Quattro Continues Strong Advances on Its Business Plan and Provides
2014 Guidance and Operational Update
CALGARY, ALBERTA--(Marketwired - Feb 25, 2014) - Quattro
Exploration And Production Ltd. (TSX-VENTURE:QXP) ("Quattro" or the
"Company") is pleased to provide guidance on its current
operations. The Company continues with the integration of the asset
acquisitions completed in 2013 and is tracking towards its
projected average production rate of 1,250 boepd in the 1st quarter
of 2014. The production gains are anticipated to be achieved
through a combination of remediation work and consolidation of
non-operating interests within the Company's core areas, consisting
of an extensive network of processing facilities and pipeline
gathering systems.
In addition to these
efforts, the Company continues to work on further opportunities in
order to achieve the Company's goal of exiting the first quarter
with petroleum production of between 1,400 and 1,500 boepd, putting
Quattro on track towards its further goal of 2,000 boepd by the
beginning of the 3rd quarter of 2014.
The Company is also
pleased to introduce the following members to the Quattro Team;
Brent McGillivray,
P. Eng. - Manager of Operations for Western Canadian Sedimentary
Basin.
Mr. McGillivray
brings 25 years of experience with junior, intermediate and senior
oil and gas companies in Western Canada. He participated as a
member in multidisciplinary teams ranging from operations,
facilities, production, and completion to exploitation roles. He
has worked with Amoco Canada, Husky Oil, Gulf Canada, Anderson
Exploration and Ketch Resources Trust. He was a member of a
successful private junior oil and gas executive management team
that sold Westpoint Energy (formerly Slade Energy) in 2000. Mr.
McGillivray has been a professional engineer and a member of the
Association of Professional Engineers, Geologist and Geophysicists
of Alberta since 1993.
Roberto Rodriguez,
P. Eng. - Manager of Capital Projects
Mr. Rodriguez
studied the management of engineering projects at Universidad
Católica Andrés Bello inCaracas in 1998, having received a Bachelor
of Science in Mechanical Engineering from the University of
Portland in 1985. In addition to his degree, he is an ISO 9001:2008
certified principal auditor with a project management professional
license (PMP). He has also completed numerous leadership and
personal development seminars and is currently a member of the
Project Management Institute, the Association of Professional
Engineers, Geoscientists of Alberta (APEGA), and the RABQSA
International Association (now Exemplar Global). Prior to joining
Quattro, Mr. Rodriguez has held various roles including as a
Construction Engineer, Project Engineer and Manager of Engineering,
as well as a Project Manager (including Quality & HSE) Director
for PDVSA, CNRL, Husky Energy, SNC LAVALIN, and Toyo Engineering
Canada, in Venezuela, U.S.A. and Italy, residing for the past 10
years in Canada.
Sherry Crawford -
Production Accounting
Ms. Crawford
graduated from the University of Saskatchewan with a BA and
received her accounting administrative Certificates from Canadian
Armed Forces subsequently receiving her CAPPA certification from
Mount Royal College. Ms. Crawford has adapted her extensive skills
in Revenue and Production accounting positioning her to hold
various positions in these areas since 1995 with Zargon Oil and
Gas, EOG Resources, and Bonavista Energy Trust, as an employee, and
with Devon Energy and others as a consultant since 2005.
The current Quattro
Team is pleased to add these professionals in Calgary and also
welcome the contract operators of its newly-acquired Alberta and
British Columbia assets. Leonard Van Betuw, President and CEO said,
"We finished 2013 by completing the initial phases of our business
plan which formed the foundation and confidence for the addition of
2 accomplished professionals such as Brent and Roberto, along with
2 office staff, bringing the team in Calgary to 8 along with a
further 6 field operators within the core regions of the Company.
The integration of this team gives us the critical mass to
integrate further opportunities in an efficient and accretive
manner once they have been identified."
Quattro is also
pleased to announce the installation and preliminary implementation
of the proven Entero One© software which provides Quattro the
capacity to integrate engineering, production and financial
reporting into one seamless package. This addition will provide the
Company the capacity to efficiently expand and track costs both
within Canada and internationally as further opportunities
develop.
Leonard Van Betuw
added further "It is now the Company's goal to inform the
investment community of the milestones Quattro has achieved and the
future ones we are looking to exceed. To this end, we are pleased
to announce the launching of our new website at www.qxp-petro.com.
Quattro and its team encourage our shareholders both current and
future to explore the growing value proposition that Quattro
continues to be."
Quattro looks
forward to aggressively advancing its strategy of developing a
diversified low risk material growth plan established in western
Canada that provides the Company and its shareholders the certainty
that its production base will continue to profitably grow
materially both in Canada and Central America.
About Quattro
Exploration and Production Ltd.
Quattro Exploration
and Production Ltd. ("QXP") continues to focus on the conventional
exploration and developmen t of oil and natural gas reserves in
Western Canada, with an expanding presence in Alberta and BC. Our
core low risk production base will provide us the capacity to
aggressively pursue a series of high impact exploration and
development efforts in Central and South America. The company
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.
BOE
presentation:
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 & 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
BetuwPresident and Chief Executive Officer(403) 984-3917 or Direct
Line: (587) 228-7070leonard@qxp-petro.comwww.qxp-petro.com
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