Crew Energy Announces Revised Acquisition Terms and the Purchase of 59 Sections of Montney Rights in Northeast British Columb...
March 01 2013 - 8:00AM
Marketwired
Crew Energy Inc. ("Crew" or the Company") (TSX:CR) of Calgary,
Alberta is pleased to announce that it has purchased 59 sections of
Montney lands (the "Option Lands") in Northeast British Columbia,
exercising on a portion of and amending the option it obtained in
December 2012 as part of its Septimus/Groundbirch acquisition.
The Company, on February 28th, 2013 closed the acquisition of
approximately 59 net sections of Option Lands for a purchase price
of $20 million. These lands are contiguous or proximal to Crew's
existing lands and include approximately 31 net sections in the
Altares/Attachie liquids rich gas window and approximately 28 net
sections at Goose in the oil window of the over pressured regional
Montney complex in Northeast British Columbia.
Crew has maintained the exclusive option to acquire
approximately 81 additional net sections of land for $36 million
subject to adjustments with such payment to be comprised of cash or
a minimum of $10 million cash and the issuance of Crew common
shares at Crew's election. The option election period on the
remaining lands has been extended from March 15, 2013 to June 3,
2013. This option, if exercised, is expected to close by July 9,
2013. Completion of these transactions furthers the Company's
strategic consolidation of prospective Montney acreage in the area.
This timing is beneficial to Crew as the staged option exercise
better fits the Company's budgeting profile while allowing the
Company to further consolidate prospective Montney acreage in the
area.
Forward Looking Statements and Information
This news release contains certain forward looking statements
and information within the meaning of applicable securities laws.
In particular, but without limiting the foregoing, this news
release contains forward looking statements and information
pertaining to the anticipated completion of the acquisition of
lands in Northeast British Columbia on or about March 1, 2013 and
the expected completion and timing of the acquisition of the
remaining lands in the event the option is exercised by Crew.
Forward looking statements or information are based on a number
of material factors, expectations or assumptions of Crew which have
been used to develop such information or statements and which may
prove to be incorrect. Although Crew believes that the expectations
reflected in such forward looking statements or information are
reasonable, undue reliance should be not placed on forward looking
statements because Crew can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things, that all conditions to
closing of the transactions are satisfied or waived and the ability
of Crew to obtain financing on acceptable terms.
The forward looking statements and information contained in this
news release speak only as of the date of this news release and
Crew does not assume any obligation to publically update or revise
any of the included forward looking statements or information,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
BOE equivalent
Barrel of oil equivalents or BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 mcf:
1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. Given that the value ration based on
the current price of crude oil as compared to natural gas is
significantly different than the energy equivalency of the 6:1
conversion ratio, utilizing the 6:1 ratio may be misleading as an
indication of value.
Crew is a Calgary, Alberta based oil and gas exploration,
development and production company whose shares are traded on The
Toronto Stock Exchange under the trading symbol "CR".
Contacts: Crew Energy Inc. Dale Shwed President and C.E.O. (403)
231-8850 Crew Energy Inc. John Leach Senior Vice President and
C.F.O. (403) 231-8859 Crew Energy Inc. Rob Morgan Senior Vice
President and C.O.O. (403) 513-9628 www.crewenergy.com
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