CALGARY, Dec. 11, 2012 /CNW/ - Pinecrest Energy Inc. (TSX-V: PRY) ("Pinecrest") announces the termination of the arrangement agreement dated November
20, 2012 (the "Arrangement Agreement") between it and Spartan Oil Corp. ("Spartan"). Pinecrest has received the $12.5 million break fee payable pursuant to the
Pinecrest will continue to pursue opportunities to enhance shareholder
growth through strategic acquisitions and implementation of its
waterflooding program, as previously announced. The combination of
Pinecrest's large drilling inventory, industry leading production
netback, improving capital efficiencies and attenuated corporate
decline rate will drive the growth profile of Pinecrest for the
Pinecrest is engaged in the acquisition and exploration for and
development and production of oil and natural gas in Western Canada.
Pinecrest has a significant position in the emerging, light oil Slave
Point carbonate resource play focused in the greater Red Earth area of
north-central Alberta. The common shares of Pinecrest are listed on
the TSXV under the symbol "PRY".
Forward-Looking Statement Advisory
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. In
particular, forward looking statements in this press release includes,
but is not limited to: the intent of Pinecrest to pursue opportunities
to enhance shareholder growth through strategic acquisitions and
implementation of its waterflooding program and Pinecrest's
expectations that the attributes of its assets and operations will
drive the growth profile of the Pinecrest. 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.
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.
Many of the risks and uncertainties described above and additional risk
factors are described in Pinecrest's Annual Information Form which is
available at www.sedar.com and www.pinecrestenergy.com. Readers are also referred to risk factors described in other documents
Pinecrest files with Canadian securities authorities.
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 release.
SOURCE: Pinecrest Energy Inc.
For further information:
Pinecrest Energy Inc.
President and CEO
Vice President, Finance and CFO
Tel: (403) 817-2550
Fax: (403) 817-2599