News Releases

Archive for October, 2013

Expert Petroleum Establishes US$8.0 million Debt Facility

LUXEMBOURG, Oct. 8, 2013 /CNW/ – Expert Petroleum Holdings S.a.r.l. (“Expert Petroleum” or the “Company”), a private upstream oil and gas company focused on redeveloping and rehabilitating mature oil and gas fields, is pleased to announce that it has completed an agreement to establish a debt facility for US$8.0 million with a private European bank. The debt facility was principally established to finance part of Expert Petroleum’s capital expenditures.

Black Spruce Merchant Capital Corp. (“Black Spruce”), a private merchant banking firm focused on providing specialized financing and advisory services to the global energy industry, acted as sole financial adviser to Expert Petroleum in securing the debt facility.

About Expert Petroleum

Expert Petroleum is an innovative upstream oil and gas company that redevelops and rehabilitates mature oil and gas fields through direct license ownership or in partnership with companies in need of personnel, expertise, or capital. Expert Petroleum is currently focused on Romania where it was awarded a production enhancement contract with a leading regional NOC in late 2012. Expert is assessing multiple new production enhancement contract opportunities. Expert Petroleum is a Lime Rock Partners portfolio company.

About Black Spruce

Black Spruce is a private merchant banking firm focused on providing specialized financing and advisory services to the global energy industry. Our award-winning principals have a history of achieving success for clients based on high-level industry focus, strong industry relationships and innovative transaction skills. Offering advice in project, corporate and credit syndication; equity-linked financings; mergers and acquisitions; and strategic business development.

SOURCE Black Spruce Merchant Capital Corp.

For further information:

Contacts:

Expert Petroleum S.a.r.l.
13-15 Avenue de la Liberté
L-1931 Luxembourg
Email: info@expertpetroleum.com

Black Spruce Merchant Capital Corp.
Sonny Mottahed – Managing Partner
Phone: 1.403.351.1779
Email: info@bsmc.ca

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Porto Announces Review of Strategic Alternatives to Maximize Shareholder Value

THE WOODLANDS, TX, Oct. 7, 2013 /CNW/ – Porto Energy Corp., (“Porto” or the “Company”) (TSXV:PEC), today announced that that in light of its ongoing capital requirements necessary to advance its oil and gas exploration program in Portugal, it has formed a Special Committee of independent directors and initiated a strategic review process to identify, examine and consider a range of strategic alternatives available to Porto, with a view to preserving and maximizing shareholder value. This process could result in a sale of the Corporation, a private placement or public financing through the issuance of debt, equity or a combination of both, a sale of a material portion of the Corporation’s assets, a merger, business combination or a corporate reorganization, among other alternatives. The Special Committee has retained Black Spruce Merchant Capital Corp. as its financial advisor to assist in the strategic review process.

Corporate Highlights

Porto currently has a working capital balance of approximately $1.3 million and a Portuguese income tax pool of approximately $130.0 million at May 31, 2013. Included in these tax pools are non-capital losses available to carry forward to future years of approximately $37.3 million.

The Company’s independent resource evaluation (the “Report”) performed by Dallas, Texas-based Netherland, Sewell & Associates, Inc. (“NSAI”) effective December 31, 2012 and dated January 10, 2013, assigned a P50 risked recoverable Contingent Resources associated with the Company’s Jurassic reef and other exploration prospects of approximately 44 mmboe and a P50 risked recoverable Prospective Resource mainly attributable to the Company’s Lias Resource and Presalt Conventional prospects of approximately 637 mmboe (535 mmboe on a net working interest basis).

As stated in the Company’s January 31, 2013 press release, work to characterize the Jurassic Lias resource play included finalized aeromagnetic data over the blocks, the drilling and analysis of 23 shallow wells and the development of a Lias deposition model that greatly increased the Company’s understanding of the Lias marls in the central and northern blocks. This work underpinned the Report by NSAI and points to a very prospective unconventional resource play that merits additional technical evaluation.

Review Process

Porto does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a definitive transaction or strategic option, or unless otherwise required by law or disclosure of which is deemed appropriate. The Corporation cautions that there are no guarantees that the strategic review will result in a transaction or if a transaction is undertaken, as to its terms or timing.

Porto’s common shares trade on the TSX Venture Exchange under the symbol PEC. Porto currently has 198,954,653 common shares outstanding.

About Porto Energy Corp.

Porto Energy Corp. is an international oil and gas company engaged in the exploration of crude oil and natural gas in Portugal, including the appraisal of a gas discovery. Through its wholly owned subsidiary, Mohave Oil And Gas Corporation (a Texas corporation with branch offices in Portugal), the Company holds working interests in seven concessions in Portugal’s Lusitanian Basin totaling 1.6 million net acres. Through its exploration efforts to date, the Company has identified seven major exploration trends over its concessions and generated more than 45 prospects and leads. Porto Energy’s shares trade on the TSX Venture Exchange under the ticker symbol “PEC”. For more information on Porto Energy visit www.portoenergy.com.

About Black Spruce Merchant Capital Corp.

Black Spruce is a private merchant banking firm focused on providing specialized financing and advisory services to the global energy industry. Our award-winning principals have a history of achieving success for clients based on high-level industry focus, strong industry relationships and innovative transaction skills. Offering advice in project, corporate and credit syndication; equity-linked financings; mergers and acquisitions; and strategic business development. For more information on Black Spruce visit: www.bsmc.ca

Cautionary Statements

No proved, probable or possible reserves have been assigned by the Company at this time. Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. There is no certainty that it will be commercially viable to produce any portion of the resources.

