|By Marketwired .||
|May 29, 2014 06:00 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/29/14 -- Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) ("Quattro" or the "Company") provides correction to News Release of May 27th, 2014, and retains of Renmark Financial Communications Inc.
During the first 3 months of 2014, the Company's average production was 1,252 boe/d and Quattro's cash-flow from operations was $ 1,814,509 or $ 0.054 per share.
Quattro Exploration and Production Ltd. exited the quarter ending March 31st, 2014 producing more than 1,500 boe/d growing from an exit rate of 1,040 boe/d at December 31st, 2014, a 45% increase in 3 months.
Furthermore, Quattro is pleased to retain the services of Renmark Financial Communications Inc. to increase its investor relations activities. "We are pleased to announce that we have selected Renmark to reinforce Quattro's profile in the financial community and enhancing the visibility of our Company as it continues to grow. We have chosen Renmark because its standards and methodologies will strengthen Quattro's message in a manner we prefer to communicate to the investing public while reaching a larger audience," noted Leonard Van Betuw, President and CEO of Quattro Exploration And Production Ltd.
Starting June 1st, as part of the agreement, Quattro will only be responsible for the cost and reimbursements of the corporations presentations organized by Renmark Financial Communications.
Renmark Financial Communications does not have any interest, directly or indirectly, in Quattro Exploration And Production Ltd. or any right or intent to acquire such interests.
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, with an expanding presence in Alberta and British Columbia. Its core low risk production base will provide the Company the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. Quattro intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.
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.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Quattro Exploration and 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 / Direct Line (587) 228-7070
Renmark Financial Communications Inc.
Laurence A. Lachance: [email protected]
Robert Thaemlitz: [email protected]
Media - Lynn Butler: [email protected]
Tel.: (416) 644-2020 or (514) 939-3989