CUT BANK, MT, May 15, 2013 /CNW/ - Mountainview Energy Ltd. (TSXV: MVW)
("Mountainview" or the "Company") is pleased to announce that it has filed its audited annual
consolidated financial statements ("Financial Statements") and related management's discussion and analysis ("MD&A") for the three months and year ended December 31, 2012.
As previously announced, the filing of Financial Statements and MD&A was
delayed. The initial reason for the delay was principally due to the
fact that Mountainview was preparing the materials for the first time
in accordance with U.S. GAAP. Mountainview applied for and received a
management cease trade order (the "MCTO") from the Alberta Securities Commission and the British Columbia
Securities Commission in accordance with National Policy 12-203, which
has prevented Mountainview's President & Chief Executive Officer,
Patrick Montalban, as well as its Chief Financial Officer, Angelique
Hatch, and the directors of Mountainview from trading the Company's
securities while the Company remains in filing default, but enabled all
other investors to continue trading the Company's securities.
After receiving the MCTO, it became apparent that the appropriate
accounting principles under which Mountainview was required to prepare
the Financial Statements and MD&A was International Financial Reporting
Standards ("IFRS"). Accordingly, the Company has prepared the Financial Statements and
MD&A in accordance with IFRS, which has caused an additional delay.
Pursuant to the terms of the MCTO, it is expected that the MCTO will be
lifted in two full business days.
Mountainview Energy Ltd. is a public oil and gas company listed on the
TSX Venture Exchange, with a primary focus on the exploration,
production and development of the Bakken and Three Forks Shale in the
Williston Basin and the South Alberta Bakken.
Forward Looking Statements
Certain statements in this news release including (i) statements that
may contain words such as "anticipate", "could", "expect", "seek",
"may" "intend", "will", "believe", "should", "project", "forecast",
"plan" and similar expressions, including the negatives thereof, (ii)
statements that are based on current expectations and estimates about
the markets in which Mountainview operates and (iii) statements of
belief, intentions and expectations about developments, results and
events that will or may occur in the future, constitute "forward
looking statements" and are based on certain assumptions and analysis
made by Mountainview. Forward looking statements in this news release
include, but are not limited to, statements with respect to future
capital expenditures, including the amount, nature and timing thereof;
other development trends within the China's seedling industry; business
strategy; expansion and growth of Mountainview's business and
operations and other such matters. Such forward-looking statements are
subject to important risks and uncertainties, which are difficult to
predict and that may affect Mountainview's operations, including, but
are not limited to: the impact of general economic conditions; industry
conditions; government and regulatory developments; seedling product
supply and demand; competition; and Mountainview's ability to attract
and retain qualified personnel. Mountainview's actual results,
performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or occur,
or if any of them do transpire or occur, what benefits Mountainview
will derive there from.
Mountainview maintains a forward-looking statement database which is
reviewed by management on a regular basis to ensure that no material
change has occurred with respect to such forecasts. The Company will
publicly disclose such material changes to its forward-looking
statements as soon as they are known to management.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Mountainview Energy Ltd.
For further information:
Patrick M. Montalban
President & Chief Executive Officer
Address: PO Box 200, Cut Bank, MT 59427
Web Site: www.mountainviewenergy.com
Fax: (406) 873-2835