/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
Exchange: Toronto Stock Exchange
CALGARY, Sept. 10 /CNW/ - Berens Energy Ltd. ("Berens") announces the
sale of its Marten Hills assets for cash proceeds of $6.75 million. The
transaction is effective September 1, 2007 and is scheduled to close on or
before September 30, 2007.
"Marten Hills is a winter access area and has longer lead times for
bringing on new production than in our other areas. We will use the proceeds
from the sale in our more prospective Pembina and Deep Basin areas and to
improve our financial condition" stated Dan Botterill, President & CEO.
Current production in Marten Hills is 250 boe/d net to Berens. Total net
reserves on a proved plus probable basis as determined by GLJ Petroleum
Consultants at July 1, 2007 are 1.7 BCF of natural gas (280,000 boe). After
taking into account the sale of Marten Hills, Berens is now estimating year
end production of 3,850 to 3,950 boe/d and average 2007 production of 3,700 to
3,800 boe/d. Berens' available operating bank line is $65 million and will be
reduced to $62.5 million when the sale is closed.
Caution Regarding Forward Looking Information
This press release contains forward looking information within the
meaning of applicable securities laws. Forward looking statements may include
estimates, plans, expectations, forecasts, guidance or other statements that
are not statements of fact. Forward looking information in this Press Release
includes, but is not limited to, statements with respect to capital
expenditures and related allocations, production volumes, production mix and
commodity prices. BOE's 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.
Forward-looking statements and information are based on current beliefs
as well as assumptions made by and information currently available to Berens
concerning anticipated financial performance, business prospects, strategies
and regulatory developments. Although management considers these assumptions
to be reasonable based on information currently available to it, they may
prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks that predictions,
forecasts, projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these statements
as a number of important factors could cause the actual results to differ
materially from the beliefs, plans, objectives, expectations and
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to: crude oil and
natural gas price volatility, exchange rate and interest rate fluctuations,
availability of services and supplies, market competition, uncertainties in
the estimates of reserves, the timing of development expenditures, production
levels and the timing of achieving such levels, the Company's ability to
replace and increase oil and gas reserves, the sources and adequacy of funding
for capital investments, future growth prospects and current and expected
financial requirements of the Company, the cost of future abandonment and site
restoration, the Company's ability to enter into or renew leases, the
Company's ability to secure adequate product transportation, changes in
environmental and other regulations and general economic conditions.
The forward-looking statements contained in this press release are made
as of the date of this press release, and Berens does not undertake any
obligation to up-date publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise. This cautionary statement expressly qualifies the
forward-looking statements contained in this press release.
For further information:
For further information: Dell P. Chapman, V.P. Finance & CFO, Berens
Energy Ltd., Ph: (403) 303-3267; Daniel F. Botterill, President & Chief
Executive Officer, Berens Energy Ltd., Ph: (403) 303-3262