Base Introduces Snap Marketplace to Extend the Value of Its All-in-One Sales Platform

SAN FRANCISCO, CA–(Marketwired – April 26, 2017) – Base, the all-in-one sales platform, today announced the launch of the Base Snap Marketplace, a one-stop-shop for Base integrations. The Snap Marketplace connects Base’s customers and prospects to more than 35 plug-and-play integrations. This continuously expanding set of solutions allows Base customers to immediately extend the benefits of Base’s all-in-one sales platform into all corners of the sales process.

„As we continue to grow our enterprise customer base, we’re encountering very specific processes and complex integration needs,” said Base CEO and Co-Founder Uzi Shmilovici. „We’ve invested significantly in high quality, seamless integrations with companies like Zendesk and HubSpot. The marketplace is the first time we’re really exposing these to the public and in turn demonstrating the full extent of Base’s capabilities.”

All integrations in the marketplace are „plug-and-play,” meaning an administrator can install each integration with just a few clicks of a button; there’s no need to engage external teams for custom development. These easy to set up yet comprehensive solutions cover a wide range of sales-related processes including quoting, billing, analytics, customer support and marketing automation. With integrations categorized by process, type (native versus third-party enabled) and Base package, customers can easily identify the partner or readily available solution that fits their specific needs. Understanding and activating the full potential of Base has never been easier.

/EINPresswire.com/ — Growing Partner Ecosystem
According to Bart Kiszala, Chief Product Officer and Co-Founder, „In addition to integrations, we’re seeing companies building products directly on top of the Base designed specifically for Base customers. This is where we see the future of the Base platform heading.”

One such application is Paycove created by Peritus Digital. This winning combination reduces both cost and time to invoice by over 50%. „You know that when you choose to work with Base, you are future-proofing your integration,” says Rich Hankinson, Peritus Digital CTO.

Base maintains a set of robust open APIs as evidenced by the growing community of integration partners. The team encourages continued innovation on the Base platform and will consistently feature new integrations on the Snap Marketplace, giving partners exposure to the company’s 7000+ customers. With the launch of the marketplace and development of Base’s new Firehose API, the company is expecting to see the volume and breadth of available integrations grow extensively.

About Base
With its All-in-One Sales Platform and Apollo, Base revolutionizes the way that leading businesses manage, measure and maximize sales growth. Unlike legacy cloud CRM and sales force automation systems, Base offers an all-in-one solution that increases rep adoption rates and data capture across devices. With the ability to analyze big data trends in real-time, Base’s Apollo provides sales leaders with the prescriptive insights they need to accelerate performance and grow revenue in a way that’s measurable, repeatable and scalable. Founded in 2009 and headquartered in Mountain View, California, Base and its team of Sales Scientists help more than 7,000 companies across the globe like Groupon, Blue Raven Solar, Sinclair Broadcast Group and Cook Medical. For additional information, visit us at getbase.com.

Governor Cuomo Announces Green Bus Pilot Program in New York City

Governor Andrew Cuomo today announced that the MTA is beginning an electric bus pilot program that will launch with a total of 10 buses in December 2017. As part of the new pilot, the MTA has secured board approval to lease the first five electric buses. A lease for an additional five buses will be presented to the MTA Board later this year. The pilot program will test the performance of these electric buses in New York City and evaluate the results to determine future orders of all-electric buses. Electric buses are fundamentally more quiet and efficient than gas engines, and make their immediate environment cleaner by eliminating car exhaust. The announcement coincide with Earth Week, a weeklong celebration of New York’s commitment and accomplishments to protect our environment.

As we continue to transform and reimagine the MTA, it is critical that we focus on long-term sustainability,Governor Cuomo said. „With this, we are taking one more step toward reducing New York’s greenhouse gas emissions, fight climate change and help secure a cleaner greener future for all.”

The pilot program is intended to provide the MTA and manufacturers of electric buses with actionable data on what works best in New York’s metropolitan environment. The MTA will use the results from the pilot to refine and develop bus specifications for future electric bus procurements to ensure buses are fully able to meet the rigors of operating in New York City.  As a result, the initial lease and evaluation of buses does not eliminate any other builders from future competitive procurements.

Ronnie Hakim, Interim Executive Director of the MTA said, „As part of our mandate to modernize all of the MTA’s operations we’re constantly looking at new ways to lower our carbon footprint, and minimize impact on our environment. The leasing of the first five electric buses is an important step forward in that overall mission, and builds on the MTA’s already considerable contribution toward making New York the state with the lowest per capita greenhouse gas emissions in the United States.”

John B. Rhodes, President and CEO, NYSERDA said, “This is an important step by the MTA under Governor Cuomo’s leadership to increase the use of clean transportation in New York State and follows the successful launch of the Drive Clean Rebate for electric cars. Every electric car and bus we put on the road will help us reduce greenhouse gas emissions and make the environment cleaner and healthier for all New Yorkers.

Selecting Manufacturers & Leasing Electric Buses
After a study of best practices from systems across the US and around the world, the MTA has identified two vendors to manufacture a total of ten electric buses, which will be leased for test and evaluation over a period of three years in the New York City operating environment. The first of those vendors, Proterra, was selected to provide over-night charging electric buses which will be operated on routes including the B39 and B32 in Brooklyn.

The lease of an additional five buses from a second vendor, New Flyer, with en-route opportunity charging, will be presented to the Board later this year. The New Flyer buses will operate on the M42 bus route in Manhattan. These contracts are subject to MTA Board approval as well as review and approval by the Office of the New York State Comptroller.  

Charging Stations
The $4 million, 3-year lease for the Proterra buses includes six depot charging stations, which will be installed in the Grand Avenue Depot in Maspeth, Queens, where the buses will be recharged overnight. The first leg of the pilot will also include one ‘en-route’ charging station, which will be located at Williamsburg Bridge Plaza in Brooklyn, and be used to extend the range of the buses by quickly recharging without having to return to the depot. The plaza is the hub for nine routes in Brooklyn.  These routes could also be used to evaluate All-Electric Bus service over the course of the three-year pilot.

