/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 20, 2014 /CNW/ - SilverWillow Energy Corporation (TSXV:SWE) has filed its third quarter financial statements and management's discussion and analysis for the quarter ended September 30, 2014.
The Corporation has completed its cost reduction initiatives and the Corporation expects that the cash resources on hand should fund the Corporation's planned activities well into the first half of 2016. SilverWillow's Board of Directors approved a budget today of approximately $1.4 million for 2015; this spending is expected to allow the Corporation to maintain its oil sand leases in the Athabasca Oil Sands region as well as continuing regulatory work in support of the Corporation's Audet oil sands project through this period.
About SilverWillow Energy
SilverWillow Energy Corporation is a Calgary, Alberta based exploration and development company with a portfolio of exploration leases in Canada's Athabasca oil sands. To learn more, please visit www.swenergy.ca.
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "should", "expects", "plans" "intends" and other similar words or expressions is intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning the Corporation's 2014 budget and the Corporation's expectations regarding its ability to maintain its oil sands leases and continue regulatory work, and its ability to fund its planned activities into 2016. The forward-looking information in this news release is based on certain key expectations and assumptions made by SilverWillow, including its assumptions that it will not face any unexpected costs that reduce its cash reserves below those anticipated in its budget. Although SilverWillow believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SilverWillow can give no assurance that it will prove to be correct. The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. As an oil sands enterprise in the development stage, SilverWillow faces risks including those associated with exploration, development, start-up and regulatory approvals.
As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations of SilverWillow are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com.
The forward-looking information contained in this news release is made as of the date hereof and SilverWillow undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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: SilverWillow Energy Corporation
For further information: please contact Howard J. Lutley, President and Chief Executive Officer, at (403) 538-7030.