CALGARY, AB, Sept. 30, 2020 /CNW/ - Altura Energy Inc.
("Altura" or the "Corporation") (TSXV: ATU) announces the closing
of the September 30, 2020 asset
disposition.
As disclosed in the Corporation's June
30, 2020 news release, Altura entered into an amending
agreement to change the timing of the second transaction in the
December 4, 2019 definitive agreement
with a private company. The sale of a 5.5% working interest
in the Corporation's production, wells, lands and facilities for
cash of $3.5 million was amended to
close in four equal stages.
On September 30, 2020, Altura
closed stage two of the second transaction for the sale of a 1.375%
working interest in the Corporation's production, wells, lands and
facilities for cash of $875,000. As per the amending agreement,
stages three and four are scheduled to close on January 31, 2021 and June
30, 2021, respectively.
ABOUT ALTURA ENERGY INC.
Altura is a junior oil and gas exploration, development and
production company with operations in central Alberta. Altura
predominantly produces from the Rex member in the Upper Mannville
group and is focused on delivering per share growth and attractive
shareholder returns through a combination of organic growth and
strategic acquisitions.
READER ADVISORIES
Forward–looking Information and
Statements
This press release contains certain forward-looking information
and statements within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "budget",
"forecast", "continue", "estimate", "objective", "ongoing", "may",
"will", "project", "should", "believe", "plans", "intends",
"strategy" and similar expressions are intended to identify
forward-looking information or statements. In particular, but
without limiting the foregoing, this press release contains
forward-looking information and statements pertaining to:
- plans to close the second transaction stages three and four on
January 31, 2021 and June 30, 2021;
The forward-looking information and statements contained in this
press release reflect several material factors and expectations and
assumptions of Altura including, without limitation:
- the continued performance of Altura's oil and gas properties in
a manner consistent with its past experiences;
- that Altura will continue to conduct its operations in a manner
consistent with past operations;
- the return of industry conditions to pre-COVID-19 levels;
- the continuance of existing (and in certain circumstances, the
implementation of proposed) tax, royalty and regulatory
regimes;
- the accuracy of the estimates of Altura's reserves and resource
volumes;
- certain commodity price and other cost assumptions;
- the continued availability of oilfield services; and
- the continued availability of adequate debt and equity
financing and cash flow from operations to, among other things,
fund its planned expenditures.
Altura believes the material factors, expectations and
assumptions reflected in the forward-looking information and
statements are reasonable based on prior operating history but no
assurance can be given that these factors, expectations and
assumptions will prove to be correct particularly in the current
operating environment which is unprecedented by any standard.
To the extent that any forward-looking information contained herein
may be considered future oriented financial information or a
financial outlook, such information has been included to provide
readers with an understanding of management's assumptions used for
budgeted and developing future plans and readers are cautioned that
the information may not be appropriate for other purposes.
The forward-looking information and statements included in this
press release are not guarantees of future performance and should
not be unduly relied upon. Such information and statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking information or statements
including, without limitation:
- the COVID-19 pandemic and related disruptions in oil and gas
markets, including the duration and impacts thereof;
- changes in commodity prices including, without limitation, as a
result of COVID-19 pandemic;
- changes in commodity prices including, without limitation, as a
result of the COVID-19 pandemic and related disruptions in oil and
gas markets;
- unanticipated operating results or production declines;
- public health crises, such as the recent outbreak of COVID-19
and the related economic disruption that can result in volatility
in financial markets, disruption to global supply chains, and the
ability to directly and indirectly staff the Corporation's day to
day operations;
- changes in tax or environmental laws, royalty rates or other
regulatory matters;
- changes in development plans of Altura or by third-party
operators of Altura's properties;
- increased debt levels or debt service requirements;
- inaccurate estimation of Altura's oil and gas reserve and
resource volumes;
- limited, unfavorable or a lack of access to capital or debt
markets;
- increased costs;
- a lack of adequate insurance coverage;
- the impact of competitors; and
- certain other risks detailed from time to time in Altura's
public documents.
The forward-looking information and statements contained in this
press release speak only as of the date of this press release, and
Altura does not assume any obligation to publicly update or revise
them to reflect new events or circumstances, except as may be
required pursuant to applicable laws.
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.
SOURCE Altura Energy Inc.