CALGARY, AB / ACCESSWIRE / March 13, 2019 / Nextraction Energy Corp. (NEX: NE.H) (the "Company" or "Nextraction") advises that it has filed on SEDAR the following documents:
- The Company's December 31, 2016 NI 51-101 Report on Reserves Data and ancillary certificates;
- The Company's December 31, 2017 NI 51-101 Report on Reserves Data and ancillary certificates;
- The Company's Notice of Ceasing to Engage In Oil and Gas Activities;
- The Company's Annual Financial Statements and Management Discussion and Analysis for the year ended December 31, 2015 and ancillary certificates;
- The Company's Annual Financial Statements and Management Discussion and Analysis for the year ended December 31, 2016 and ancillary certificates; and
- The Company's Annual Financial Statements and Management Discussion and Analysis for the year ended December 31, 2017 and ancillary certificates.
Nextraction is proceeding to complete its financial statements for the year ended December 31, 2018.
The Company also advises that subject to the approval of the applicable regulatory authorities, including the TSX Venture Exchange, the Alberta Securities Commission (the "ASC") and the British Columbia Securities Commission ("BCSC") Frank Hallam has been appointed by the board of directors as the interim Chief Financial Officer of Nextraction.
The board of directors of the Company has also appointed all board members to sit on the Nextraction Reserves Committee.
As indicated above, Nextraction has ceased to be involved in any oil and gas activities. It has disposed of its Alberta oil and gas properties and recently, as a result of the failure of Nextraction's United States subsidiary to abandon and remediate a well located in Wyoming, has lost its mineral rights thereby resulting in Nextraction having ceased to be engaged in oil and gas activities.
As disclosed by the ASC, on January 17, 2019, the ASC issued a Variation Order (the "ASC Variance Order") varying the ASC Cease Trade Order dated May 6, 2015. As disclosed by the BCSC, on January 17, 2019, the BCSC has issued a Partial Revocation Order (the "BCSC Partial Revocation Order") partially revoking the BCSC Cease Trade Order dated May 8, 2015. Pursuant to both of the ASC Variance Order and the BCSC Partial Revocation Order the ASC Cease Trade Order and the BCSC Cease Trade Order (the "CTOs") were varied or partially revoked allowing Nextraction to raise debt funds from it directors or officers. The funds are to be utilized to bring the Company's disclosure documents up to date. Other than as permitted by the ASC Variance Order and the BCSC Partial Revocation Order, the CTOs remain in effect. Nextraction intends to apply to the ASC and BCSC for full revocation of the CTOs but has not done so as of March 13, 2019. There is no guarantee that the CTOs will be fully revoked. Until the CTOs are fully revoked the securities of Nextraction will remain subject to the CTOs.
For further information please contact:
John Zang, CEO
Email: [email protected]
Telephone: 403 680 9264
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release is as of the date hereof and Nextraction does not undertake any obligation to update publicly or to revise any of the included forward looking statements contained herein, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities and Exchange Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE: Nextraction Energy Corp.