Best Practices Review
In preparation for the study the MTA conducted a review of global best practices for electric buses. The process included a review of reports from systems in Europe, Asia, and South America; involvement in industry groups such as the Electric Power Research Institute, the Society of Automotive Engineers and the American Public Transportation Association; in-person visits and consultations with transportation authorities in London, Chicago, Philadelphia, Los Angeles, and Montreal; and testing and inspections of buses from a variety of suppliers.

Future Electric Bus Procurements
The pilot program is intended to provide the MTA and manufacturers of electric buses with actionable data on what works best in New York’s metropolitan environment. The MTA will use the results from the pilot to refine and develop bus specifications for future electric bus procurements to ensure buses are fully able to meet the rigors of operating in New York City.  As a result, the initial lease and evaluation of buses does not eliminate any other builders from future competitive procurements.

New York State + MTA = Green
New York State has the lowest per capita energy consumption and greenhouse gas emissions in the nation thanks, in part, to the fact that two-thirds of the state’s residents live and work in the region served by the MTA’s various properties, including the Long Island Rail Road, Metro North, and MTA buses and subways.

While the MTA produces 2.1 million metric tons of Greenhouse Gas Emissions a year, its transit operations actually reduce the emissions by 17 million metric tons annually. The MTA is the first transit agency to quantify such emissions on a regional basis, and does so as part of its ongoing mission to measure all of the benefits of public transportation.

Over one million dollars worth of marijuana seized by agents in the Rio Grande Valley

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RIO GRANDE CITY, Texas – Border Patrol agents prevented illicit narcotics from entering the United States on Friday.

While conducting patrol duties, Border Patrol agents assigned to the Rio Grande City Station observed a black Chevy Suburban loaded with bundles of marijuana. When the agents attempted to conduct a traffic stop, the driver failed to yield and a brief pursuit ensued. The vehicle came to a stop when it hit a fence post in the area of La Casita.

The driver of the vehicle, a United States citizen, was arrested. More than 1,500 pounds of marijuana, valued at over one million dollars, was seized along with the 2004 Suburban.

The public is encouraged to take a stand against crime in their communities and to help save lives by reporting suspicious activity at 800-863-9382.

Please visit www.cbp.gov to view additional news releases and other information pertaining to Customs and Border Protection.

U.S. Customs and Border Protection is the unified border agency within the Department of Homeland Security charged with the management, control and protection of our nation’s borders at and between the official ports of entry. CBP is charged with keeping terrorists and terrorist weapons out of the country while enforcing hundreds of U.S. laws.

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Ensco plc Reports First Quarter 2017 Results

ENSCO 92 Earns Four-Year Contract Extension in North Sea
Strong Operational and Safety Performance
#1 in Total Customer Satisfaction for Seventh Consecutive Year
Completed Exchange Offer for $650 Million Aggregate Principal Amount of Senior Notes

LONDON–(BUSINESS WIRE)– Ensco plc (NYSE: ESV) today reported a loss of $0.09 per share for first quarter 2017 compared to earnings per share of $0.74 a year ago. Results from discontinued operations were zero cents per share in both first quarter 2017 and first quarter 2016.

First quarter 2017 results included:

  • $8 million or $0.03 per share of discrete tax expense
  • $6 million or $0.02 per share of other expense to complete a previously announced debt exchange

Adjusted for the items noted above, the loss from continuing operations was $0.04 per share in first quarter 2017 compared to earnings per share of $0.74 a year ago.

Chief Executive Officer and President Carl Trowell said, “While market conditions remain challenging, we recently won several contracts and extensions including a four-year extension for jackup ENSCO 92 in the North Sea. This contracting success demonstrates our ability to leverage a proven operating and safety track record as well as a strong financial position to differentiate Ensco as the offshore driller of choice among customers.”

Mr Trowell added, “We remain focused on what we can control — providing safe and efficient operations to our customers and proactively managing our capital structure. During the first quarter, our offshore crews and onshore employees achieved 99% operational utilization across our rig fleet and we took top honors in total customer satisfaction for a seventh consecutive year in the annual EnergyPoint survey. We also completed a transaction exchanging $650 million of our nearest-term maturities for cash and new senior notes giving us additional capital management flexibility.”

Mr Trowell concluded, “As customer activity increases, we will continue targeting contracts with strategic clients in key growth markets to further improve utilization for our rig fleet. We are well positioned to capitalize on these new contracting opportunities by virtue of our financial strength, diverse rig fleet and global footprint.”

First Quarter Results

Continuing Operations
Revenues were $471 million in first quarter 2017 compared to $814 million a year ago, primarily due to a decline in reported utilization to 58% from 65% in first quarter 2016 as well as previously announced sales of rigs that operated a year ago. The average day rate for the fleet declined to $156,000 in first quarter 2017 from $208,000 in first quarter 2016.

Contract drilling expense declined to $278 million in first quarter 2017 from $364 million a year ago as lower personnel expense and other activity-based costs due to fewer rig operating days more than offset rig reactivation and contract preparation costs.

Depreciation expense declined to $109 million from $113 million a year ago due to the extension of useful lives for certain contracted assets. General and administrative expense increased to $26 million in first quarter 2017 from $23 million a year ago due to higher accrued performance-based compensation, partially offset by lower personnel costs from organizational restructuring and other expense management actions.

Interest expense in first quarter 2017 was $59 million, net of $17 million of interest that was capitalized, compared to interest expense of $65 million in first quarter 2016, net of $12 million of interest that was capitalized. As noted above, first quarter 2017 other expense included a $6 million loss to complete a previously announced exchange offer for $650 million aggregate principal amount of senior notes.

