Twin Butte Energy Ltd. Announces $20 Million Bought Deal Equity Financing
/NOT FOR DISSEMINATION IN THE US OR THROUGH US WIRE SERVICES/
Net proceeds of the offering will initially be used to reduce Twin Butte's existing bank indebtedness and provide further flexibility to expand Twin Butte's on-going capital investment program including both drilling and potential acquisitions.
The securities to be offered in the financing have not been and will not be registered under the
Twin Butte is a value oriented junior producer with a significant repeatable and scalable drilling inventory focused on large original oil in place and large original gas in place play types. With a stable low decline production base, the Company believes it is well positioned to live within cash flow while executing a significant capital program generating double digit organic growth. Twin Butte is committed to continuing to enhance its asset quality while focusing on per share growth.
Forward-Looking Statements - Certain information regarding Twin Butte Energy Ltd. set forth in this document, including the closing date and the use of proceeds of the offering and management's assessment of Twin Butte Energy Ltd.'s future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Twin Butte Energy Ltd.'s control, including the receipt of regulatory approvals, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources Twin Butte Energy Ltd.'s actual results, performance or achievement 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 so, what benefits that Twin Butte Energy Ltd. will derive therefrom.
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For further information: Mr. Jim Saunders, President & CEO, Mr. Alan Steele, Vice President Finance & CFO, Twin Butte Energy Ltd., 410, 396 -11th Avenue S.W., Calgary, Alberta, T2R 0C5, Phone: (403) 215-2045, Fax: (403) 215-2055
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