Clearview Resources Ltd.

March 04, 2014 18:13 ET

Clearview Announces Acquisition and Change of Director

CALGARY, ALBERTA--(Marketwired - March 4, 2014) - Clearview Resources Ltd. ("Clearview") is pleased to announce that on February 28, 2014 the Company acquired long life natural gas and liquids assets in the Wilson Creek area of West Central Alberta. Production from the 8 gross (3.3 net) wells acquired is estimated at net 150 boe/d, comprised of 660 mcf/d of natural gas and 40 b/d of liquids. The Company also believes there is upside in the assets in the form of multi-zone re-completion, drilling opportunities and fee revenues from the associated infrastructure acquired with the producing assets. The purchase price for the Wilson Creek assets was $4.625 million, effective February 1, 2014, and was funded using the Company's $20 million line-of-credit with the ATB Financial.

The Company also announces that on February 27, 2014 Murray Scalf resigned as a director and officer and Randy Kwasnicia was appointed a director.

All reference to dollar values are in Canadian funds.

Contact Information

  • Clearview Resources Ltd.
    Greg Baum
    President and Chief Executive Officer
    (403) 265-3503