Hunter Oil Closes Asset Sale
August 31 2018 - 3:52PM
via NetworkWire – Hunter Oil Corp. (OTCQX: HOILF; TSX-V: HOC) (the
"
Company”) is pleased to announce that it has
closed the sale of substantially all of its oil and gas operations
(the “
Assets”) to Pacific Energy Development Corp.
(the “
Purchaser”), a Nevada corporation and a
wholly-owned subsidiary of PEDEVCO Corp. (NYSE American: PED), an
arm’s length, California-based oil and gas company (the
“
Transaction”), previously announced on August 1,
2018.
The aggregate purchase price paid for the Assets
was USD $21,315,636 (the “Purchase Price”), being
approximately CAD $27,710,327. In addition, the Purchaser
assumed all of the long-term liabilities being the asset retirement
obligations associated with the oil and gas leases.
“After securing managerial control of Hunter in
Q1 of 2015, I assembled a team of nimble and efficient industry
professionals to develop the portfolio of highly distressed assets
into a turn-key, horizontal San Andres targeted drilling
opportunity. This transaction monetizes our efforts of the past
three years, and I am especially pleased to have generated a
significant return for the shareholders who supported us
throughout,” said Andrew Hromyk, Executive Chairman.
The Company expects to distribute its available
cash (less USD $2,500,000 for working capital) to its shareholders
as a return of capital distribution (the
“Distribution”). The Company plans to
announce the record date and mechanics for the Distribution as soon
as possible.
All figures herein assume a USD/CAD exchange
rate of 1.30.
Following completion of the Distribution the
Company plans to seek to locate, evaluate and where advisable
negotiate to acquire interests in additional oil and gas
properties. There is no guarantee that the Company will be
able to identify suitable oil and gas prospects, or that the
Company will be able to negotiate acceptable terms for any
prospects that it identifies. The TSXV may transfer the
Company to the NEX, a separate board of the TSXV, if the Company
fails to meet the ongoing minimum listing requirements of the
TSXV.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew HromykExecutive
Chairman(604) 689-3355
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Cautionary Statement Regarding Forward-Looking
Information
Certain information provided in this press
release constitutes forward-looking statements and information
within the meaning of applicable securities laws. Specifically, and
without limitation, this press release contains forward-looking
statements and information relating to the timing of Distribution
and the Company’s future plans. Forward‐looking information
typically contains statements with words such as “anticipate”,
“believe”, “forecast”, expect”, “plan”, “intend”, “estimate”,
“propose”, “project”, or similar words suggesting future outcomes.
The Company cautions readers and prospective investors in the
Company’s securities not to place undue reliance on forward‐looking
information as, by its nature, it is based on current expectations
regarding future events that involve a number of assumptions,
inherent risks and uncertainties, which could cause actual results
to differ materially from those anticipated by the Company. In
respect of the forward-looking statements and information set out
in this new release, the Company has provided such in reliance on
certain assumptions that it believes are reasonable at this time,
including assumptions as to the process and timing for the
Distribution and the number of Shares outstanding at the time of
the Distribution, as well as assumptions associated with the due
bills process generally. There are many risk factors
associated with the timing of the Distribution payable to
Shareholders. The Exchange may also transfer the Company to the
NEX. A number of factors could cause actual results to differ
materially from those anticipated by the Company, including but not
limited to additional regulatory or legal approvals required for
the Distribution, the due bills process of the Exchange, the
estimated future expenses of the Company, regulation of the
Company’s business, state of the public markets, and global
economic conditions, among other things. In addition, while
the plans to locate, evaluate and where advisable negotiate to
acquire interests in additional oil and gas properties, there are
no guarantees that the Company will be able to identify suitable
oil and gas prospects, or that the Company will be able to
negotiate acceptable terms for any prospects that it
identifies.
The Company cautions readers that this list of
factors is not exhaustive and that should certain risks or
uncertainties materialize, or should underlying estimates or
assumptions prove incorrect, actual events, performance and results
may vary significantly from those expected. There can be no
assurance that the actual results, performance, events or
activities anticipated by the Company will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. Readers are urged to
consider these factors carefully in evaluating forward-looking
information and forward-looking statements and are cautioned not to
place undue reliance on any forward-looking information or
forward-looking statements. The forward-looking statements and
forward-looking information are made as of the date hereof, and the
Company disclaims any obligation to update any such factors or to
publicly announce the result of any revisions to any of the
forward-looking statements and forward-looking information
contained herein to reflect future results, events or developments.
You should also carefully consider the matters discussed under
“Risk Factors” in the Company’s management’s discussion and
analysis filed on SEDAR at www.sedar.com.
Corporate Communications Contact:
NetworkNewsWire (NNW) New York, New York www.NetworkNewsWire.com
212.418.1217 Office Editor@NetworkNewsWire.com
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