Novus Energy Inc. announces increase to its credit facilities and operational update
15 Août 2011 - 6:59PM
PR Newswire (Canada)
CALGARY, Aug. 15, 2011 /CNW/ -- NOT FOR DISTRIBUTION TO U.S. NEWS
WIRE SERVICES OR DISSEMINATION IN THE U.S. CALGARY, Aug. 15, 2011
/CNW/ - Novus Energy Inc. ("Novus" or the "Company") is pleased to
announce that it has obtained an increase to its credit facilities
to $60 million up from the previous $40 million. The new
facilities comprised of a $50 million revolving operating demand
loan and a $10 million acquisition and development demand loan,
will be used to assist with the Company's 2011 drilling program.
The Company's 2011 Viking oil drilling program continues to
progress on schedule. The Company has now successfully drilled 34
Viking oil wells in the Dodsland area of Saskatchewan, with 30 of
these wells having been completed. Twenty-six of the wells
that have been completed have been placed on production, with the
remainder to follow. Novus is pleased with the initial rates the
first wells have demonstrated to date. Drilling and completion
costs in the Dodsland area continue to meet the Company's budgeted
figures of $850,000 per well. Total estimated field level corporate
production as of August 12, 2011 was approximately 2,425
boe/d. Novus expects production will continue to steadily
increase through the balance of the year as additional wells are
drilled and placed on production. With recent land acquisitions in
the Dodsland area, Novus now controls 124.25 net sections of Viking
rights, and has identified 601 net undrilled Viking oil locations.
Novus Energy Inc. is a well positioned, junior oil and gas company
with a proven management team committed to aggressive,
cost-effective growth of high netback light oil reserves and
production. Novus will continue to grow through a targeted
acquisition and consolidation strategy coupled with exploratory and
development drilling. Novus Shares trade on the TSX Venture
Exchange under the symbol NVS. Novus currently has 169.7 million
common shares outstanding. 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. This news release will
not constitute an offer to sell or the solicitation of an offer to
buy the securities in any jurisdiction. Such securities have not
been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States, or to a U.S.
person, absent registration, or an applicable exemption therefrom.
Advisory Regarding Forward Looking Statements Certain disclosures
set forth in this press release constitute forward-looking
statements. Any statements contained herein that are not
statements of historical facts may be deemed to be forward-looking
statements. Forward-looking statements are often, but not
always, identified by the use of words such as "anticipate",
"believes", "budget", "continue", "could", "estimate", "forecast",
"intends", "may", "plan", "predicts", "projects", "should", "will"
and other similar expressions. All estimates and statements
that describe the Company's future, goals, or objectives, including
Management's assessment of future plans and operations, may
constitute forward-looking information under securities
laws. Forward-looking statements involve known and unknown
risks and uncertainties which include, but are not limited to:
exploration, development and production risks; assessments of
acquisitions; reserve measurements; availability of drilling
equipment; access restrictions; permits and licenses; aboriginal
claims; title defects; commodity prices; commodity markets,
transportation and marketing of crude oil, liquids and natural gas;
reliance on operators and key personnel; competition; corporate
matters; funding requirements; access to credit and capital
markets; market volatility; cost inflation; foreign exchange rates;
general economic and industry conditions; environmental risks;
Kyoto protocol; and government regulation and taxation.
Forward-looking statements relate to future events and/or
performance and although considered reasonable by Novus at the time
of preparation, may prove to be incorrect and actual results may
differ materially from those anticipated in the statements
made. Novus does not undertake any obligation to publicly
update forward-looking information except as required by applicable
securities law. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and
other factors that could affect Novus' operations or financial
results are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com), and at Novus' website
(www.novusenergy.ca). The forward-looking statements and
information contained in this press release are made as of the date
hereof and Novus undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/15/c3824.html
table cellspacing="0" border="0" tr valign="top" td align="left"
bNOVUS ENERGY INC./b /td td align="left" colspan="2" valign="top"
/td /tr tr valign="top" td align="left" Hugh G. Rossbr/
President and CEObr/ (403) 218-8895 /td td align="left"
valign="top" Ketan Panchmatiabr/ Chief Financial Officerbr/ (403)
218-8876 /td td align="left" valign="top" Julian Dinbr/ VP Business
Developmentbr/ (403) 218-8896 /td /tr /table p /p
Copyright
Novus Energy Inc. (TSXV:NVS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Novus Energy Inc. (TSXV:NVS)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Novus Energy Inc. (TSX Venture Exchange): 0 recent articles
Plus d'articles sur Novus Energy Inc.