CALGARY, ALBERTA -- (Marketwired) -- Oil Reserve Inc. ("Oil Reserve" or the "Company") today announced that its Board of Directors has initiated a process to identify, examine and implement strategic and financial alternatives available to the Company.
Strategic and financial alternatives may include, but are not limited to, the sale of the Company or all or a portion of its assets, recapitalization, joint venture or any combination thereof. Paradigm Capital Inc. has been retained as the Company's financial advisor to assist with this process.
It is the Company's current intention not to disclose developments with respect to the strategic review process until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.
About Oil Reserve
Oil Reserve Inc. is a private western Canadian junior oil exploration company with a commanding land position in the oil rich region of Northern Alberta. The Company holds 297 sections (8.25 Townships/190,080 acres) in the Peace River area which includes the Bluesky, Debolt, Elkton, Shunda, and Pekisko formations. Additionally, the Company holds 657 sections (18.25 Townships / 420,480 acres) of the land in Athabasca area which includes the Viking, Grosmont and Nisku formations.
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law including estimates as to: future production, operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities and lending costs, income and oil taxes, regulatory changes, the potential results of the strategic alternative review process and the capital restructuring process, disclosure intentions with respect to the strategic alternative review or other process, and general economic outlook.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. 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 that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, but are not limited to the inherent risks involved in the exploration and development of oil and gas properties and of oil sands properties, strategic alternatives, the capital restructuring process, conformance acceleration techniques, delays in ramp-up operations, the uncertainties involved in interpreting drilling results and other geological data, fluctuating oil prices and discounts, the possibility of unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors including unforeseen delays. As an oil sands enterprise in the development stage, Oil Reserve faces risks including those associated with exploration, development, ramp-up, approvals and the continuing ability to access sufficient capital from external sources if required. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. For a description of the risks and uncertainties facing Oil Reserve and its business and affairs, readers should refer to Oil Reserve's most recent Annual Information Form. Oil Reserve undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law.
The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as the factors are interdependent, and the Board's and management's future course of action would depend on its assessment of all information at the time.
The reader is cautioned not to place undue reliance on this forward-looking information.
Oil Reserve Inc.
Todd D. Montgomery
Oil Reserve Inc.
Suite 700, 1300 - 8th Street SW
Calgary, Alberta T2R 1B2
Paradigm Capital Inc.
Arthur H. Kwan
Managing Director, Investment Banking
Paradigm Capital Inc.
Suite 500, 110 - 9th Avenue SW
Calgary, Alberta T2P 0T1