Discontinued Operations
Results from discontinued operations include one floater and one jackup that are currently held for sale as well as rigs that were sold during 2016. The net loss from discontinued operations was $1 million for both first quarter 2017 and first quarter 2016.

Segment Highlights for Continuing Operations

Floaters
Floater revenues were $285 million in first quarter 2017 compared to $513 million a year ago. This year-to-year decline in revenues was mostly due to fewer rig operating days and a decline in the average day rate to $337,000 from $365,000 a year ago. The sale of ENSCO 6003 and ENSCO 6004, both of which operated during first quarter 2016, also contributed to lower year-to-year revenues. Reported utilization was 47% compared to 64% a year ago. Adjusted for uncontracted rigs and planned downtime, operational utilization was 99%, equal to a year ago.

Floater contract drilling expense declined to $146 million in first quarter 2017 from $211 million a year ago as fewer rig operating days resulted in lower personnel expense and other activity-based costs, which were partially offset by reactivation costs.

Jackups
Jackup revenues were $172 million in first quarter 2017 compared to $278 million a year ago, mostly due to a decline in average day rates to $86,000 from $118,000 last year and fewer rig operating days. Reported utilization was 64% compared to 66% in first quarter 2016. Adjusted for uncontracted rigs and planned downtime, operational utilization in first quarter 2017 was 99.2% compared to 99.8% a year ago.

Contract drilling expense declined to $119 million from $135 million a year ago. The decline in contract drilling expense was mostly due to lower activity-based costs from fewer rig operating days, which were partially offset by contract preparation costs.

Other
Other is composed of managed drilling rigs. Revenues declined to $15 million from $24 million in first quarter 2016. Contract drilling expense declined to $13 million from $18 million a year ago. These declines were due to the completion of a managed jackup contract in Mexico during second quarter 2016.

 
        First Quarter
 
(in millions of $, Floaters   Jackups   Other  

Reconciling

Items

  Consolidated Total
except %) 2017   2016   Chg   2017   2016   Chg   2017   2016   Chg   2017   2016   2017   2016   Chg
                 
Revenues 284.8 512.6 (44 )% 171.8 277.9 (38 )% 14.5 23.5 (38 )% 471.1 814.0 (42 )%
Operating expenses
Contract drilling 146.4 211.3 (31 )% 118.6 134.5 (12 )% 13.1 17.9 (27 )% 278.1 363.7 (24 )%
Depreciation 72.8 80.3 (9 )% 32.1 28.6 12 % 4.3 4.4 109.2 113.3 (4 )%
General and admin.                                     26.0     23.4     26.0     23.4     11 %
Operating income (loss) 65.6     221.0     (70 )%   21.1     114.8     (82 )%   1.4     5.6     (75 )%   (30.3 )   (27.8 )   57.8     313.6     (82 )%
 

Financial Position — 31 March 2017

  • $3.3 billion of contracted revenue backlog excluding bonus opportunities
  • $4.3 billion of liquidity
    • $2.1 billion of cash and short-term investments
    • $2.25 billion available revolving credit facility
  • No major debt maturities until second quarter 2019 and $1.15 billion of debt maturing before 2024
  • $4.9 billion of long-term debt
  • $8.2 billion of Ensco shareholder’s equity
  • 26% net debt-to-capital ratio (net of $2.1 billion of cash and short-term investments)

Ensco will conduct a conference call to discuss first quarter 2017 results at 10:00 a.m. CDT (11:00 a.m. EDT and 4:00 p.m. London) on Thursday, 27 April 2017. The call will be webcast live at www.enscoplc.com. Alternatively, callers may dial 1-855-239-3215 within the United States or +1-412-542-4130 from outside the U.S. Please ask for the Ensco conference call. It is recommended that participants call 20 minutes ahead of the scheduled start time. Callers may avoid delays by pre-registering to receive a dial-in number and PIN at http://dpregister.com/10102906.

A webcast replay and transcript of the call will be available at www.enscoplc.com. A replay will also be available through 27 May 2017 by dialing 1-877-344-7529 within the United States or +1-412-317-0088 from outside the U.S. (conference ID 10102906).

Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. For more than 29 years, the company has focused on operating safely and going beyond customer expectations. Ensco is ranked first in total customer satisfaction in the latest independent survey by EnergyPoint Research — the seventh consecutive year that Ensco has earned this distinction. Operating one of the newest ultra-deepwater rig fleets and a leading premium jackup fleet, Ensco has a major presence in the most strategic offshore basins across six continents. Ensco plc is an English limited company (England No. 7023598) with its corporate headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn more, visit our website at www.enscoplc.com.

Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving expected financial performance, effective tax rate, day rates and backlog, estimated rig availability; rig commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent; scheduled delivery dates for rigs; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; our intent to sell or scrap rigs; and general market, business and industry conditions, trends and outlook. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations, relocations, severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension or termination of drilling contracts as a result of mechanical difficulties, performance, customer finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons, including terminations for convenience (without cause); the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.enscoplc.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

       

ENSCO PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(Unaudited)

 

Three Months Ended March 31,

2017

     

2016

 
OPERATING REVENUES $ 471.1 $ 814.0
OPERATING EXPENSES
Contract drilling (exclusive of depreciation) 278.1 363.7
Depreciation 109.2 113.3
General and administrative         26.0         23.4  
          413.3         500.4  
OPERATING INCOME 57.8 313.6
OTHER INCOME (EXPENSE)
Interest income 7.2 2.3
Interest expense, net (58.6 ) (65.1 )
Other, net         (6.3 )       (1.8 )
          (57.7 )       (64.6 )
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

.1

249.0
PROVISION FOR INCOME TAXES         24.1         71.4  
(LOSS) INCOME FROM CONTINUING OPERATIONS (24.0 ) 177.6
LOSS FROM DISCONTINUED OPERATIONS, NET        

