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CALGARY, Alberta, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces that drilling of the Chookola-1 exploration well, located in the Authority to Prospect 752 ("ATP 752") within the Barta sub-block, has been completed. Following a review of the well logs, the ATP 752 joint venture parties have decided to plug and abandon the well. The well encountered oil shows at multiple levels; however, no commercial pay was identified at this location. This exploration well is located 11 km to the southwest of the Cuisinier field, and is outside the Petroleum Lease 303 ("PL 303"). The Chookola-1 well is also outside of mapped Murta pool Proved ("1P"), Proved plus Probable ("2P") and Proved plus Probable plus Possible ("3P") reserve areas in in the Cuisinier Field, as presented in the GLJ Petroleum Consultants Ltd. independent reserve assessment and evaluation prepared with an effective date of March 31, 2018 and therefore is not expected to have any negative impact on the existing reserves booked for Cuisinier.
Details of upcoming development within the Cuisinier field will be announced in a subsequent update.
Bengal holds a 30.357% working interest in the Barta permit, ATP 752, the Cuisinier field and PL 303. The ATP 752 exploration permit and PL 303 are located within the Cooper Basin, Queensland, Australia.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal's common shares trade on the Toronto Stock Exchange under the symbol "BNG". Additional information is available at www.bengalenergy.ca.
This news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These forward-looking statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate", or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the current commodity price environment; the impact of economic conditions in North America, Australia and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. Bengal believes the expectations reflected in those forward-looking statements are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.
Forward-looking statements contained herein include, but are not limited to, the expected update with details of upcoming development within the Cuisinier field. The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: Bengal's development and exploration opportunities; fluctuations in commodity prices, foreign exchange or interest rates; the failure to obtain required regulatory approvals or extensions; failure to satisfy the conditions under farm-in and joint venture agreements; failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America and Australia; increased competition; the availability of qualified operating or management personnel; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are encouraged to review the material risks discussed in Bengal's Annual Information Form under the heading "Risk Factors" and in Bengal's annual MD&A under the heading "Risk Factors". The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof and Bengal does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be require pursuant to applicable securities laws.
Oil and Gas Advisory
Complete NI 51- 101 reserves disclosure are included in Bengal's annual information form for the year ended March 31, 2018 filed on SEDAR June 28, 2018. Listed below are cautionary statements applicable to the Company's reserves information that are specifically required by NI 51-101:
The recovery and reserve estimates of the Company's crude oil, natural gas liquids and natural gas reserves provided in this news release are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
"Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
"Possible" reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bengal Energy Ltd.
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
CALGARY, Alberta, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Strategic Oil & Gas Ltd. (TSXV:SOG) (“Strategic” or the “Company”) has closed the previously announced non-brokered private placement of 8% convertible notes (“New Notes”). In total $4.1 million in New Notes were issued. The New Notes bear interest at 8% per annum, payable semi-annually, mature on the same date as the existing convertible notes and are convertible into common shares of the Company at a conversion price of $0.165 per common share.
The TSXV has in no way passed on the merits of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
BARRE, Vt., Sept. 21, 2018 (GLOBE NEWSWIRE) -- Northern Power Systems Corp. (TSX: NPS) (the “Company”), a next generation renewable energy and energy storage technology company, today announced that on September 20, 2018 the Company received a letter from the Toronto Stock Exchange (“TSX”) notifying the Company that the TSX has determined to delist the Company’s securities, effective October 22, 2018. TSX imposed the delisting for the failure of the Company to meet certain continued listing requirements of TSX. The TSX identified several deficiencies regarding the Company’s compliance with the TSX continued listing requirements, including the fact that (i) in the opinion of TSX, it is questionable as to whether the Company will be able to continue as a going concern, (ii) the market value of the Company’s listed securities has been less than $3.0 million for the 30 previous consecutive trading days and (iii) market value of the Company’s publicly held listed securities has been less than $2.0 million for the 30 previous consecutive trading days.
This notification has no immediate effect on the Company’s business operations, its listing on the TSX or on the trading of the Company’s common stock.
