Seaview Energy Inc.

Seaview Energy Inc.

October 23, 2007 01:08 ET

Seaview Energy Inc. Announces Commencement of Trading and Provides Operations Update

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2007) -

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. ("Seaview" or the "Company") is pleased to announce that the Class A shares and Class B shares of the Company will commence trading on the TSX Venture Exchange at the opening of the markets on Tuesday October 23, 2007, under the trading symbols CVU.A and CVU.B, respectively.

Seaview closed its Initial Public Offering ("IPO") on October 17, 2007. Contemporaneous with the closing of the IPO, Seaview completed the acquisition of 1276921 Alberta Ltd. by way of the amalgamation of Seaview Exploration Ltd., a wholly-owned subsidiary of Seaview, and 1276921 Alberta Ltd. Following the closing of the IPO and the issuance of Class A shares of Seaview in connection with the amalgamation, Seaview has 19,072,907 Class A Shares and 1,053,540 Class B Shares outstanding. Seaview's operating area is focused in the Gordondale and Mirage fields in the Peace River Arch region of northwest Alberta where the Company is currently producing 200 Boe/d comprised of 1.1 mmscf/d of natural gas and 15 Bbl/d of crude oil.

Seaview's current focus includes completion of the fall drilling program commenced in Seaview Exploration Ltd. The drilling rig is presently drilling the last location of a 5 well fall program with 4 gross (1.83 net) wells having been successfully drilled and cased to-date. Completion and testing of the first 4 cased wells is underway to evaluate the potential of these wells.

Seaview is currently finalizing its capital budget for the remainder of 2007 and 2008 capital programs. Management is actively reviewing several additional opportunities to expand the Company's project inventory including, without limitation, crown land sales, farm-ins and asset or corporate acquisitions in areas that compliment the Company's current asset base.

Seaview is a Calgary, Alberta based company engaged in the exploration, development and production of conventional crude oil and natural gas reserves in Canada. The Company's strategy is to build shareholder value through a balance of exploration and development drilling complimented by a focused acquisition program. Seaview's initial core focus area is in the Peace River area of northwest Alberta.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Seaview Energy Inc.
    Michael Wuetherick
    President & CEO
    (403) 770-2961
    or
    Seaview Energy Inc.
    Stephanie Bunch
    VP - Finance & CFO
    (403) 770-9503
    or
    Seaview Energy Inc.
    Teresa Beets
    Investor Relations
    (403) 668-4492
    Email: info@seaviewenergy.com
    Website: www.seaviewenergy.com