(.6

)      

(.9

)
NET (LOSS) INCOME (24.6 ) 176.7
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS         (1.1 )       (1.4 )
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO         $ (25.7 )       $ 175.3  
(LOSS) EARNINGS PER SHARE – BASIC AND DILUTED
Continuing operations $ (0.09 ) $ 0.74
Discontinued operations                  
          $ (0.09 )       $ 0.74  
 
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO SHARES – BASIC AND DILUTED $ (25.8 ) $ 172.8
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 300.6 232.5
Diluted 300.6 232.5
 
 

ENSCO PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

(Unaudited)

 
         

March 31,

2017

   

December 31,

2016

 
ASSETS
 
CURRENT ASSETS
Cash and cash equivalents $ 271.7 $ 1,159.7
Short-term investments 1,805.6 1,442.6
Accounts receivable, net 324.1 361.0
Other           312.2       316.0
Total current assets           2,713.6       3,279.3
 
PROPERTY AND EQUIPMENT, NET 11,120.7 10,919.3
 
OTHER ASSETS, NET           138.0       175.9
 
            $ 13,972.3       $ 14,374.5
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
CURRENT LIABILITIES
Accounts payable and accrued liabilities and other $ 508.5 $ 522.5
Current maturities of long-term debt           37.6       331.9
Total current liabilities           546.1       854.4
 
LONG-TERM DEBT 4,905.9 4,942.6
 
OTHER LIABILITIES 294.5 322.5
 
TOTAL EQUITY           8,225.8       8,255.0
 
            $ 13,972.3       $ 14,374.5
 
 

ENSCO PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)

 
         

Three Months Ended

March 31,

2017

     

2016

 
OPERATING ACTIVITIES
Net (loss) income $ (24.6 ) $ 176.7

Adjustments to reconcile net (loss) income to net cash provided by

  operating activities of continuing operations:

Depreciation expense 109.2 113.3
Deferred income tax expense 19.8 33.3
Loss on debt extinguishment 3.4
Other 8.3 3.4
Changes in operating assets and liabilities             (11.5 )         (93.6 )
Net cash provided by operating activities of continuing operations             104.6           233.1  
 
INVESTING ACTIVITIES
Purchases of short-term investments (965.0 ) (80.0 )
Additions to property and equipment (282.6 ) (158.1 )
Maturities of short-term investments 602.0 965.0
Other            

.2

         

.1

 

Net cash (used in) provided by investing activities of continuing operations

            (645.4 )         727.0  
 
FINANCING ACTIVITIES
Reduction of long-term borrowings (336.6 )

Debt financing costs

(4.5

)

Cash dividends paid (3.2 ) (2.4 )
Other             (2.4 )        

(.5

)
Net cash used in financing activities             (346.7 )         (2.9 )
 
Net cash (used in) provided by discontinued operations            

(.6

)         5.6  
Effect of exchange rate changes on cash and cash equivalents

.1

(.1

)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (888.0 ) 962.7
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR             1,159.7           121.3  
CASH AND CASH EQUIVALENTS, END OF YEAR          

$

271.7

       

$

1,084.0

 
 
 

ENSCO PLC AND SUBSIDIARIES

OPERATING STATISTICS

(Unaudited)

 
  First Quarter  

Fourth

Quarter

2017

 

2016

2016

 
Rig Utilization(1)
Floaters 47 % 64 % 44 %
Jackups 64 % 66 % 54 %
             
Total   58 %   65 %   51 %
 
Average Day Rates(2)
Floaters $ 336,636 $ 364,771 $ 358,405
Jackups 86,390 118,138 101,252
             
Total   $ 156,441     $ 208,117     $ 176,709  
 
 
(1)    

Rig utilization is derived by dividing the number of days under contract by the number of days in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with early contract terminations, compensated downtime and mobilizations. When revenue is earned but is deferred and amortized over a future period, for example when a rig earns revenue while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract.

 
For newly-constructed or acquired rigs, the number of days in the period begins upon commencement of drilling operations for rigs with a contract or when the rig becomes available for drilling operations for rigs without a contract.
 
(2) Average day rates are derived by dividing contract drilling revenues, adjusted to exclude certain types of non-recurring reimbursable revenues, lump sum revenues and revenues attributable to amortization of drilling contract intangibles, by the aggregate number of contract days, adjusted to exclude contract days associated with certain mobilizations, demobilizations, shipyard contracts and standby contracts.
 

Non-GAAP Financial Measures (Unaudited)

To supplement Ensco’s condensed consolidated financial statements presented on a GAAP basis, this press release provides investors with adjusted loss per share from continuing operations and net debt, which are non-GAAP measures. Ensco’s management believes that it provides meaningful supplemental information regarding the company’s performance by excluding certain charges that may not be indicative of Ensco’s ongoing operating results. This allows investors and others to better compare financial results across accounting periods and to those of peer companies, and to better understand the long-term performance of our business. Net debt is defined as long-term debt less cash and short-term investments. We review net debt as part of our overall liquidity, financial flexibility, capital structure and leverage, and believe that this measure is useful to investors as part of their assessment of our business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The table below reconciles loss per share, as calculated in accordance with GAAP, to adjusted loss per share for the quarter ended March 31, 2017. Adjusted loss per share for the quarter ended March 31, 2017 excludes loss on debt exchange and discrete tax items. There were no adjustments made to earnings per share during the quarter ended March 31, 2016.

 

DILUTED EARNINGS PER SHARE

RECONCILIATION(1):

Three Months Ended March 31, 2017
 

Loss on

   
Loss per share from continuing

As

debt

Discrete

operations

reported

exchange

tax items

Adjusted

 

Net loss from continuing operations

attributable to Ensco(2)

$ (25.1 ) $ 6.2 $ 7.6 $ (11.3 )
Net income allocated to non-vested share awards(3)

(.1

)          

(.1

)

Net loss from continuing operations

attributable to Ensco shares

$ (25.2 )   $ 6.2     $ 7.6     $ (11.4 )
 

Loss per share from continuing

operations

$ (0.09 )   $ 0.02     $ 0.03     $ (0.04 )
 
 
(1)    

No adjustments have been made to loss per share from discontinued operations.

