CALGARY, ALBERTA--(Marketwire - April 12, 2012) - Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) (the "Corporation" or the "Company") is pleased to report that it has signed of a Conditional Sales Agreement with Campania General de Combustibles S.A., (CGC) a private Argentine corporation to acquire 100% of certain confidential data as well as the rights and obligations for the Exploration and Exploitation of Contract 4-98 situated in the Northern Peten Basin of Guatemala. Included in this agreement is the condition requiring Quattro to assume all rights and obligations as part of its application to the Guatemalan Ministry of Energy and Mines, for Quattro to be assigned as the operator of Exploration and Production Contract 4-98.
The exploration and production blocks total approximately 320,785 acres in size and are located in close proximity to established oil pipelines and producing fields in the northwestern region of Guatemala.
Contract 4-98 lies over Quaternary deposits and Eocene and Paleocene marine strata partially mapped with seismic and tie lines to the discovery well Bolonkitu-1, located 50 Km on trend to the Tertiary strata, of the Coban B and C levels, which are producers in Peten Basins and situated on trend with the prolific Reforma fields of Mexico, where the geological environment has resulted in the formation of stratigraphic traps and wide anticlines related to regional horst and grabens along the Yucatan peninsula. Fields related to these structures are currently producing more than 11.000 BOPD in the North Peten Basin of Guatemala.
The Company believes that through the application of the company's capacity to successfully implement advanced exploration, drilling and completion techniques there is a significant opportunity for the rapid development of this exploration and production block to its full potential. The company intends to introduce techniques that result in a much more efficient and minimalistic environmental foot print than what was possible when the Contract was initially issued in 1998 and subject to an operational review in 2004.
"Upon the successful completion of our final report and submission for the reactivation of activities in the region as required as part of closing of the agreement", stated Leonard Van Betuw of QXP, "We will have added a very complimentary asset to the projects that the company continues to develop both in Guatemala and south Central Saskatchewan. The agreement contemplates this to occur on or before August 4th, 2012.
As reported in our Press Release of April 2nd Quattro believes the foundation provided through its exploration and production activities in south central Saskatchewan on the north western flanks of the Williston Basin, provide the company a very complimentary asset base of low risk production with the high impact of exploration and development drilling in Guatemala.
About the Company
Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan...combined with the intention to aggressively pursue a series of high impact exploration efforts in Central and South America, the company intends to balance a portfolio of activities that assures its shareholders that it achieves material growth in both reserves and production.
Mission Statement
Quattro Exploration and Production Ltd. is a company based in Calgary, Canada. The company is an exploration and production company actively pursuing growth opportunities within select energy markets both domestically and internationally. Quattro utilizes an aggressive application of progressive exploration and production techniques that competitively advance its projects through a concerted strategy of value creation that is both rewarding for its shareholders and socially responsible.
Forward Looking Statements
Statements in this press release contain forward-looking information within the meaning of applicable securities law. 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. . Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward -looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of the Corporation) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Corporation 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.
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