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TSX Venture Exchange: AFE
CALGARY, July 22 /CNW/ - Antler Creek Energy Corp. is pleased to announce that it received approval from its shareholders to change its name to "Pinecrest Energy Inc." ("Pinecrest" or the "Company") from "Antler Creek Energy Corp." at the Company's annual and special meeting of shareholders held July 21, 2010.
The Company is also pleased to announce that the Board of Directors has approved an increase to the 2010 the capital budget from $17.5MM to $25MM to facilitate additional land acquisitions the Company may wish to pursue over the course of the 2010 fiscal year.
Pinecrest is budgeting to exit 2010 with a cash balance of approximately $3.5 million.
The information in this press release contains certain forward-looking statements. These statements relate to future events or our 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", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Pinecrest's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. Pinecrest's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Pinecrest will derive from them. Except as required by law, Pinecrest undertakes no obligation to publicly update or revise any forward-looking statements.
Barrels of Oil Equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6MCF:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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 news release.
SOURCE ANTLER CREEK ENERGY CORP.
For further information: For further information: Pinecrest Energy Inc., Suite 500, 255 - 5th Avenue S.W., Calgary, Alberta, T2P 3G6, Wade Becker, President and CEO, email@example.com or Dan Toews, V.P. Finance & CFO, firstname.lastname@example.org, Tel: (403) 817-2550 or Fax: (403) 817-2599