 
(2) Net loss from continuing operations attributable to Ensco excludes income attributable to noncontrolling interest of $1.1 million.
 
(3)

Represents income allocated to participating securities under the two-class method.

 

View source version on businesswire.com: http://www.businesswire.com/news/home/20170426006908/en/

Source: Ensco plc

Hearst Television Stations Available Again On DISH Network

NEW YORK, April 26, 2017 /PRNewswire/ — Hearst Television announced today that the signals for its 30 television stations have been restored on DISH Network.

„We are grateful to once again have Hearst Television stations providing DISH customers the quality local and national programming which we invest so heavily to offer our local communities,” said Hearst Television President Jordan Wertlieb.  „We are thankful to DISH subscribers and to our supportive advertisers for their extraordinary patience during this prolonged process.”

About Hearst Television
Hearst Television owns and operates local television and radio stations serving 26 media markets across 39 states reaching over 21 million U.S. television households. Through its partnership with nearly all of the major networks, Hearst Television distributes national content over nearly 70 video channels including programming from ABC, NBC, CBS, CW, MY Net, MeTV, This TV, Estrella and more. Hearst Television is recognized as one of the industry’s premier companies, and has been honored with numerous awards for distinguished journalism, industry innovation, and community service. Hearst Television is a wholly owned subsidiary of Hearst. www.hearsttelevision.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hearst-television-stations-available-again-on-dish-network-300446812.html

SOURCE Hearst Television

Sikoba, a Decentralized P2P IOU Platform on Blockchain, Launches Presale Ahead of Token ICO

LONDON, April 26, 2017 /PRNewswire/ — Sikoba, a global decentralized money platform based on peer-to-peer IOUs and blockchain technology, is taking the first step towards its upcoming ICO by launching a token presale. The presale will give participants a chance to receive a 50% bonus on SKO tokens. These tokens are designed to be used for making transactions on the Sikoba platform. The ICO will run from April 25 to May 15, 2017.

Sikoba is a decentralized money platform based on P2P IOU’s and built on blockchain technology. The service will allow users, who know and trust each other in real life, to mutually offer lines of credit, within the Sikoba system. The blockchain-backed, P2P, IOU-based system will be made possible through smart contracts, giving users the freedom to pay each other with both cryptocurrencies and fiat currency.

Sikoba’s P2P credit relationships are governed by smart contracts with specific conditions, fee structures, and repayment rules. Through the use of ‚credit conversion’, payments between participants who either do not know or do not trust each other are made possible. Fiat currencies or cryptocurrencies can act as a medium of exchange when there are no credit links between participants, or to repay outstanding balances when needed.

Sikoba CEO Aleksander Kampa stated in a recent interview that the platform is designed as a decentralized system, with the goal of eventually becoming independent and self-organizing, through the aid of blockchain technology. The Sikoba Blockchain makes use of a ‚Federated Blockchain’ design.

„This is a permissioned mining model where only authorized nodes add blocks to the blockchain.”

Kampa states his mission for the company:

„Sikoba is the result of my life-long interest in monetary theory. We see a future where the money will once again be diverse, with many different issuers, with a variety of credit relationships, where people will take an active interest in the type of money they wish to use. Our aim is to provide the tools to achieve that vision.”

This unique federation will be self-governing, which means that participants will be removed from or added to the federation based on the voting majority of its members themselves. Kampa stated that Sikoba would likely use Ethereum as a notary, but would perform its main operations on another blockchain, which will be chosen or designed based on the criteria of speed, flexibility and scalability. Differentiating Sikoba P2P IOU platform from other P2P lending platforms, he said:

„Sikoba is not a peer-to-peer lending platform; it is a peer-to-peer IOU platform which allows payments to be made without having money (whether fiat, crypto or any other asset) to begin with.”

Sikoba currently operates as a small team of 3, plus several supporting members. At present Sikoba IOU platform is at the conceptual stage with technical elements still in the works. The SKO token ICO presale funds will be used to expand the Sikoba team, finalize a detailed white paper and develop an MVP by the end of 2017.

There are thousands of cryptocurrencies that act as a transfer or store of value, but in all cases, the acting participants must already possess the currency’s value to make an exchange. The Sikoba ecosystem offers a fully functioning virtual credit, or IOU system, that offers users the ability to attain accredited value, borrowed from another participant, without releasing any funds. Where Bitcoin aims to act as a form of digital money, SKO tokens serve as a kind of digital credit and ultimately have the potential to become a major aspect of the future credit system.

Sikoba ICO Token Pre-Sale

The Sikoba presale tokens are scheduled for release by the end of June 2017. Participants will receive usable SKO tokens after the platform’s launch, expected in Q3, 2018. The pre-allocation phase has begun on 17 March 2017, and the public presale will start on 25 April. Following the presale, Sikoba presale tokens will be issued on the Ethereum blockchain. They will later become exchangeable into SKO tokens, which will be used to pay for transaction fees on the Sikoba network.

About Sikoba

Sikoba Ltd is an active blockchain company incorporated on 18 July 2016 with the company’s registered office located in Greater London. It is led by CEO Aleksander Kampa, whose lifelong interest in monetary theory has led him to build the company to achieve his vision.

