Americas Petrogas Announces 2015 Results, Provides Corporate and Operations Update, and Filing of Updated NI 43-101 Phosphate Mineral Resource Technical Report
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/29/16 -- Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE: BOE) announces that it has filed its 2015 audited consolidated financial statements, including the Auditor's Report thereon, and Management's Discussion and Analysis ("MD&A") relating to its 2015 year-end results. These filings can be accessed on SEDAR's website at and on the Company's website at .
The Company has also filed on SEDAR a Statement of Reserves Data and Other Information for the year ended December 31, 2015 as prescribed by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
The following Summary of Selected Financial and Operational Highlights have been derived from the audited consolidated financial statements and MD&A. Readers are strongly encouraged to review the entire audited consolidated financial statements, including the Auditor's Report thereon, and MD&A.
All amounts are in Canadian dollars unless otherwise stated.
Summary of Selected Financial and Operational Highlights
Highlights and Recent Activities
CORPORATE
PERU
ARGENTINA
The Company continues to explore various options to maximize the value of its assets in Argentina.
2016 CAPITAL BUDGET and G&A
Capital spending program in 2016 of approximately US$12.5 million includes the following:
General and administrative expenses for 2016 are expected to be approximately US$5.5 million.
Abby Badwi Executive Chairman of American Petrogas stated, "In 2015, the Company initiated several changes with an objective to focus on enhancing the value of its primary mining assets in Peru, realizing adequate returns from its remaining oil and gas blocks in Argentina, lowering its corporate G&A, and conserving the cash received from the sale of its Argentina assets by prudent capital spending to ensure delivering maximum value to its shareholders."
FILING OF UPDATED PHOSPHATE MINERAL RESOURCE TECHNICAL REPORT
Americas Petrogas and its subsidiary, GrowMax Agri Corp. are pleased to announce the filing on SEDAR of the National Instrument ("NI") 43-101 Updated Mineral Resource technical report on the Company's drill holes on the Bayovar 6, 7 and 8 concessions on its Bayovar Property located in the Sechura Desert, Peru.
The report, prepared in accordance with NI 43-101 and initially announced on March 14, 2016, was prepared by Golder Associates ("Golder"), under the supervision of Jerry DeWolfe, MSc. P.Geo, an independent Qualified Person defined under NI 43-101. The report provides an update of the details on the Company's inaugural phosphate mineral resource originally filed in May 2015.
Forward-Looking Information
Certain statements contained in this Press Release constitute "forward-looking information" as such term is used in applicable Canadian and US securities laws. Any information or statements contained herein that express or involve discussions with respect to predictions, expectations, plans, projections, objectives, assumptions or future events should be viewed as forward-looking information. Such information relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different than those results, performance or achievements expressed or implied by such forward-looking information.
In particular, statements (express or implied) contained herein or in the Company's MD&A regarding the following should be considered as forward-looking information: the Company's goals, growth strategy, objectives, strategic plan, business plan, and restructuring; enhancing the value of assets; realizing the value of assets; lowering G&A; targeted general and administrative and capital spending; work programs and budget; drilling programs, timing, activities, commitments and costs; exploration efforts, drilling results and activities on the Bayovar concession (including results from the pilot evaporation pond, the expansion of the pilot evaporation pond and timing thereof, and drilling on the Bayovar 5 and Bayovar 7 concession blocks); the undertaking and timing of an initial PEA for the Bayovar 5 and Bayovar 7 concession blocks; the completion of a further resource update and timing thereof, plans for commercial production on the Company's Bayovar concession, production testing at Vaca Mahuida, technical studies on remaining oil and gas blocks, and timing, results and finding of all reports, economic assessments and studies on the Company's Bayovar concession.
In addition, information regarding the reserve and resource estimates attributable to the Company's oil and gas properties or mineral resource properties should be considered forward-looking statements. In particular, the presence of phosphates in samples is not necessarily indicative that phosphates are capable of being successfully produced in commercial quantities or at all. There is no assurance reserves will be assigned to such phosphate-bearing formations. There is no assurance that future wells will be drilled on the Bayovar Property or that if drilled, will be successful mineral resources that are not mineral reserves do not have demonstrated economic viability.
Additional forward-looking information is contained in the Company's MD&A, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in that document.
There is no assurance that such forward-looking information will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements contained in this Press Release. This cautionary statement expressly qualifies the forward-looking statements contained herein and in the MD&A.
Forward-looking information is based on management's beliefs, expectations, estimates and opinions on the date statements are made and the Company undertakes no obligation to update forward-looking information and whether the beliefs, expectations, estimates and opinions upon which such forward-looking information is based has changed, except as required by applicable law.
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 THE RELEASE.
Contacts:
Americas Petrogas Inc.
Abby Badwi, P. Geo.
Executive Chairman
+1 587 390 7015
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Unternehmensinformation / Kurzprofil:
Datum: 29.04.2016 - 13:15 Uhr
Sprache: Deutsch
News-ID 467553
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Farming
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