Hunter Oil Completes Distribution, Closes Houston Office
October 05 2018 - 5:00PM
via NetworkWire – Hunter Oil Corp. (OTCQX: HOILF; TSX-V: HOC) (the
"
Company”) is pleased to announce that it has
completed the previously announced return of capital distribution
of USD $1.25 (CAD $1.625) per common share.
The distribution represents substantially all of
the proceeds received by the Company from the sale of the Company’s
assets announced August 31, 2018, less outstanding liabilities and
a reserve for working capital.
In an effort to control costs, the Company
announces that effective October 31, 2018, the Company is closing
its Houston office and will consolidate management functions in
Vancouver, British Columbia. The Company’s address is:
Hunter Oil Corp. 1040 West Georgia Street, Suite
940Vancouver, British Columbia, Canada V6E 4H1Telephone: (604)
689-3355
In connection with the sale of the Company’s
assets and the relocation of the Company’s offices, Al H. Denson,
Rick Powers and Mark Strawn, all of whom were based in Texas, have
resigned as the Company’s CEO, CFO and Vice-President,
respectively. Andrew Hromyk, the Company’s Executive Chair,
has been appointed as the Company’s Chief Executive Officer.
The Company is seeking a suitable CFO candidate and
anticipates having in place an interim CFO, based in Vancouver, in
the immediate future. The Company thanks Messrs. Denson,
Strawn and Powers for their service to the Company and wishes them
the best in their future endeavors.
The Company now 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 TSX Venture Exchange
(“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 HromykChief Executive
Officer(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 ability of the Company to identify
and secure the services of an interim CFO. 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. In addition, while the Company
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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