diversified core areas target a low risk production base focused on providing the Company the capacity to aggressively pursue a series of high impact exploration and development efforts in Canada and Central America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.
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.
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.