Learn more about the IOU platform at – http://www.sikoba.com
Know more about the Token Pre-Sale at – http://www.sikoba.com/www/presale/index.html
Join Sikoba Slack Channel at – https://sikoba-presale.herokuapp.com/
Follow Sikoba on Twitter Here – https://twitter.com/sikobaNetwork
Read ‚User Case – Inter-Company Credit Networks’ here – http://www.sikoba.com/focus/uc_interco.html
Read ‚User Case – An alternative to micro-Credits’ here – http://www.sikoba.com/focus/uc_microcredit.html
Interview with Alex Kampa https://medium.com/ibc-technology/introducing-sikoba-banking-without-money-3a4eaeb5372d

Media Contact
Contact Name: Jean Lasar
Contact Email: jl@sikoba.com
Location: London, UK

Sikoba is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Related Links

Bitcoin PR Buzz

Sikoba

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com.

SOURCE Sikoba

Monolith Studio Launches Crowdsale for TokenCard – World’s First ERC20-Compliant Debit Card for Ethereum

SINGAPORE, April 26, 2017 /PRNewswire/ — TokenCard, the first debit card powered by smart contracts, is about to do their initial token sale. Monolith Studio, the creators of TokenCard will, for the first time, bring the VISA payments network to Ethereum. This will allow token holders to use Ether as well as other ERC20 tokens to purchase items anywhere that accepts VISA debit cards.

TokenCard’s ‚token creation’ phase will mark the release of a new ERC20 token, called TKN, on May 2, 2017. TKN holders have a pro-rata share in an accumulation of different Ethereum tokens that accrue to the ‚TKN Asset Contract’. To download the whitepaper and register for updates, please visit the TokenCard website.

TokenCard is a project by Monolith Studio, a Web3 startup bringing Ethereum to the legacy world.

„We are witnessing the birth of the biggest shake-up in financial history with the introduction of the Ethereum Economy,” said Mel Gelderman, creator of TokenCard.

„TokenCard is a platform that brings this new kind of economy to the general public through a clever trifecta of technology.”

„Users choose a Contract Wallet rather than having to deposit funds outside of their control. TokenCard VISA debit cards draw funds from this contract wallet that support Ether and almost any ERC20 token. Users can use the Token App to operate their Contract Wallet and manage their TokenCard, giving them a top-tier mobile banking experience that adds unique features into the mix like multi-asset spending.”

„For example, users can pay for their afternoon lunch with Ethereum tokens and can even split the bill between for example 30% DGX, 20% REP, and 50% ETH — all this while remaining in full control of their assets.”

Aside from providing a solution for the underlying Ethereum community, TokenCard is uniquely equipped to improve upon the entire spectrum of regular debit card and banking services. Markets like international remittances and asset management are ripe for innovation using Ethereum technology, and TokenCard is well-positioned to reach these new frontiers as a revolutionary financial solution.

TokenCard has already partnered with Digix Global to create gold backed debit cards. With more exciting partnerships to be released in the near future, TokenCard is positioning themselves to be a leader in Ethereum transfers to the fiat world.

While initially providing current token holders with payment utility, the core vision of TokenCard is to build a product that anyone can use. With the accompanying Token app alongside the debit card, regular users will have a familiar platform to access and engage in the Ethereum ecosystem.

„TokenCard makes every token better, letting users spend supported tokens with just a swipe at VISA merchants worldwide,” said Peter Vessenes, founder of New Alchemy.

„It has unique benefits for the remittance market, and the TKN token being issued is designed to let all TKN holders benefit from broad market exposure to the token economy. This is a great, great offering and we’re excited to be part of it.”

To download the whitepaper and register for updates, please visit the TokenCard website.

About Monolith Studio

Monolith Studio was founded by Mel Gelderman and David Hoggard. Monolith Studio is a Web3 venture production studio that is exploring ways to realize the potential of Ethereum. Monolith’s first product, TokenCard, combines Ethereum smart contracts and VISA payments. For more information, please visit Monolith Ventures.

Learn more about TokenCard at – http://tokencard.io
More information about Monolith Studio available at – http://monolith.ventures

Media Contact

Contact Name: Mel Gelderman
Contact Email: mel@monolithdao.io
Location: Singapore

Monolith Studio is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest

Related Links

Bitcoin PR Buzz

Monolith Studio – TokenCard

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com

SOURCE Monolith Studio

Video captures bubble-blowing battery in action

With about three times the energy capacity by weight of today’s lithium-ion batteries, lithium-air batteries could one day enable electric cars to drive farther on a single charge.

But the technology has several holdups, including losing energy as it stores and releases its charge. If researchers could better understand the basic reactions that occur as the battery charges and discharges electricity, the battery’s performance could be improved. One reaction that hasn’t been fully explained is how oxygen blows bubbles inside a lithium-air battery when it discharges. The bubbles expand the battery and create wear and tear that can cause it to fail. 

A paper in Nature Nanotechnology provides the first step-by-step explanation of how lithium-air batteries form bubbles. The research was aided by a first-of-a-kind video that shows bubbles inflating and later deflating inside a nanobattery. Researchers had previously only seen the bubbles, but not how they were created.

PNNL researchers used an environmental transmission electron microscope to record a first-of-a-kind video that shows bubbles inflating and later deflating inside a tiny lithium-air battery. The video helped researchers develop the first step-by-step explanation of how lithium-air batteries form bubbles. The knowledge could help make lithium-air batteries that are more compact, stable and can hold onto a charge longer.

„If we fully understand the bubble formation process, we could build better lithium-air batteries that create fewer bubbles,” noted the paper’s corresponding author, Chongmin Wang, of the Department of Energy’s Pacific Northwest National Laboratory. „The result could be more compact and stable batteries that hold onto their charge longer.”

Wang works out of EMSL, the Environmental Molecular Sciences Laboratory, a DOE Office of Science user facility located at PNNL. His co-authors include other PNNL staff and a researcher from Tianjin Polytechnic University in China.

The team’s unique video may be a silent black-and-white film, but it provides plenty of action. Popping out from the battery’s flat surface is a grey bubble that grows bigger and bigger. Later, the bubble deflates, the top turning inside of itself until only a scrunched-up shell is left behind.

