CUT BANK, MT,
May 15, 2013 /PRNewswire/ -
Mountainview Energy Ltd. (TSXV: MVW) ("Mountainview" or the
"Company") is pleased to announce that it has filed its
audited annual consolidated financial statements ("Financial
Statements") and related management's discussion and analysis
("MD&A") for the three months and year ended
December 31, 2012.
As previously announced, the filing of Financial
Statements and MD&A was delayed. The initial reason for the
delay was principally due to the fact that Mountainview was
preparing the materials for the first time in accordance with U.S.
GAAP. Mountainview applied for and received a management
cease trade order (the "MCTO") from the Alberta Securities
Commission and the British
Columbia Securities Commission in accordance with National
Policy 12-203, which has prevented 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 enabled all other investors
to continue trading the Company's securities.
After receiving the MCTO, it became apparent
that the appropriate accounting principles under which Mountainview
was required to prepare the Financial Statements and MD&A was
International Financial Reporting Standards ("IFRS").
Accordingly, the Company has prepared the Financial Statements and
MD&A in accordance with IFRS, which has caused an additional
delay. Pursuant to the terms of the MCTO, it is expected that
the MCTO will be lifted in two full business days.
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 "forward looking
statements" and are based on certain assumptions and analysis made
by Mountainview. Forward looking 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.