Novus Energy Inc. Announces an Increase to its Credit Facilities and an Update on its Alberta Viking Oil Land Position
09 Ottobre 2012 - 2:00PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ CALGARY, Oct. 9, 2012 /CNW/ - Novus Energy Inc.
("Novus" or the "Company") announces that its current credit
facility of $65 million is being expanded to $85 million. The
new facility will be made up of a $75 million revolving operating
demand loan and a $10 million acquisition/development demand loan.
The new credit facility provides the Company the flexibility to
maintain a solid financial position that will enable it to fund its
future capital programs. Throughout 2012, Novus has continued to
increase its prospective land base for Viking oil in the Provost
region of Alberta. This new core area is a complementary extension
to the Company's existing Dodsland assets and provides the Company
with potentially significant future drilling opportunities on trend
to existing Viking oil assets. With 39.25 net sections having
recently been acquired, Novus now controls a total of 58 net
sections of land in the area, of which the Company believes 46 are
highly prospective for Viking oil development. This recently
assembled acreage may meaningfully increase the Company's future
drilling and development inventory. The lands the Company has
acquired are proximate to historical vertical Viking oil production
and recent successful horizontal drilling activity on both sides of
the Alberta Saskatchewan border targeting Viking oil. A map
detailing Novus' Viking land holdings is now available for viewing
on the Company's website (www.novusenergy.ca). As previously
announced, the Company has recently renewed its normal course
issuer bid allowing it to purchase up to five million of its issued
and outstanding common shares. During the course of the prior
normal course issuer bid, a total of 2.2 million shares were
purchased at an average cost of $0.73 per share. Novus Energy Inc.
is a well positioned, junior oil and gas company with a proven
management team committed to aggressive, cost-effective growth of
high netback light oil reserves and production. Novus will continue
to grow through a targeted acquisition and consolidation strategy
coupled with development and exploration drilling. With
continual evolution in lowering costs and improving production in
the Viking light oil play, Novus is poised to exhibit strong growth
in the future. Novus Shares trade on the TSX Venture Exchange under
the symbol NVS. Novus currently has 189.4 million common shares
outstanding. 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. This news release will not constitute an
offer to sell or the solicitation of an offer to buy the securities
in any jurisdiction. Such securities have not been registered under
the United States Securities Act of 1933 and may not be offered or
sold in the United States, or to a U.S. person, absent
registration, or an applicable exemption therefrom. ADVISORY
REGARDING FORWARD LOOKING STATEMENTS Certain disclosures set forth
in this press release constitute forward-looking statements. Any
statements contained herein that are not statements of historical
facts may be deemed to be forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "believes", "budget",
"continue", "could", "estimate", "forecast", "intends", "may",
"plan", "predicts", "projects", "should", "will" and other similar
expressions. All estimates and statements that describe the
Company's future, goals, or objectives, including Management's
assessment of future plans and operations, may constitute
forward-looking information under securities laws. Forward looking
statements involve known and unknown risks and uncertainties which
include, but are not limited to: exploration, development and
production risks; assessments of acquisitions; reserve
measurements; availability of drilling equipment; access
restrictions; permits and licenses; aboriginal claims; title
defects; commodity prices; commodity markets, transportation and
marketing of crude oil, liquids and natural gas; reliance on
operators and key personnel; competition; corporate matters;
funding requirements; access to credit and capital markets; market
volatility; cost inflation; foreign exchange rates; general
economic and industry conditions; environmental risks; Kyoto
protocol; and government regulation and taxation. Forward-looking
statements relate to future events and/or performance and although
considered reasonable by Novus at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated in the statements made. Novus does not undertake
any obligation to publicly update forward-looking information
except as required by applicable securities law. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect
Novus' operations or financial results are included in reports on
file with applicable securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com), and at Novus'
website (www.novusenergy.ca). The forward-looking statements and
information contained in this press release are made as of the date
hereof and Novus 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. Novus Energy Inc. CONTACT:
NOVUS ENERGY INC.Hugh G. RossPresident and CEO(403) 218-8895Ketan
PanchmatiaChief Financial Officer(403) 218-8876Julian DinVP
Business Development(403) 218-8896
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