CUT BANK, MT,
April 30, 2013 /CNW/ - Mountainview
Energy Ltd. (TSXV: MVW) ("Mountainview" or the
"Company announces that the filing of its annual financial
statements and related management discussion and analysis for the
year ended December 31, 2012 (the
"Filings") will be delayed. The Filings are due on or before
April 30, 2013. As a result of the
failure to file the Filings on time and in accordance with
applicable securities laws, Mountainview has, pursuant to an
application made to the Alberta Securities Commission and the
British Columbia Securities Commission, voluntarily requested a
management cease trade order in accordance with National Policy
12-203 (the "Policy"). A management cease trade order will
prevent Mountainview's President & Chief Executive Officer,
Patrick Montalban, as well as its
Chief Financial Officer, Angelique
Hatch, and the directors of Mountainview from trading the
Company's securities while the Company remains in filing default,
but enables all other investors to continue trading the Company's
securities.
The filing delay is principally due to the fact
that Mountainview is preparing the Filings for the first time in
accordance with U.S. GAAP, which requires the corresponding changes
in reserves engineering requirements associated with preparing the
Annual Filings. Mountainview and its auditors and independent
reserves engineers have worked diligently to proceed with the
conversion to U.S. GAAP; however, it is expected that this process
will take some additional time thereby delaying Mountainview's
ability to file the Filings. It is anticipated that this process
will be complete soon and the 2012 Annual Financial Materials will
be filed shortly after the filing deadline. Mountainview expects to
file the 2012 Annual Financial Materials on or before May 17, 2013, and not later than May 31, 2013.
If the financial statements are not filed by
May 31, 2013, the date that is one
month after the filing deadline for the Filings, the relevant
security commissions or regulators may impose an issuer cease trade
order. Mountainview understands that an issuer cease trade order
may be imposed sooner if Mountainview fails to file its bi-weekly
Default Status Reports on time.
Mountainview intends to satisfy the alternative
information guidelines set out in the Policy by issuing bi-weekly
default status reports in the form of news releases so long as it
remains in default of this filing requirement.
Mountainview is not subject to, nor does it
expect to become subject to, any insolvency proceedings. If for any
unforeseen reason Mountainview becomes subject to any insolvency
proceedings during the period in which it is in default,
Mountainview will file material change reports containing the same
information it provides to creditors at the same time the
information is provided to creditors throughout the period in which
it is in default.
All material information concerning the affairs
of Mountainview has been disclosed to the public through news
releases and filed on SEDAR.
About Mountainview
Mountainview Energy Ltd. is a public oil and gas
company listed on the TSX Venture Exchange, with a primary focus on
the exploration, production and development of the Bakken and Three
Forks Shale in the Williston Basin and the South Alberta
Bakken.
Forward Looking Statements
Certain statements in this news release
including (i) statements that may contain words such as
"anticipate", "could", "expect", "seek", "may" "intend", "will",
"believe", "should", "project", "forecast", "plan" and similar
expressions, including the negatives thereof, (ii) statements that
are based on current expectations and estimates about the markets
in which Mountainview operates and (iii) statements of belief,
intentions and expectations about developments, results and events
that will or may occur in the future, constitute "forwardlooking
statements" and are based on certain assumptions and analysis made
by Mountainview. Forwardlooking statements in this news release
include, but are not limited to, statements with respect to future
capital expenditures, including the amount, nature and timing
thereof; other development trends within the China's seedling industry; business strategy;
expansion and growth of Mountainview's business and operations and
other such matters. Such forward-looking statements are subject to
important risks and uncertainties, which are difficult to predict
and that may affect Mountainview's operations, including, but are
not limited to: the impact of general economic conditions; industry
conditions; government and regulatory developments; seedling
product supply and demand; competition; and Mountainview's ability
to attract and retain qualified personnel. Mountainview's actual
results, performance or achievements could differ materially from
those expressed in, or implied by, these forward-looking statements
and, accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do transpire or occur, what benefits
Mountainview will derive there from.
Mountainview maintains a forward-looking
statement database which is reviewed by management on a regular
basis to ensure that no material change has occurred with respect
to such forecasts. The Company will publicly disclose such material
changes to its forward-looking statements as soon as they are known
to management.
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.
SOURCE Mountainview Energy Ltd.