![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Skywest Energy Corp | TSXV:SKW | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES SkyWest Energy Corp. (TSX VENTURE:SKW) ("SkyWest" or the "Company") is pleased to announce that it completed the acquisition (the "Acquisition") of a private company ("Privateco") as previously announced in the Company's press releases dated November 8, 2010 and December 3, 2010, for a combination of cash and SkyWest Shares. The total consideration for the Acquisition was $20,661,495 including the issuance of 19,309,808 SkyWest Shares. Including transaction costs and the assumption of $3.26 million of net debt of Privateco (as of September 30, 2010), the total consideration was approximately $23.9 million. The completion of the Acquisition is subject to receipt of final approval of the TSX Venture Exchange. As of the closing date of the Acquisition, Privateco's production was approximately 520 boepd. In addition, Privateco has a total of 7.25 gross (5.0 net) sections of lands located in the Pembina Cardium fairway, on which Privateco has recently participated in 4 successful Cardium horizontal wells. An independent director of SkyWest is a director, officer and shareholder of Privateco. The Chief Financial Officer of SkyWest is a shareholder of Privateco. SkyWest is also pleased to announce that it has closed the second tranche of the previously announced private placement by issuing 3,627,000 common share special warrants ("Special Warrants") at a price of $0.52 per special warrant for gross proceeds of $1,886,040 (together with the first tranche of the private placement offering, the "Offering") pursuant to the full exercise of the Underwriters' over-allotment option. Wellington West Capital Markets Inc., acted as lead underwriter for the Offering, together with Haywood Securities Inc., FirstEnergy Capital Corp. and Desjardins Securities Inc. Each Special Warrant issued pursuant to the second tranche of the Offering will entitle the holder to acquire one common share SkyWest (a "SkyWest Share") without payment of additional consideration at any time on or before April 17, 2011, provided that if SkyWest does not receive a receipt for a prospectus in all filing jurisdictions by December 31, 2010, each Special Warrant will entitle the holder to acquire 1.1 common shares on exercise or deemed exercise thereof. The completion of the Offering is subject to receipt of final approval of the TSX Venture Exchange. SkyWest used a portion of the net proceeds from the Offering to fund the Acquisition of PrivateCo which also closed today and expects to use the remaining net proceeds to fund ongoing exploration and development activities and for general corporate purposes. SkyWest Energy Corp. is a Cardium focused exploration and production Company based in Calgary, Alberta, Canada. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Cautionary Note Regarding Forward-Looking Statements Statements herein that are not historical facts may be considered forward looking statements including the expected use of the net proceeds of the Offering, the results of the Company's exploration and development activities, the performance characteristics of Privateco's assets, the impact of the Acquisition on the Company's operations, inventory and opportunities, financial condition, access to capital and overall strategy, management's assessment of future plans and operations, growth expectations within the Company, expected initial production rates from certain new wells, timing of completion of wells and of production additions, expected size of various plays, construction or expansion of facilities and the timing thereof and expected costs and the effects thereof, drilling plans and the effects thereof. Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and SkyWest does not undertake 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 may be required by applicable securities laws. BOEs Disclosure provided herein in respect of barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
1 Year Skywest Energy Corp Chart |
1 Month Skywest Energy Corp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions