/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES./
CALGARY, July 21, 2014 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to announce that it has entered into an Asset
Purchase and Sale Agreement to dispose of assets in south west
Saskatchewan (the "Transaction"). 3MV has agreed to sell a land package with corresponding production,
related inventory and equipment within the property (the "Assets"). The purchase price of the Transaction is $4,350,000 less any usual
adjustments as set out in the Asset Purchase and Sale Agreement.
Closing date of the Transaction is scheduled for August 15, 2014 or
other such date agreed upon by vendor and purchaser.
The proceeds of the Transaction will be applied to reduce 3MV's
corporate liabilities as well as provide additional funds for future
acquisitions. The sale of these assets advances the Company's strategic
goal of reducing its debt load and further focuses its development
strategy on its Fiske Viking property in west central Saskatchewan.
The closing of the Transaction is subject to final approval from the TSX
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
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