|By Marketwired .||
|February 27, 2014 05:00 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/27/14 -- MGM Energy Corp. (TSX:MGX) ("MGM Energy" or the "Company") announces that it has completed its formal search for a partner for its Canol shale oil lands. To date, the Company has not been successful in obtaining a partner to assist in the funding of further assessment of the Canol shale oil play and, as a result, the Company will not be drilling any additional wells in the Canol shale oil play in the upcoming winter of 2014/15.
As a result of the Company's inability to obtain a partner to assist it in funding its Canol shale play, the Company has had high level discussions with management of Paramount Resources Ltd. ("Paramount"), which owns 13.9% of MGM Energy's shares, regarding Paramount acquiring the MGM Energy shares not owned by it. Through such discussions, Paramount has indicated to MGM Energy that it is investigating potentially making a proposal to acquire all of the issued and outstanding shares of MGM Energy. However, there are no assurances that any such proposal will be made by Paramount and, if made, Paramount has indicated to MGM that such a proposal is currently expected to be at or below the current trading price of MGM Energy's shares. In addition, Paramount has indicated to the Company that it is supportive of MGM Energy searching for other strategic alternatives and if Paramount were to make a proposal, such proposal would also allow MGM Energy to search for strategic alternatives for a period of time after any definitive agreement was entered into regarding Paramount's acquisition of the Company's shares not owned by it.
The Company continues to have sufficient cash to fund its expected expenditures through to at least mid 2015.
MGM Energy also announces an update of its assessment of the shale oil initially-in-place ("OIIP") within the Canol and Bluefish formations on the Company's land holdings in the Central Mackenzie Valley, Northwest Territories.
The assessment is updated from the estimate provided in the 2012 Annual Information Form dated March 25, 2013 and is based on analysis completed by the Company from (i) the drilling, coring, logging, fracture stimulation and testing of the East MacKay I-78 well drilled in 2013, (ii) additional well data available to the Company, and (iii) further geological and geophysical work completed on the Canol shale oil play. The updated assessment was completed internally by Qualified Reserves Evaluators, and is as of December 31, 2013. The table below summarizes the estimated OIIP on a 100% gross and Company-interest basis. The estimates presented are in accordance with the definitions and guidelines in the COGE Handbook and NI 51-101.
Discovered Shale Oil Initially-In-Place - MMbbl(1)(3) -------------------------------------------------- Company Gross(5) 100% Gross(1)(4) Mean Estimate(6) Exploration Licence Mean Estimate(6) As at Dec. 31, 2013 ---------------------------------------------------------------------------- EL466 1,000 625 -------------------------------------------------- Total Discovered OIIP 1,000 625 Undiscovered Shale Oil Initially-In-Place - MMbbl(2)(3) -------------------------------------------------- Company Gross(5) 100% Gross(2)(4) Mean Estimate(6) Exploration Licence Mean Estimate(6) As at Dec. 31, 2013 ---------------------------------------------------------------------------- EL474 3,100 1,550 EL475 5,000 2,500 EL487 3,000 750 -------------------------------------------------- Total Undiscovered OIIP 11,100 4,800 Notes: (1) There is no certainty that it will be commercially viable to produce any portion of the resources. (2) There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. (3) "MMbbl" is millions of barrels at standard conditions. (4) 100% Gross means OIIP without any adjustments for working interest, royalties or other encumbrances. (5) Company Gross means OIIP with adjustments for working interest, but not for royalties or other encumbrances. (6) The mean estimate is the mean volume of OIIP from the probabilistic assessment of oil that is in place.
Discovered shale oil initially in place (equivalent to discovered resources) are those quantities of petroleum estimated on a given date to be remaining in known accumulations. Undiscovered shale oil initially in place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. It is not possible at this time to determine an estimate of what portion of the OIIP is recoverable and what portion is unrecoverable as additional drilling, seismic and development engineering is required to determine an anticipated recovery factor. A portion of the OIIP may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks. Additional information regarding the risks associated with the Canol shale oil play and the estimate of OIIP can be found in the Company's 2012 Annual Information Form dated March 23, 2013.
MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada. MGM Energy's common shares are listed on the Toronto Stock Exchange under the symbol "MGX".
Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation, including statements and information about a potential proposal from Paramount. Such forward-looking statements or information are based on information known to date and a number of assumptions which may prove to be incorrect. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy undertakes no 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.
MGM Energy Corp.
(403) 781-7801 (FAX)
MGM Energy Corp.
Chief Financial Officer
(403) 781-7801 (FAX)
Most companies hope for rapid growth so it's important to invest in scalable core technologies that won't demand a complete overhaul when a business goes through a growth spurt. Cloud technology enables previously difficult-to-scale solutions like phone, network infrastructure or billing systems to automatically scale based on demand. For example, with a virtual PBX service, a single-user cloud phone service can easily transition into an advanced VoIP system that supports hundreds of phones and ...
May. 25, 2015 07:00 AM EDT Reads: 2,700
"We have developers who are really passionate about getting their code out to customers, no matter what, in the shortest possible time. Operations are very focused on procedures and policies," explained Stan Klimoff, CTO of Qubell, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 25, 2015 06:00 AM EDT Reads: 4,748
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a ...
May. 25, 2015 06:00 AM EDT Reads: 4,607
Agility is top of mind for Cloud/Service providers and Enterprises alike. Policy Driven Data Center provides a policy model for application deployment by decoupling application needs from the underlying infrastructure primitives. In his session at 15th Cloud Expo, David Klebanov, a Technical Solutions Architect with Cisco Systems, discussed how it differentiates from the software-defined top-down control by offering a declarative approach to allow faster and simpler application deployment. Davi...
May. 25, 2015 05:45 AM EDT Reads: 5,865
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
May. 25, 2015 05:30 AM EDT Reads: 3,156
Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
May. 25, 2015 05:30 AM EDT Reads: 2,843
Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies across a variety of industries, including financial services, telecommunications, retail, pharmaceutical and media, rely on Plutora's SaaS solutions to orchestrate releases and environments faster and with integrity. Products include Plutora Release Manager, Plutora Test Environment Manager and Plutora Deployment Manager.
May. 25, 2015 05:15 AM EDT Reads: 2,865
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
May. 25, 2015 05:00 AM EDT Reads: 2,922
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize sup...
May. 25, 2015 05:00 AM EDT Reads: 5,799
Over the last few years the healthcare ecosystem has revolved around innovations in Electronic Health Record (HER) based systems. This evolution has helped us achieve much desired interoperability. Now the focus is shifting to other equally important aspects - scalability and performance. While applying cloud computing environments to the EHR systems, a special consideration needs to be given to the cloud enablement of Veterans Health Information Systems and Technology Architecture (VistA), i.e....
May. 25, 2015 05:00 AM EDT Reads: 3,970
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
May. 25, 2015 05:00 AM EDT Reads: 2,558
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. J...
May. 25, 2015 04:45 AM EDT Reads: 3,017
With the arrival of the Big Data revolution, a data professional is expected to master a broad spectrum of complex domains including data processing, mathematics, programming languages, machine learning techniques, and business knowledge. While this mastery is undoubtedly important, this narrow focus on tool usage has divorced many from the imagination required to solve real-world problems. As the demand for analysis increases, the data science community must transform from tool experts to "data...
May. 25, 2015 04:30 AM EDT Reads: 2,555
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dy...
May. 25, 2015 04:15 AM EDT Reads: 3,977
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
May. 25, 2015 04:00 AM EDT Reads: 6,247