CUT BANK, MT, April 22, 2016 /CNW/ - Mountainview Energy Ltd.
("Mountainview" or the "Company") (TSX-V: MVW)
announces that it expects to be delayed in filing its: (a) audited
annual financial statements for its financial year ended
December 31, 2015; (b) the related
Management's Discussion and Analysis; (c) the related
certifications by the Chief Executive Officer and Chief Financial
Officer; and (d) the Company's statement of reserves data in Form
51-101F1 in accordance with National Instrument 51-101 –
Standards of Disclosure for Oil and Gas Activities ("NI
51-101") (collectively the "Required Filings"). Under
National Instrument 51-102 – Continuous Disclosure
Obligations ("NI 51-102") and NI 51-101, the Required
Filings are required to be filed not later than April 30, 2016. In
the event that the Required Filings are not filed by such deadline,
the Company expects that the Alberta Securities Commission (the
"ASC"), which is Mountainview's principal regulator, will
issue a cease trade order that all trading in securities of the
Company cease for such period of time as the ASC may deem
appropriate.
The Company has been unable to complete the required filings due
to a lack of capital required to complete its audit and evaluation
of reserves, respectively. As a result, the Company requires
additional time and will work diligently to raise sufficient
capital to complete and file the Required Filings. No
assurances can be given that the Company will be able to secure
sufficient financing to complete the Required Filings.
About Mountainview
Mountainview Energy Ltd. is a public oil and gas company listed
on the TSX Venture Exchange, with a primary focus on the
exploration, production and development of the Bakken and Three
Forks Shale in the Williston Basin and the South Alberta
Bakken.
Forward-Looking Statements
Statements in this press release contain forward-looking
information and forward-looking statements within the meaning of
applicable securities laws (collectively, "forward-looking
information"). Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur.
Although we believe that the expectations and assumptions
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations or assumptions will
prove to be correct. Forward-looking information is based on the
opinions and estimates of management at the date the statements are
made, and is subject to a variety of risks and uncertainties and
other factors (many of which are beyond the control of
Mountainview) that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. The forward-looking information contained in this news
release is expressly qualified by this cautionary statement.
Mountainview does not undertake any obligation to update or revise
any forward-looking statements to conform such information to
actual results or to changes in our expectations except as
otherwise required by applicable securities legislation. Readers
are cautioned not to place undue reliance on forward-looking
information.
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.
SOURCE Mountainview Energy Ltd.