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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Triple 8 Energy Ltd. | TSXV:TEE | TSX Venture | Common Stock |
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 | - |
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. Triple 8 Energy Ltd. ("Triple 8" or the "Company") (TSX VENTURE:TEE) is pleased to announce that it has successfully completed the previously announced acquisition of certain high quality assets in northeast British Columbia, in the vicinity of the prolific Boundary Lake area, for total consideration of $4,300,000, plus applicable taxes and fees (the "Acquisition"). The Acquisition is comprised of 9 (4.45 net) producing wells, 9 (4.46 net) suspended wells, and associated production and facilities. In May, 2010, net production from the assets acquired pursuant to the Acquisition is approximately 68 boe/d, comprised of 36 barrels per day of light oil and natural gas liquids and 190 mcf per day of natural gas. This asset will be operated substantially by the Company, with working interests ranging from 50% to 100%. In addition, the Acquisition includes recent 3D seismic data covering an area of approximately 16 sections, 10,000 net undeveloped acres, and a gas compression and dehydration facility with a capacity of 10 mmcf per day, with current utilization of less than 1 mmcf per day. The Company anticipates to be actively working this fall and winter to optimize production with additional drilling and work overs on existing producing wells. At this time, no independent engineering has been completed for the assets or prospective acreage acquired pursuant to the Acquisition. Forward Looking and Cautionary Statements 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.
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