CALGARY, ALBERTA--(Marketwired - Dec. 10, 2013) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company" or "Nextraction") is pleased to announce that it has entered into an amending agreement to extend its non‐ revolving term loan facility (the "Loan Facility") with Tallinn Capital Mezzanine Limited Partnership ("Tallinn"). Maturity of the Loan Facility has been extended to May 30, 2014. Other terms are as disclosed in Nextraction's Financial Statements and MD&A dated November 29, 2013.
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and natural gas company engaged in the exploration and development of oil and natural gas resources in the Western Canadian Basin. The Company's model is the "next round of extraction on known plays." Nextraction targets oil focused projects along trends with known reserves that provide low risk, high return development opportunities in both conventional and unconventional resource projects.
For further information, please visit the Company's website at www.nextraction.com or contact us by email at email@example.com.
Cautionary Note Regarding Forward Looking Statements
Certain statements made and information contained herein constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "may have", "could", "would", "might" or "will" be taken, occur or be achieved.
These statements include, but are not limited to, those made above with respect to future events or the Company's future performance, the repayment of the Loan Facility, the waiver of certain repayment requirements under the Loan Facility and the anticipated completion of the Company's previously announced Private Placement and Loan Conversion transaction.
Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward- looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. Such assumptions, risks, uncertainties and factors include, but are not limited to:
- closing of the Private Placement and Loan Conversion could be delayed if the Company cannot obtain necessary exchange and lender approvals within anticipated timelines;
- closing of the Private Placement and Loan Conversion may not occur at all unless certain conditions for transactions of this kind are satisfied, including but not limited to, the Company receiving certain approvals from the TSX Venture Exchange and Tallinn;
- the Company must satisfy certain conditions precedent under its amending agreement with Tallinn dated November 29, 2013 in order for the waiver of the application of the repayment requirement with respect to the first $1,500,000 raised from the Private Placement to apply, including, but not limited to, such excluded amounts being used to develop the Company's Provost Viking light oil project before February 28, 2014, completion of an engineering and technical review of the Provost project by Tallinn's engineers, the Company providing sufficient cash resources to drill, complete, equip, tie-in and bring wells on the Provost project into production and the Company being the contract operator for Provost;
- variations in market conditions may affect the Company's ability to close the Private Placement and Loan Conversion on the proposed terms, or at all.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Actual results may vary materially from the information provided in this release, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. Accordingly, readers should not place undue reliance on forward- looking statements or forward-looking information. These statements speak only as of the date of this Press Release and are expressly qualified, in their entirety, by this cautionary statement.
Neither the 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.