The Company is exploring listing its securities on NEX or the over-the-counter market place (OTCQB) and it is the Company’s desire to establish an alternative listing arrangement prior to the Effective Date. It is uncertain if the Company’s efforts to list its securities on an alternative exchange will be successful or if it will be accomplished prior to the Effective Date.
In addition, the Company continues to explore all strategic alternatives and transactions for Company, including the sale of the business or some or all of its assets and business lines including its distributed wind, energy storage and/or services business segments. It is uncertain if the Company’s efforts to identify and effect one or more strategic transaction will be successful.
About Northern Power Systems
Northern Power has been a technology innovator for over 40 years and serves clients around the globe from its US headquarters and European offices. To learn more, visit www.northernpower.com.
Notice regarding forward-looking statements:
William St. Lawrence
MISSISSAUGA, Ontario, Sept. 21, 2018 (GLOBE NEWSWIRE) -- A special weather statement was recently issued for Alectra Utilities’ service territory due to strong southwesterly wind gusts reaching 70 to 100 km/h causing power outages. The strong winds are damaging powerlines primarily due to tree contact.
Across the service territory approximately 6,100 homes and businesses are without power. Alectra emergency crews are being dispatched to restore power and will continue to work through the duration of the storm.
In the event of downed powerlines, stay at least 10 metres away (the length of a school bus), and call 911 immediately. To report outages, Alectra Utilities’ customers should call:
Alectra’s System Control Centre continuously monitors weather forecasts and storm models and mitigation strategies are being made to prepare line crews and additional field and communications staff to respond in the event the situation evolves. If you experience a power outage, you can find frequent updates through our Twitter channel @AlectraNews or visiting the outage map on our website: alectrautilities.com.
Alectra Utilities reminds all customers of the importance of having an emergency kit in the event of a sustained power outage. It is recommended that emergency kits include: medicine, first aid supplies, flashlights, new batteries, a battery-operated radio, a manual can opener, canned food, bottled water, blankets, food for pets and important telephone numbers for family doctors, schools, daycare and insurance companies.
About Alectra’s Utilities Corporation
Alectra Utilities Corporation serves approximately one million customers across a 2,200 square kilometre service territory and 15 communities including Alliston, Aurora, Barrie, Beeton, Brampton, Bradford, Hamilton, Markham, Mississauga, Penetanguishene, Richmond Hill, St. Catharines, Thornton, Tottenham and Vaughan. It is part of the Alectra family of companies, which also includes Alectra Inc. and Alectra Energy Solutions Inc.
Media Contact: Rachel Bertone, Media Spokesperson
Frontline Ltd. ("Frontline" or the "Company") announces that Ulrika Laurin and James O'Shaughnessy have in a board meeting after the AGM today been elected as new board members in the Company to fill vacancies on the Board.
Ulrika Laurin has been the Executive Chairman of ship-owning company Anglo-Atlantic Steamship Co. Ltd. and the Chairman of Laurin Shipping AB, an international ship-management company. She has served as the CFO of Anglo-Atlantic Steamship Co. Ltd. and as Commercial Manager of Laurin Maritime (UK) Ltd. Prior to that, she worked with fund manager Tufton Oceanic Ltd. and with management consultant Karlöf & Partners. She holds a Master of Science degree in Economics and Business Administration from the Stockholm School of Economics.
James O'Shaughnessy has been an Executive Vice President, Chief Accounting Officer and Corporate Controller of Axis Capital Holdings Limited since March 26, 2012. Prior to that Mr. O'Shaughnessy has amongst other served as Chief Financial Officer in the Bermuda operations of Flagstone Reinsurance Holdings SA and as Chief Accounting Officer and Senior Vice President of Scottish Re Group Ltd., and Chief Financial Officer of XL Re Ltd. at XL Group plc. Mr. O'Shaughnessy received a Bachelor of Commerce degree from University College, Cork, Ireland in the year 1981 to 1985 and is both a Fellow of the Institute of Chartered Accountants of Ireland and an Associate Member of the Chartered Insurance Institute of the UK. Mr. O'Shaughnessy earned a Master's Degree in Accounting from University College Dublin in the year 1985 to 1986.
September 21, 2018
The Board of Directors
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