Newton Energy Corporation Announces Directors and Officers and Provides Operations Update
October 27 2011 - 5:53PM
Marketwired
Newton Energy Corporation (the "Company" or "Newton") (TSX
VENTURE:NTN) held its Annual General and Special meeting of
shareholders today and is pleased to announce the following
re-election of directors of Merv Chia, Bruce Williams, Richard
Schmitt and Steve Engwall. In addition, subsequent to the
shareholders meeting, the directors made the following
appointments:
-- Merv Chia, Chairman of the Board;
-- Steve Engwall, President and Chief Executive Officer; and
-- Barry Sadrehashemi as Vice-President, Finance, Chief Financial Officer
and Secretary.
Operations
Mr. Engwall provided an update on management activities and
operational matters in the East Midlands Basin.
The Company is making progress towards drilling its first well
in the East Midlands which will be on the Harlequin prospect, east
of the City of Nottingham. The site preparation was completed by
Fox (Owmby) on September 30, 2011. Long lead items (wellhead and
tubing hanger) have been purchased and received into the warehouse
of Newton's project managers, Moorhouse Petroleum.
The Company also announces that negotiations have commenced with
drilling contractors to provide a drilling rig for the Harlequin
prospect. Delivery of the rig will most likely occur in the first
or second quarter of 2012 and applications to the Department of
Energy and Climate Change for permission to drill the well are
expected to be commenced in the next few days.
East Midlands Reserves
The Company also anticipates that certain of the prospects on
Newton's East Midlands acreage may see reductions in their
associated Proved and Probable Reserves categories as a result of
re-interpretation of 2D seismic data and well logs.
In particular, it is expected that the reserves on the Cropwell
Butler and Harlequin prospects will be reviewed by independent
Qualified Reserves Evaluators, Chapman Petroleum Engineering Ltd.
("Chapman") and there will likely be downward revisions.
However, the new mapping work has also brought insight into at
least one new prospect on the acreage, whose reserves are still
under evaluation, but may well help to mitigate some of the above
reductions. It is expected that further details of any significant
reserves revisions will be announced following Newton's year end
review of reserves with Chapman.
Third Quarter Financial Statements
The Company has filed its third quarter financial statements on
SEDAR.
About Newton
Newton is an oil and gas company focused on drilling exploration
wells on its East Midlands licenses in the United Kingdom. Newton
maintains offices in Woking, England and Calgary, Alberta.
ADVISORY:
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates", and similar expressions, are forward-looking
statements that represents management of Newton's internal
projections, expectations or beliefs concerning, among other
things, future operating results and various components thereof or
the economic performance of Newton. The projections, estimates and
beliefs contained in such forward-looking statements necessarily
involve known and unknown risks and uncertainties, which may cause
Newton's actual performance and financial results in future periods
to differ materially from any projections of future performance or
results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things, those
described in Newton's filings with the Canadian securities
authorities. Accordingly, holders of Newton's shares and potential
investors are cautioned that events or circumstances could cause
results to differ materially from those predicted. Newton disclaims
any responsibility to update these forward-looking statements
except as required by applicable securities legislation.
Neither 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.
Contacts: Newton Energy Corporation Steve Engwall CEO Newton
Energy Corporation Barry Sadrehashemi CFO (403)
410-3822barry@newtonenergy.ca Newton Energy Corporation 200, 638 -
11th Avenue SW Calgary, Alberta T2R 0E2
(TSXV:NTN)
Historical Stock Chart
From May 2024 to Jun 2024
(TSXV:NTN)
Historical Stock Chart
From Jun 2023 to Jun 2024