ZODIAC EXPLORATION INC.
CALGARY, ALBERTA - Mobius Resources Inc. (formerly Zodiac Exploration Inc.) ("Mobius" or the
"Company") (TSX VENTURE:MBS) is pleased to provide a corporate update.
The Company is pleased to announce it has closed the sale of approximately 8,200 net acres of land and the 4‐9 well in California to a US based independent producer for cash proceeds of approximately US$435,000, plus payments of approximately US$365,000 related to previous lease rental payments. The sale of the 4‐9 well also relieves the Company of abandonment and reclamation obligations that were estimated to total approximately US$400,000. The Company is in the process of relinquishing its remaining interests in California and will aim to wind up its California operations in the first quarter of
2015.
Mobius's President and CEO, Lee A. Pettigrew, remarked, "The ongoing process to divest our California properties has been long and difficult, particularly given the tough market conditions throughout the year, the U.S. Energy Information Administration's 95% downward revision in the estimate of recoverable oil in the Monterey Shale formation announced earlier in 2014 and continued industry concerns over California's environmental regulations. Despite these significant challenges, we are pleased to report to our shareholders that our actions over the past 12 months have generated approximately C$2.6 million in cash proceeds, mitigated a further C$1.5 million in outstanding liabilities and have put an end to activities that were burning approximately C$3 to C$4 million in cash annually."
On December 31, 2014, two current officers of the Corporation voluntarily surrendered an aggregate of
593,333 options for cancellation.
Mobius is an Oil & Gas Exploration company with headquarters in Calgary, Alberta. Mobius' core assets are located in the Duvernay and Nordegg light oil plays in Alberta where the company holds approximately 61,000 net acres.
For more information, please contact: Mobius Resources Inc.
Christopher George, Investor Relations ‐ (647) 795‐0373 cgeorge@mobiusresources.com
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 this release.
Certain information contained herein may constitute forward‐looking statements or forward‐looking information (collectively, "forward‐looking statements") under applicable securities laws, including the discussion under the "California" section. Forward‐looking statements look into the future, and provide an opinion as to the effect of certain events and trends on the business. Forward‐looking statements are based on the estimates and opinions of the Company's management at the time the statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward‐looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward‐looking statements will materialize. Such risks 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, existence or acquisitions of reserves and resources, undeveloped lands, skilled, competent personnel and supplies; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in finding, developing and producing resources and reserves and the additional risks set forth under the heading "Risk Factors" in the Company's annual information form for the year ending September 30, 2013 dated February 24, 2014 and available under the Company's SEDAR profile at www.sedar.com. The Company assumes no obligation to update forward‐looking statements should circumstances or management's estimates change except as may be required by applicable securities laws.
|
distributed by
|