Estimates with respect to resources that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and upon analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources. Resource estimates may require revision based on actual production experience.

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable because of one or more contingencies. The contingent resources shown are contingent upon demonstration of the economic viability of the projects. Commercial flow rate testing and documentation of development plans will provide further evidence of economic viability of these projects. If these contingencies are resolved, some portion of the contingent resources estimated may be reclassified as reserves. There is no certainty that it will be commercially viable to produce any portion of the contingent resources.

Low Estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. Using probabilistic methods, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Using probabilistic methods, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High Estimate is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. Using probabilistic methods, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Barrels of oil equivalent (BOEs) include oil, solution gas, associated gas and condensate. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl has been used and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This press release contains certain forward-looking statements. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements that are contained in this press release, except in accordance with applicable securities laws.

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.

SOURCE Porto Energy Corp.
For further information:

Heath Cleaver – Chief Financial Officer
Phone: 1-713-975-1725

Black Spruce Merchant Capital Corp.
Sonny Mottahed – Managing Partner
or
Jeff Barber – Managing Partner
Phone: 1.403.351.1779
Email: info@bsmc.ca

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PLS Presents DEALMAKERS™ Prospects and Properties Expo in Calgary

CALGARY, AB–(Marketwired – Oct 3, 2013) – PLS Inc. today announced that its Fall 2013 Calgary DEALMAKERS™ Expo this Tuesday, October 8 will feature, among others, upstream opportunities in the Cardium, Duvernay, Nordegg, Peace River Arch, Slave Point and other Alberta, British Columbia and Saskatchewan plays. This power-packed, one-day oil and gas prospect and property expo starts 8:30 am on Tuesday, October 8 at the TELUS Centre, 120 9th Avenue South in downtown Calgary.

DEALMAKERS is open to buyers, sellers and capital providers, making it the oil and gas industry’s purest exchange for buying and selling prospects and property while also funding development projects. The oil and gas expo is presented by the Canadian Association of Petroleum Landmen (CAPL), Canadian Association of Petroleum Producers (CAPP), Canadian Society of Petroleum Geologists (CSPG), Explorers & Producers Association of Canada (EPAC) and Calgary Global Exploration Forum (CGEF). PLS expects 65 booths filled with deal prospects and over 400 oil and gas industry professionals in attendance. The forum helps create a venue large enough for attendees to gain thorough knowledge of the current deal market yet intimate enough to engage in meaningful and productive introductions and negotiations with exhibitors.

Private equity groups, banks and mezzanine lenders regularly attend DEALMAKERS oil & gas expo to network with energy industry professionals. Carefully-vetted capital providers have become a distinguished value-added component of the DEALMAKERS events. PLS is bringing together some of the biggest names in global energy finance and advisory under the same roof on October 8 to meet with prospective buyers and sellers. They include The Carlyle Group, Canadian Western Bank, Macquarie Energy Capital, SW Capital Partners, Invico Capital, Grafton Asset Management, Osprey Capital Partners, Durham Capital and Black Spruce Merchant Capital.

Among the many registered Canadian E&P Companies showing prospects and properties will include Bonavista Energy, Enerplus, Husky Oil, Santonia Energy, Tangle Creek Energy and Woma Energy. DEALMAKERS will also feature several US cross-border opportunities with US E&P Company exhibitors such as Manti Exploration, Pipeline Oil & Gas, Cottonwood Natural Resources, White Butte Resources, and Preferred Oil & Gas. With the addition of our newest international partner CGEF, DEALMAKERS now has an International Section featuring global E&P Companies such as New Zealand Energy Corp, Platino Energy Corp, Manas Petroleum, Sherritt International Corp, Tamboran Resources and SOCO International.

The Toronto Stock Exchange is sponsoring a series of industry-focused breakout sessions throughout the day. Brief, information-packed presentations will cover topics including A&D, drilling deals and JVs and energy finance with speakers such as Bruce Edgelow of ATB Financial, Barry Munro of Ernst & Young and Ian Van Staalduinen of BMO Capital Markets.

To wrap up the day, CAPL will host a Landmen Networking & Recruiting Reception (open bar), connecting executives, landmen and students for a unique opportunity to network, source capital and recruit next-generation professionals. Olds College, Mount Royal University and the University of Calgary’s Petroleum Land Undergraduate Society will all be exhibiting and bringing students to the show.

PLS is still accepting requests for booths at Calgary DEALMAKERS. As a unique opportunity, prospect booths are actually free and interested parties are encouraged to contact Tim Pawul at (403) 294-1906 or Brad Jamison at 713-650-1212 for last minute space.

About PLS’ DEALMAKERS

Started more than 25 years ago, PLS’s DEALMAKERS is the original forum for buying and selling oil and gas prospects and properties. The one-day oil and gas expo brings together buyers, sellers and capital providers to conduct prospect showings, transact deals and network with each other over the hottest oil and gas plays. The event attracts the industry’s preeminent prospect generators, playmakers, property sellers, agents, investment bankers, deal takers, acquisition firms and capital sources.

About PLS

PLS is an integrated information, transaction and advisory firm founded in 1987. Initially adapting the real estate industry’s highly effective MLS (multiple listing service) platform for the oil and gas industry, the firm has since expanded globally providing buyers and sellers vital deal information, marketing and advisory services they need to better manage their portfolios and facilitate profitable transactions.

Contact Information

Contact:
Tim Pawul
PLS Inc.
(403) 294-1906
tpawul@plsx.com

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