CALGARY, ALBERTA–(Marketwired – Sept. 9, 2014) – Paris Energy Inc. (TSX VENTURE:PI) (“Paris“”) is pleased to announce it has obtained shareholder approval for a name change to Mapan Energy Ltd. (“Mapan” or the “Corporation“) as well as a share consolidation of its common shares on a 1 for 12 basis. Post- consolidation, Mapan has 71.4 million shares outstanding. It is anticipated that Mapan will commence trading on a consolidated basis under its new name at the opening of trading on September 10, 2014 under the symbol “MPG”. Letters of Transmittal have been forwarded to shareholders of Mapan to be utilized to exchange their common shares for post-consolidation shares. Additional copies of the Letter of Transmittal may be obtained by contacting Mapan or Computershare Investor Services Inc. and are also available on Mapan’s SEDAR profile at www.Sedar.com.
Mapan is also pleased to announce its planned capital budget for the remainder of 2014 and first quarter of 2015. The Corporation plans to invest $44MM on the following operations: drilling and completions $33.6 million; production optimizations; $4.0 million, seismic/land $4.0 million; and $2.4 million related to facilities and tie-ins. Current production is 6,700 BOED and is expected to average between 7,100 and 7,300 BOED in 2015. With a strong balance sheet and solid cash flow, management believes the Corporation has sufficient resources to fund its ongoing programs. To align with its peers, Mapan will also be changing its year end for reporting purposes from November 30 to December 31. Reporting for the third quarter ended September 30, 2014 will occur in November.
Mapan has also re-launched its corporate website that can be found at www.mapanenergy.com. The website has comprehensive information on the Corporation including an inaugural corporate presentation, a listing of our Management team, a listing of Directors, news and in the future, financial reports.
Mapan owns production, lands and P&NG rights in two areas of the Alberta and British Columbia Deep Basin comprised of 197,000 gross acres (155,000 net acres) of which approximately 115,000 net acres are undeveloped lands. Average production for the full year of 2014 is expected to be 6,500 BOED of which approximately 90 per cent is natural gas production. The Corporation’s management believes Mapan has considerable upside for future production and reserve growth.
Barrels of Oil Equivalent: Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1; utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Paris Energy Inc.
Richard A. Walls
President & CEO
Paris Energy Inc.
Chief Financial Officer