3MV Energy Announces Close of Sale of Assets
15 Aug, 2014, 16:08 ET
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./
CALGARY, Aug. 15, 2014 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to announce that it has closed the previously announced (press release July 21, 2014) sale of assets in south west Saskatchewan (the "Transactions"). 3MV has sold a land package with corresponding production, related inventory and equipment within the property (the "Assets"). The purchase price of the Assets is $4,350,000 subject to usual adjustments..
Proceeds of the Transactions 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 TSX Venture Exchange conditionally approved sale of the Assets subject to submission of final documentation.
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.
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 website (www.sedar.com).
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
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