3MV Energy Announces Joint Venture Agreement
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./
CALGARY, Aug. 5, 2014 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to announce that it has entered into a Joint Venture Agreement (the "JV Agreement") with an arm's length private company (the "JV Partner") to form a joint venture to drill, develop and exploit 3MV's Fiske property in SW Saskatchewan. The JV Partner has agreed to expend $5 million on the Fiske property to earn 50% of 3MV's interest in the Fiske property and related assets.
The JV Partner which brings management and technical expertise will be the operator under the JV Agreement.The JV Agreement will allow 3MV to rapidly develop the Company's land holdings in the Fiske area Viking play with decreased economic risk and access to greater resources and technical staff.
3MV expects to close its previously announced (see July 21, 2014 press release) agreement to sell non-Fiske assets on or before August 15th, 2014, which sale will advance the Company's goal in reducing debt and increasing production.
The JV Agreement is subject to approval from the TSX Venture Exchange.
3MV is an oil and gas exploration and development company with assets throughout west central Saskatchewan's Viking oil play.
Neither 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.
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. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by 3MV. Although 3MV believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because 3MV 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 3MV's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements contained in this document are made as of the date hereof and 3MV undertakes no obligation 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.
SOURCE 3MV Energy Inc.For further information:
CFO, VP Finance