Noravena Capital Corporation
TSX VENTURE : NRV.P

November 30, 2011 17:05 ET

Noravena Capital Corporation Director Resigns

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

Noravena Capital Corporation ("Noravena") (TSX VENTURE:NRV.P) a capital pool company, announces that Enrico Moretti has resigned as a director of Noravena as of November 30, 2011. Noravena would like to thank Mr. Moretti for his service as a director. Mr. Moretti's election to the board of directors served to increase the board to six persons and accommodate the proposed business combination with 3MV Energy Inc. ("3MV").

Noravena has previously announced that it has entered into a definitive amalgamation agreement with 3MV to effect a business combination with 3MV which is intended to constitute Noravena's qualifying transaction (the "Transaction"), subject to regulatory approval, 3MV shareholder approval and other conditions.

About 3MV

3MV is a private junior E&P company focused on low-risk light oil resource plays in the Kindersley area of West Central Saskatchewan. 3MV targets drilling of the Lower Cretaceous Albian age Viking sandstone. The Viking formation has an aerial extent encompassing much of Saskatchewan and Alberta. Production from vertical wells in the Viking first occurred in the late 1950's. The 3MV management team is the same group that advanced the Viking as a resource play by drilling the first horizontal multi-stage technology in the Kindersley area and continue to further drilling technology to capture more hydrocarbons from the tight sandstone of the Viking.

About Noravena Capital Corporation

Noravena is a capital pool company governed by TSX Venture Exchange (the "Exchange") policies. Noravena's principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction within the meaning of Exchange policies.

Completion of the proposed transaction is subject to a number of conditions, including but not limited to Exchange acceptance and if applicable pursuant to the Exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Forward Looking Statements

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Neither Noravena nor 3MV assumes any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in Noravena's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Measurements

BOEs derived by converting gas to oil at a ratio of six thousand cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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.

Contact Information

  • 3MV Energy Inc.
    Douglas McKinnon
    President and Chief Executive Officer
    403-234-8998

    3MV Energy Inc.
    Brian Radiff
    Communications Officer
    403-234-8998

    Noravena Capital Corporation
    James P. Boyle
    Chief Executive Officer and Director
    416-867-8800