Life Sciences Institute Inc.

Life Sciences Institute Inc.

March 24, 2011 13:36 ET

Life Sciences Institute Inc. Announces the Completion of Well Site Surveys

CALGARY, ALBERTA--(Marketwire - March 24, 2011) - Life Sciences Institute Inc. (TSX VENTURE:LSN) (the "Company" or 'LSN") is pleased to report that well site surveys have been completed in four prospective well locations determined from its previously completed exploration program in the south central region of Southern Saskatchewan's Williston Basin.

LSN currently holds a 100% working interest in 6,400 acres in Crown leases which were identified to be prospective for oil and gas with the primary targets being the Bird Bear and Bakken formations, previously identified based on key geological observations, well log analysis and proprietary 2D seismic.

As previously disclosed on March 16, 2011, the Company has entered into an agency agreement with Wolverton Securities Ltd. in connection with a financing to be completed by way of a short form offering document (the "SFOD Financing"). The Company also continues to accept subscriptions for its previously announced flow- through financing (the "Flow-Through Financing, and together with the SFOD Financing, the "Financings"). As announced on January 26, 2011, the Financings must raise gross proceeds of at least $2,850,000. Upon the successful close of the Financings, the Company anticipates drilling a minimum of two exploratory wells in the 2nd quarter of 2011.

"Ongoing technical work on the lands held by the Company continues to provide encouraging results" said Rob Thomas, President and CEO. "We look forward to the commencement of exploratory drilling in Saskatchewan."

The completion of the previously announced change of business, including the proposed name change to Quattro Exploration and Production Ltd. remains subject to TSX Venture Exchange (the "Exchange") approval. The Company has until April 29, 2011 to complete the Financings, close the change of business and submit final materials to the Exchange. There is no assurance that such final documentation will be submitted and Exchange approval granted within that time period.

Forward Looking Statements

Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, without limitation, statements with respect to: timing and completion of the Change of Business (the "COB"), the closing of the Financings, the expected timing of the exploration program and the approval of the TSX Venture Exchange. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of the Company) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The Change of Business

Investors are cautioned that, except as disclosed in the Information Circular, the press release of October 19, 2010 and this press release, any information released or received with respect to the COB may not be accurate or complete and should not be relied upon. Trading in the securities of Life Sciences Institutes Inc. should be considered highly speculative.

Wolverton Securities Ltd., subject to completion of satisfactory due diligence, has agreed to act as sponsor to Life Sciences Institute Inc. in connection with the transaction. An Agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.

All definitions not herein provided shall have the meaning ascribed to them in the Information Circular.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Life Sciences Institute Inc.
    Robert C. Thomas
    President and Chief Executive Officer
    (403) 247-4319