Quattro Exploration and Production Ltd. Provides Update RE Annual Financial Statement Filings
May 24 2016 - 1:37PM
Quattro Exploration and Production Ltd. (the
"
Corporation") (TSXV:QXP) provides an update
regarding the filing of its financial statements and corresponding
management discussion and analysis for the year ended December 31,
2015 (the "
Financial Statements"). As noted
in the Company's press release dated May 4, 2016, the Company was
unable to file the Financial Statements prior to the filing
deadline of April 29, 2016 and at the request of the Company,
Management Cease Trade Orders applicable to Leonard Van Betuw,
President and Chief Executive Officer of the Company, Stacey
LePla-Martin, Chief Financial Officer of the Company, and the
Company’s directors were issued by applicable securities
commissions in accordance National Policy 12-203. As noted
previously, Quattro was unable to file the Financial Statements
prior to the aforementioned filing deadline due to the fact that it
had experienced delays in the receipt of its 2015 reserves
evaluation from its independent reserves evaluator and the need for
additional accounting information related to the acquisition of
Quattro (SRD) Innovations Inc. (the wholly owned subsidiary of the
Corporation) which occurred in December 2015.
Company management was able to receive the
information necessary with respect to Quattro Innovations Inc. on
May 20, 2016 and now has the necessary financial information
required to complete the Financial Statements. Management
expects that the Financial Statements will be completed and filed
on or before May 30, 2016. Quattro further re-affirms that it
intends to satisfy the provisions of the alternative information
guidelines of National Policy 12-203 for so long as the default
remains in effect.
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. Our diversified core areas target a low risk
production base focused on providing the Company the capacity to
aggressively pursue a series of high impact exploration and
development efforts in Canada and Central America. The
company intends to balance this portfolio of activities to assure
its shareholders that it achieves material growth in both reserves
and production.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leonard Van BetuwPresident and Chief Executive
OfficerOffice (403) 984-3917 Ext.102Direct Line (587)
228-7070leonard@qxp-petro.com
Or
Tianda DranchukBusiness DevelopmentOffice (403)
984-3917 Ext.107tianda.d@qxp-petro.com
www.qxp-petro.com
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.
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.