Business
Berens Energy Ltd. - Sale of assets at Marten Hills
Berens Energy Ltd. - Sale of assets at Marten Hills.
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nSymbol: BEN\n\n\nExchange: Toronto Stock Exchange\n\n\nCALGARY, Sept. 10 /CNW/ - Berens Energy Ltd. ("Berens") announces the\nsale of its Marten Hills assets for cash proceeds of $6.75 million. The\ntransaction is effective September 1, 2007 and is scheduled to close on or\nbefore September 30, 2007.\n\n\n"Marten Hills is a winter access area and has longer lead times for\nbringing on new production than in our other areas. We will use the proceeds\nfrom the sale in our more prospective Pembina and Deep Basin areas and to\nimprove our financial condition" stated Dan Botterill, President & CEO.\n\n\nCurrent production in Marten Hills is 250 boe/d net to Berens. Total net\nreserves on a proved plus probable basis as determined by GLJ Petroleum\nConsultants at July 1, 2007 are 1.7 BCF of natural gas (280,000 boe). After\ntaking into account the sale of Marten Hills, Berens is now estimating year\nend production of 3,850 to 3,950 boe/d and average 2007 production of 3,700 to\n3,800 boe/d. Berens' available operating bank line is $65 million and will be\nreduced to $62.5 million when the sale is closed.\n\n\nCaution Regarding Forward Looking Information\n\n\nThis press release contains forward looking information within the\nmeaning of applicable securities laws. Forward looking statements may include\nestimates, plans, expectations, forecasts, guidance or other statements that\nare not statements of fact. Forward looking information in this Press Release\nincludes, but is not limited to, statements with respect to capital\nexpenditures and related allocations, production volumes, production mix and\ncommodity prices. BOE's may be misleading, particularly if used in isolation.\nA BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency\nconversion method primarily applicable at the burner tip and does not\nrepresent a value equivalency at the wellhead.\n\n\nForward-looking statements and information are based on current beliefs\nas well as assumptions made by and information currently available to Berens\nconcerning anticipated financial performance, business prospects, strategies\nand regulatory developments. Although management considers these assumptions\nto be reasonable based on information currently available to it, they ma...