The popcorn-worthy flick was captured with an in-situ environmental transmission electron microscope at EMSL. Wang and his colleagues built their tiny battery inside the microscope’s column. This enabled them to watch as the battery charged and discharged inside.

Video evidence led the team to propose that as the battery discharges, a sphere of lithium superoxide jets out from the battery’s positive electrode and becomes coated with lithium oxide. The sphere’s superoxide interior then goes through a chemical reaction that forms lithium peroxide and oxygen. Oxygen gas is released and inflates the bubble.  When the battery charges, lithium peroxide decomposes, and leaves the former bubble to look like a deflated balloon.

This finding was the focus of a Nature News & Views column written by researchers at Korea’s Hanyang University, who describe the research as „a solid foundation for future Li-O2 battery designs and optimization.”

This research was supported by DOE’s Office of Energy Efficiency and Renewable Energy.


Reference: Langli Luo, Bin Liu, Shidong Song, Wu Xu, Ji-Guang Zhang, Chongmin Wang, Revealing the reaction mechanisms of Li-O2 batteries using environmental transmission electron microscopy, Nature Nanotechnology, March 27, 2017, doi: 10.1038/nnano.2017.27.

Read more in this News & Views article:  Yang-Kook Sun and Chong S. Yoon, Lithium-oxygen batteries: The reaction mechanism revealed, Nature Nanotechnology, March 27, 2017, doi: 10.1038/nnano.2017.40.

Hallador Energy Announces First Quarter 2017 Earnings Release Date and Investor Call

DENVER, April 26, 2017 /PRNewswire/ -- (Nasdaq: HNRG) – Hallador will release its first quarter 2017 financial results on Form 10-Q after the markets close on Monday, May 8, 2017.  Hallador will host an investor call to discuss the results at 2:00 p.m. Eastern Time on Tuesday, May 9, 2017.

To participate in the conference call, please dial:

Domestic Callers Toll-free (888) 347-5317

Canadian Callers Toll-free (855) 669-9657

Conference ID #: Hallador Energy Company HNRG Call

A live audio webcast of the investor call will be accessible on our website under Webcasts. 

Additionally, a replay of the audio webcast will be available one hour after the call.  A transcript will be posted on our website on Friday, May 12, 2017.

A copy of the Form 10-Q will be available for download or viewing on our website, www.halladorenergy.com, under the Financial Information section.

Hallador is headquartered in Denver, Colorado and through its wholly owned subsidiary, Sunrise Coal, LLC, produces coal in the Illinois Basin for the electric power generation industry.  To learn more about Hallador or Sunrise, visit our websites at www.halladorenergy.com or www.sunrisecoal.com.

 

SOURCE Hallador Energy Company

Questfire Energy Corp. Announces 2016 Financial Results and Files Its Annual Information Form

CALGARY, ALBERTA–(Marketwired – April 26, 2017) –

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS

Questfire Energy Corp. (the „Corporation” or „Questfire”) (TSX VENTURE:Q.A) is pleased to announce that it has filed on SEDAR its audited financial statements, related management’s discussion and analysis („MD&A”) and Annual Information Form (AIF) for the year ended December 31, 2016. Included in the AIF are the Corporation’s reserves data and other oil and gas information as of December 31, 2016 as prepared by GLJ Petroleum Consultants Ltd. (GLJ), the Corporation’s independent reserves evaluator. The evaluation was prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.

Financial and Operating Highlights

Three months ended December 31, Year ended December 31,
2016 2015 2016 2015
Financial
Oil and natural gas sales $ 10,445,951 $ 9,405,900 $ 32,180,438 $ 40,717,011
Funds flow from operations (1) 2,550,831 2,627,473 4,833,132 11,543,473
Per share, basic 0.13 0.15 0.27 0.67
Per share, diluted 0.11 0.11 0.21 0.48
Income (loss) 2,752,322 (1,152,161) (7,528,123) (10,386,781)
Per share, basic 0.14 (0.07) (0.42) (0.60)
Per share, diluted 0.12 (0.07) (0.42) (0.60)
Capital expenditures 230,858 82,743 650,489 4,955,048
Proceeds from property dispositions $ 8,352,653 $ 10,610,040
Working capital deficit (end of period) (2) 41,325,801 9,653,400
Long-term contract obligation (end of period) (3) 13,760,534 14,155,697
Long-term bank debt (end of period) 41,406,473
Shareholders’ equity (end of period) $ 12,715,156 $ 14,251,344
Shares outstanding (end of period)
Class A 22,822,401 17,318,001
Class B 550,440
Options outstanding (end of period) 3,133,500 3,566,000
Weighted-average basic shares outstanding 19,232,575 17,318,001 17,799,260 17,318,001
Weighted-average diluted shares outstanding 23,473,125 17,318,001 17,799,260 17,318,001
Class A share trading price
High $ 0.59 $ 1.44 $ 0.74 $ 1.95
Low 0.24 0.30 0.24 0.30
Close $ 0.34 $ 0.59 $ 0.34 $ 0.59
Operations(4)
Production
Natural gas (Mcf/d) 20,746 23,245 21,008 21,741
Natural gas liquids (NGL) (bbls/d) 695 674 706 647
Crude oil (bbls/d) 368 512 424 606
Total (boe/d) 4,521 5,060 4,631 4,877
Benchmark prices
Natural gas
AECO (Cdn$/GJ) $ 2.94 $ 2.34 $ 2.05 $ 2.55
Crude oil
WTI (US$/bbl) 49.29 42.18 43.32 48.80
Canadian Light (Cdn$/bbl) 60.76 52.55 52.79 57.45
Average realized prices (5)
Natural gas (per Mcf) 3.27 2.57 2.30 2.78
NGL (per bbl) 34.97 31.74 29.16 34.24
Crude oil (per bbl) 58.30 41.02 44.88 47.89
Operating netback (per boe)(6) 11.28 6.89 6.45 8.48
Funds flow netback (per boe) (6) $ 6.13 $ 5.64 $ 2.85 $ 6.49
(1) For a description of Funds flow from operations, refer to the commentary in the MD&A under Funds flow from operations under Critical Accounting Judgments, Estimates and Policies.
(2) Working capital deficit includes risk management contract and convertible Class B share liabilities of $2,957,743 and $Nil, respectively (December 31, 2015 – risk management contract assets of $Nil and convertible Class B share liability of $5,086,857). Excluding this, the working capital deficit would be $38,368,058 (December 31, 2015 – $4,566,543).
(3) Long-term contract obligation excludes current portion of $395,163 (December 31, 2015 – $344,448), which is included in working capital deficit.
(4) For a description of the boe conversion ratio, see „Reader Advisory”.
(5) Before hedging.
(6) For a description of Operating netback and Funds flow netback, refer to the commentary in the MD&A under Non-GAAP measures.

