CALGARY, ALBERTA--(Marketwire - Aug. 20, 2012) - Quattro Exploration and Production Ltd. ("Quattro" or the "Company") (TSX VENTURE:QXP) is pleased to announce that the company has successfully been awarded a special exploration permit in south central Saskatchewan totaling 44,732 hectares (110,760 acres).
The award of these lands provide the company a long term position in the northwestern region of the Williston Basin where Quattro's previous exploration efforts have provided the company strong indications of a number of prospective geological horizons, namely oil within the Bakken and Birdbear and gas within the Milk River and Duperow. The company is pleased with the issuance of the exploration permit that has been awarded to the company by the Saskatchewan Government whereby the company's continued investment in the region will allow it to advance what it believes to be potentially more than two material regional additions to the current oil and gas exploration and resource plays under development within Saskatchewan.
Leonard Van Betuw, President of the Company, commented, "The award of this exploration permit brings Quattro's exploration lands to over 120,000 acres in Saskatchewan and provides the company a number of long term opportunities. The lands are very complimentary to our current 100% owned oil and gas production and facilities at Rangeview, Saskatchewan which is 200 kms to the west of this exciting Exploration Permit."
In addition the company is pleased to report it has completed the preliminary process of establishing its 100%,wholly owned subsidiary, Quattro Guatemala. This important step allows the company to commence the scheduling for the establishment of key personnel in the country in the 3rd and 4th quarter of 2012 to support its growing activities in the country.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan and the aggressive pursuit of a series of high impact exploration efforts in Central and South America. The company intends to balance a portfolio of activities that assures its shareholders that it achieves material growth in both reserves and production.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward- looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. 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.