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.
About Mapan
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.
[expand title=”Advisories & Contact”]ADVISORY: This press release contains forward looking statements. More particularly, this press release contains forward looking statements relating to management’s plans and strategies, timing of commencement of trading on a consolidated basis, capital expenditure budget for the remainder of 2014 and first quarter of 2015 and the nature of the expenditures, expected 2014 and 2015 average production and commodity mix, the ability of the Corporation to fund its ongoing programs and the proposed change in year-end and the timing thereof. Although MAPAN believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because MAPAN cannot give assurances 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. Risks include risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that MAPAN will derive therefrom. Additional information on these and other factors that could affect MAPAN 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 press release are made as of the date hereof and MAPAN does not undertake any 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.
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
403-536-5771
rwalls@mapanenergy.com
Paris Energy Inc.
Jennifer Dugdale
Chief Financial Officer
403-536-5773
jdugdale@mapanenergy.com
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