CALGARY, ALBERTA–(Marketwired – Dec. 30, 2013) – Waldron Energy Corporation (“Waldron” or the “Corporation”) (TSX:WDN) is pleased to announce that it has closed the previously announced non-brokered private placement for 9,454,781 common shares on a flow-through basis (“Flow-Through Shares”) at $0.45 per share for gross proceeds of approximately $4.3 million.
Waldron is also pleased to announce that it has received conditional listing approval from the Toronto Stock Exchange (“TSX”) for its previously announced private placement to ANG Partners, Ltd., an associate of Mr. James W. Collins, a controlling shareholder and member of the Board of Directors of Montana Exploration Corp., for 4,444,445 Waldron common shares at $0.45 per share for gross proceeds of $2.0 million. Final approval is subject to customary closing conditions. In accordance with the executed subscription agreement of ANG Partners, Ltd., one half of the proceeds has been received by Waldron in trust pending final TSX approval of the private placement. The remaining proceeds will be received on or before January 15, 2014.
During the latter part of the fourth quarter 2013, Waldron drilled and completed a Falher horizontal exploration oil well at Crystal 16-32-44-3W5. Based on post-fracture stimulation, Waldron expects the well to be capable of 100 to 140 barrels a day of oil production when placed on production in early January. Waldron owns six net sections of land at Crystal that are mapped as prospective in the Falher zone. Workover operations at two offset 100% Waldron owned Crystal vertical wells are available to test this new oil play concept.
As part of its continual operation to optimize its Belly River oil and water flood operations in the Ferrybank area, two wells were returned to production in December 2013 adding 45 barrels a day of net oil production. Waldron has 30 shut in oil wells that can be returned to oil production as part of the 100% Waldron owned Ferrybank Belly River water flood scheme. Additionally, at Twining 16-14-31-24W4, Waldron owns 85% of a horizontal Pekisko horizontal oil well that was returned to production in late November 2013 and since then the well has averaged 70 barrels a day of net oil production. Waldron owns a second horizontal Pekisko oil well at Twining that is available for a similar project.
Waldron is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation’s common shares are currently listed on the Toronto Stock Exchange under the trading symbol “WDN.” Additional information regarding Waldron is available under the Corporation’s profile at www.sedar.com or at the Corporation’s website, www.waldronenergy.ca.
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements relating to the Corporation’s plans and other aspects of the Corporation’s anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management’s assessment of value, reserves, future plans and operations.
Forward-looking statements typically use words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “plan,” and similar expressions suggesting future outcomes, and include statements that actions, events or conditions “may,” “would,” “could,” or “will” be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to, among others: