CUT BANK, MT, April 30, 2013 /PRNewswire/ - Mountainview Energy Ltd. (TSXV: MVW) ("Mountainview" or the "Company announces that the filing of its annual financial statements and related management discussion and analysis for the year ended December 31, 2012 (the "Filings") will be delayed. The Filings are due on or before April 30, 2013. As a result of the failure to file the Filings on time and in accordance with applicable securities laws, Mountainview has, pursuant to an application made to the Alberta Securities Commission and the British Columbia Securities Commission, voluntarily requested a management cease trade order in accordance with National Policy 12-203 (the "Policy"). A management cease trade order will prevent Mountainview's President & Chief Executive Officer, Patrick Montalban, as well as its Chief Financial Officer, Angelique Hatch, and the directors of Mountainview from trading the Company's securities while the Company remains in filing default, but enables all other investors to continue trading the Company's securities.
The filing delay is principally due to the fact that Mountainview is preparing the Filings for the first time in accordance with U.S. GAAP, which requires the corresponding changes in reserves engineering requirements associated with preparing the Annual Filings. Mountainview and its auditors and independent reserves engineers have worked diligently to proceed with the conversion to U.S. GAAP; however, it is expected that this process will take some additional time thereby delaying Mountainview's ability to file the Filings. It is anticipated that this process will be complete soon and the 2012 Annual Financial Materials will be filed shortly after the filing deadline. Mountainview expects to file the 2012 Annual Financial Materials on or before May 17, 2013, and not later than May 31, 2013.
If the financial statements are not filed by May 31, 2013, the date that is one month after the filing deadline for the Filings, the relevant security commissions or regulators may impose an issuer cease trade order. Mountainview understands that an issuer cease trade order may be imposed sooner if Mountainview fails to file its bi-weekly Default Status Reports on time.
Mountainview intends to satisfy the alternative information guidelines set out in the Policy by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of this filing requirement.
Mountainview is not subject to, nor does it expect to become subject to, any insolvency proceedings. If for any unforeseen reason Mountainview becomes subject to any insolvency proceedings during the period in which it is in default, Mountainview will file material change reports containing the same information it provides to creditors at the same time the information is provided to creditors throughout the period in which it is in default.
All material information concerning the affairs of Mountainview has been disclosed to the public through news releases and filed on SEDAR.
Mountainview Energy Ltd. is a public oil and gas company listed on the TSX Venture Exchange, with a primary focus on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken.
Forward Looking Statements
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Mountainview operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forwardlooking statements" and are based on certain assumptions and analysis made by Mountainview. Forwardlooking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Mountainview's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Mountainview's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Mountainview's ability to attract and retain qualified personnel. Mountainview's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Mountainview will derive there from.
Mountainview maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
Neither 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.
SOURCE Mountainview Energy Ltd.