CALGARY, ALBERTA–(Marketwired – Oct. 28, 2014) – Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) (“Quattro” or the “Company“) is pleased to announce that it has filed a Form 5G with the TSX Venture Exchange (“TSXV“) and received conditional approval to purchase up to 2,437,694 common shares, being approximately 10% of the Company’s Public Float, by way of a normal course issuer bid (the “Bid“) through the facilities of the TSXV. As of the date hereof, there are 35,338,778 Common Shares of the Company issued and outstanding. The Bid will commence on October 28, 2014 and will stay open for 12 months.
The Company is engaging in a normal course issuer bid because it believes that the market price of its Common Shares does not properly reflect the underlying value of the Company.
“Quattro’s ongoing operations continue to provide a foundation for growth that is outpacing the current market value of its Common Shares”, said Leonard B. Van Betuw, President and CEO. “This fact, in combination with its successful recently completed exploratory well in Saskatchewan and pending development drilling program in Alberta, continue to support the increasing potential for material growth at Quattro for an extended period of time, a strong reason for the Corporation to establish a program for buying back Common Shares in the public market.”
The purpose of the bid is to reduce dilution of the Company’s shares and to enhance the potential future value of the Common Shares which remain outstanding, thus increasing long term shareholder value. Purchases connected with this Bid will be conducted through the offices of Jordan Capital Markets in Calgary. The Company will pay the market price of the Common Shares at the time of acquisition and will not purchase more than 2% of the total issued and outstanding common shares within any 30 day period.
A copy of the Notice may be obtained by any shareholder of the Company, without charge, by contacting the Company’s head office.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. (“QXP”) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan, with an expanding presence in Alberta. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth including reserves, production and profitability.
[expand title=”Advisories & Contact”]This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. 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.
Quattro Exploration and Production Ltd.
Leonard Van Betuw
President and Chief Executive Officer
Office (403) 984-3917 or Direct Line (587) 228-7070
leonard@qxp-petro.com
www.qxp-petro.com
[/expand]