2016 Corporate Highlights

  • Achieved average production of 4,631 boe per day for the year and 4,521 boe per day for the fourth quarter, 76 percent natural gas. The average production for 2016 is within 5 percent of the 4,877 boe per day produced in 2015 despite having no drilling activity in 2016, underscoring the benefits of the Corporation’s low-decline production base.
  • Generated a sharply improved fourth quarter operating netback of $11.28 per boe compared to $6.89 per boe in the fourth quarter of 2015 and $7.84 per boe in the third quarter of 2016.
  • Achieved funds flow from operations of $4.8 million ($0.27 per basic share) on sales of $32.2 million during 2016. Although full-year funds flow was down significantly from 2015, fourth-quarter 2016 funds flow from operations of $2.6 million was essentially unchanged from the fourth quarter of 2015.
  • Minimized capital spending with no new drilling, resulting in total capital expenditures of $650,489.
  • Incurred operating costs of $10.98 per boe in the fourth quarter and $10.46 per boe in the full year. Annual operating costs per unit of production declined by 11 percent from 2015.
  • Incurred general and administrative (G&A) costs of $4.4 million for the year, representing a 15 percent reduction from 2015.
  • Revised the maturity of the Corporation’s bank facility to May 31, 2017 and amended the terms to include a revised $28 million operating and syndicated facility plus an $8.1 million supplemental facility.

President’s Message

Two-thousand sixteen marked the third year of a significant downturn for the oil and natural gas industry, largely driven by weak commodity prices. Rather than experiencing a recovery in oil and gas prices as widely expected, the first half of 2016 saw prices for both oil and gas continue to drop to 20-year lows. This hit Questfire particularly hard as we had virtually no commodity price hedges for the first half of 2016. Along with reduced commodity prices came downward revisions to our senior bank borrowing base.

In response to these significant challenges our strategy, as always, was to work hard to make the best of a tough situation. Over the year we sold approximately 120 boe per day of non-core production, generating proceeds of approximately $10.6 million, all of which was applied to reduce debt. We minimized capital spending which resulted in no new drilling and only $650,489 of capital spending on mandatory maintenance and miscellaneous projects. We also continued to focus on cost reductions, achieving a 15 percent reduction in gross G&A costs and an 11 percent reduction in unit operating costs over 2015. The Questfire management and field operations team worked hard to reduce all downtime and maintain maximum production while minimizing spending. Along with the low-decline nature of our production base, this held the year-over-year decline in average annual production to just 5 percent. We are very satisfied with this result given no drilling, 120 boe per day of asset sales and very low capital spending.

The second half of 2016 saw slow and steady improvement in commodity prices and, as a result, essentially all $4.8 million of our funds flow from operations for the year was generated in the second half of 2016. In December, our bank facility was extended to May 31, 2017 with a $28 million conforming and an $8.1 million supplemental facility. With the fourth quarter’s sharply improved operating netback, the continued nearly flat production, the higher realized pricing for all commodities and the essentially flat funds flow from operations from the fourth quarter of 2015, we are optimistic that Questfire’s overall position will continue to improve.

The outlook for commodity prices is positive for 2017 and beyond. The improvement in pricing is happening at a slow pace compared to past recoveries, but the fundamentals are in place for further gains. Questfire’s goals for 2017 include continued reduction in overall debt and achieving an extension of banking facilities beyond May 31, 2017. With continued debt reduction and improvement in commodity prices, we expect to return to drilling and growth in the second half of 2017.

Questfire Energy Corp. is an Alberta-based company formed to participate in oil and gas exploration, development and acquisitions focusing in the W4 and W5 regions of Alberta. The Corporation’s shares trade on the TSX Venture exchange under the symbol Q.A. The Corporation currently has 22,822,401 Class A shares outstanding.

To view a full copy of the Corporation’s financial results for the year ended December 31, 2016, including the Corporation’s audited financial statements and accompanying MD&A, please refer to the SEDAR website at www.sedar.com or contact the Corporation at Questfire Energy Corp., 1100, 350 – 7th Ave S.W., Calgary, Alberta, T2P 3N9.

Reader Advisory

Petroleum and natural gas volumes are stated as a „barrel of oil equivalent” (boe), derived by converting gas to an oil equivalency in the ratio of 6,000 cubic feet of gas to one barrel of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6,000 cubic feet of gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead which under current commodity price conditions is approximately 15-30 Mcf to 1 bbl. Readers are cautioned that boe figures may be misleading, particularly if used in isolation.

This news release contains certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks, uncertainties, and assumptions certain of which are beyond Questfire’s control. Such risks, uncertainties, and assumptions include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Questfire’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Questfire will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Questfire or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Questfire does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

To request a free copy of Questfire’s financial report or if you would like to be put on Questfire’s mailing list please contact Ronald Williams, Vice President, Finance and CFO at rwilliams@questfire.ca.

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.