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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seaview Energy Inc. Class B | TSXV:CVU.B | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Seaview Energy Inc. (TSX VENTURE:CVU.A) (TSX VENTURE:CVU.B) ("Seaview" or the "Company") is pleased to announce that it has successfully completed a previously announced acquisition of C3 Resources Ltd. ("Privateco"), an Alberta based private oil and gas company (the "Acquisition"). Consideration for the Acquisition was comprised of the following: (i) the issuance of 5,891,925 Class A Shares and approximately $6.3 million cash to the former shareholders of C3; and (ii) the assumption of Privateco's net debt of $12.0 million. Total consideration for the Acquisition was approximately $39 million. Pursuant to the closing of the Acquisition, Mr. Bruce Francis, President and CEO of C3, will be joining Seaview's Board of Directors. The assets of Privateco are focused within Seaview's Peace River Arch core area with current production estimated at 525 Boe/d (80% natural gas weighted). The Acquisition consolidates Seaview's core position in the Peace River Arch with the acquired properties in Valhalla, Progress and Pouce Coupe, and significantly expands Seaview's production, reserves, land and drilling inventory. Pursuant to the Acquisition, Seaview's net land position on the Doig-Montney exploration play in Pouce Coupe increases to 3.9 net sections, further expanding Seaview's exposure to this developing play. The Acquisition is highly accretive to Seaview on a production, reserves and cash flow per share basis. Seaview is a Calgary, Alberta based company engaged in the exploration, development and production of conventional crude oil and natural gas reserves in Canada. Seaview's strategy is to build shareholder value through a balance of exploration and development drilling complemented by a focused acquisition program. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies. This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
1 Year Seaview Energy Inc. Class B Chart |
1 Month Seaview Energy Inc. Class B Chart |
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