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DISSEMINATION IN THE UNITED
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TSX-V: ONV
VANCOUVER, Dec. 7, 2018 /CNW/ - Oronova Energy
Inc. ("Oronova" or the "Company") (TSX.V:
ONV) announces the previously announced proposed financing has been
amended to $6MM by way of a non-brokered private placement of
40,000,000 units at $0.15 per unit,
subject to TSXV approval. Each unit consists of one common share of
the Company and one half of a share purchase warrant. Each full
warrant will entitle the warrant holder to purchase one common
share of the Company for two (2) years at an exercise price of
$0.25 subject to accelerated expiry
in the event the Company's common shares trade at or above
$0.45 for a period of 10 consecutive
trading days after expiry of the four-month hold period (the
"Financing"). The Company may pay a finder's fee to qualified
persons in regard to the proposed financing. It is expected that
the proposed financing will close before December 31, 2018. Proceeds from the financing
will be used to fund acquisitions and for general working capital
purposes.
The Company has been advised by Advantage Energy Services Ltd.
("Advantage") and its affiliated company 12136983 Alberta Ltd.
("2136983") that the joint venture previously reported on
November 20, 2018 for an undivided
50% working interest in certain producing and non-producing oil and
gas assets and certain oil and gas plant and facility assets in the
Province of Alberta (the "Joint
Venture") is intended to close before December 31, 2018, subject to approval of the TSX
Venture Exchange.
Upon completion of the Financing and the closing of the Joint
Venture, Oronova will acquire all of the issued and outstanding
shares of 2136983 from Advantage in exchange for 10 million common
shares of the Company. The following members of the Advantage
professional oil and gas team will become the officers, directors
and management of Oronova, subject to approval of the TSX Venture
Exchange.
Earl Hickok, President, C.E.O.
and Director
Mr. Hickok is a professional engineer and has over 35 years of
experience in the upstream oil and gas industry with a broad base
of operations, engineering, management and board of directors'
experience. His career started in the Esso Redwater oilfield in
1979 and he spent 12 years with Esso including a 2-year assignment
at Exxon Production Research in Houston,
Texas. Mr. Hickok obtained an Engineering Technology Diploma
from Red River College in
Winnipeg and then a Bachelor of
Engineering Degree from Lakehead
University in Ontario.
Brian Smart, C.O.O. and
Director
Mr. Smart has over 35 years of expertise in the field of
reservoir engineering, with particular focus on enhanced oil
recovery implementation and surveillance, formation evaluation,
regulatory applications, economics, reserves and portfolio
management.
Brian received his Bachelor of Applied Science degree in
Chemical Engineering in 1982 from the University of Waterloo. In 1987 he received his
P.Eng. designation from the Association of Professional Engineers
and Geoscientists of Alberta and
has been a member of the Society of Petroleum Engineers since
April, 1990.
Darol Turnquist, Vice
President, Exploration
Mr. Turnquist has over 35 years of experience in the exploration
and development of oil and gas reserves. He received his BSc degree
majoring in geology from the University of
Calgary in 1978. Darol's career started with a prominent
reservoir engineering firm followed by employment with several
firms ranging from start-up to well established oil and gas
companies who had interests in the Western Canada Sedimentary Basin
as well as international.
Nigel Mills, Vice President,
Operations
Nigel has over 25 years' experience in production optimization.
He received his BSc. in Mechanical Engineering from the
University of Calgary in 1991. His
technical expertise has given him exposure to numerous Western
Canadian as well as international company assets. He was also
involved with the evaluation of several large corporate sales or
mergers. Since 2003, Nigel has worked for a number of junior to
intermediate sized oil and gas companies applying his expertise in
maximizing production and cost control in order to get the most out
of every asset.
Brian J. Evans, Chairman,
Board of Directors
Mr. Brian J. Evans received a
Bachelor of Arts Degree in English in 1971 from the University of Alberta and his law degree from the
University of Alberta in 1975. Mr.
Evans began his legal career with Emery
Jamieson in Edmonton and
moved from there to establish Canmore,
AB's, first fulltime law office in 1976. He practiced in
Canmore until 1989. He has
experience in areas of Municipal, Environmental, Regulatory,
Development and General Corporate Commercial law. Brian served as a
member of the Alberta Legislative Assembly for the Banff Cochrane
Constituency for 8 years from 1989 to 1997, during which time he
held the positions of Minister of Environmental Protection,
Minister of Justice and Attorney General, as well as Member of the
Agenda and Priorities Committee of Cabinet and Deputy Government
House Leader. In July of 1997, Brian became a Partner with Miller
Thomson LLP. He left Miller Thomson LLP to join the Werklund Group
in August of 2006.
On behalf of the Board of Oronova Energy Inc.
"David Farrell"
Chief Executive Officer
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved nor disapproved the
information contained herein.
Forward Looking Statements
This news release contains forward looking statements
relating to the future operations of the Corporation and other
statements that are not historical facts. Forward Looking
Statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
future plans and objectives of the Corporation, are forward looking
statements that involve risk and uncertainties, There can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Corporation's
expectations are exploration risks detailed from time to time in
the filings made by the Corporation within the securities
regulations.
The reader is cautioned that assumptions used in the
preparation of any forward looking statements/information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted, as a result of numerous
known or and unknown risks, uncertainties and other factors many of
which are beyond the control of the Corporation. As a result we
cannot guarantee that any forward looking statement will
materialize and the reader is cautioned not to place any undue
reliance on any forward looking statements/information. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward looking
statements contained in this News release are made as of the date
of the release and the Corporation does not undertaken any
obligation to update publicly or to revise any of the included
forward looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
Canadian securities law.
SOURCE Oronova Energy Inc.