Shareholders of Seven Generations Energy Ltd have approved a two-for-one share split of the the company’s Class A common shares. The plan, which is intended to make shares more affordable for employees and other small investors, is said to be linked to a forthcoming initial public offering. A recent report by The Globe and Mail indicated that the Calgary-based oil and gas company now may be aiming to raise up to $1 billion. Founded in 2008, Seven Generations is backed by ARC Financial Corp, Canada Pension Plan Investment Board (CPPIB), KERN Partners, Natural Gas Partners and ZBI Ventures.
Seven Generations Announces Two-For-One Share Split
CALGARY, Sept. 8, 2014 /CNW/ – At a meeting held today, the shareholders of Seven Generations Energy Ltd. (“7G” or the “Company”) approved a two-for-one share split of the Class A Common Shares of the Company. Kent Jespersen, Chairman of 7G’s Board of Directors, told those in attendance at the meeting that the share split makes 7G’s shares more affordable for employees and other small shareholders. The share split is effective today. As a result of the share split, (a) holders of Class A Common Shares now own two Class A Common Shares for every Class A Common Share held immediately prior to the share split, and (b) holders of the non-voting Class B Common Shares (including Class B Common Shares received on the exercise of stock options and other equity based compensation) will now receive two Class A Common Shares for each Class B Common Share converted.
About the Company
Seven Generations Energy Ltd. is a private, Canadian company engaged in the development of the Kakwa River Project (the “Project”). Located approximately 100 kilometers south of Grande Prairie, Alberta, the Project is a tight liquids rich gas and light oil project, in the early stages of development, and contains an estimated potential capacity to produce more than 2 billion cubic feet per day of natural gas and more than 200 thousand barrels per day of natural gas liquids (including condensate). 7G has a Corporate headquarters in Calgary, Alberta and an Operations headquarters in Grande Prairie, Alberta.
Advisories & Contact
This press release may contain forward-looking information and statements regarding the Company. Any statements included in this press release that address activities, events or developments that the Company “expects,” “believes,” “plans,” “projects,” “estimates” or “anticipates” will or may occur in the future are forward-looking statements. Actual results may differ materially due to a variety of important factors. Among other items, such factors might include: planned and unplanned capital expenditures; changes in general economic conditions; uncertainties in reserve, resource and production estimates; unanticipated recovery or production problems; weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas and liquids gathering systems, pipelines and processing facilities; potential costs associated with complying with new or modified regulations; oil and natural gas prices and competition; the impact of derivative positions; production expense estimates; cash flow and cash flow estimates; drilling and operating risks; our ability to replace oil and gas reserves; volatility in the financial and credit markets or in oil and natural gas prices. Except as required by law, the Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change. Do not place undue reliance on forward-looking information.
Seven Generations Energy Ltd.
Suite 300, 140 – 8th Avenue SW
Calgary, AB T2P 1B3
For further information: Pat Carlson, CEO, 403-718-0700
Photo courtesy of Shutterstock