CALGARY, Alberta, May 24, 2016 (GLOBE NEWSWIRE) — Quattro Exploration and Production Ltd. (the “Corporation“) (TSXV:QXP) provides an update regarding the filing of its financial statements and corresponding management discussion and analysis for the year ended December 31, 2015 (the “Financial Statements“). As noted in the Company’s press release dated May 4, 2016, the Company was unable to file the Financial Statements prior to the filing deadline of April 29, 2016 and at the request of the Company, Management Cease Trade Orders applicable to Leonard Van Betuw, President and Chief Executive Officer of the Company, Stacey LePla-Martin, Chief Financial Officer of the Company, and the Company’s directors were issued by applicable securities commissions in accordance National Policy 12-203. As noted previously, Quattro was unable to file the Financial Statements prior to the aforementioned filing deadline due to the fact that it had experienced delays in the receipt of its 2015 reserves evaluation from its independent reserves evaluator and the need for additional accounting information related to the acquisition of Quattro (SRD) Innovations Inc. (the wholly owned subsidiary of the Corporation) which occurred in December 2015.
Company management was able to receive the information necessary with respect to Quattro Innovations Inc. on May 20, 2016 and now has the necessary financial information required to complete the Financial Statements. Management expects that the Financial Statements will be completed and filed on or before May 30, 2016. Quattro further re-affirms that it intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.
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. Our diversified core areas target a low risk production base focused on providing the Company the capacity to aggressively pursue a series of high impact exploration and development efforts in Canada and Central America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.