December 7, 2018 - 12:46 PM EST
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Oronova Energy Inc. Announces Acquisition and Financing Update

Canada NewsWire



VANCOUVER, Dec. 7, 2018 /CNW/ - Oronova Energy Inc. ("Oronova" or the "Company") (TSX.V: ONV) announces the previously announced proposed financing has been amended to $6MM by way of a non-brokered private placement of 40,000,000 units at $0.15 per unit, subject to TSXV approval. Each unit consists of one common share of the Company and one half of a share purchase warrant. Each full warrant will entitle the warrant holder to purchase one common share of the Company for two (2) years at an exercise price of $0.25 subject to accelerated expiry in the event the Company's common shares trade at or above $0.45 for a period of 10 consecutive trading days after expiry of the four-month hold period (the "Financing"). The Company may pay a finder's fee to qualified persons in regard to the proposed financing. It is expected that the proposed financing will close before December 31, 2018. Proceeds from the financing will be used to fund acquisitions and for general working capital purposes.

The Company has been advised by Advantage Energy Services Ltd. ("Advantage") and its affiliated company 12136983 Alberta Ltd. ("2136983") that the joint venture previously reported on November 20, 2018 for an undivided 50% working interest in certain producing and non-producing oil and gas assets and certain oil and gas plant and facility assets in the Province of Alberta (the "Joint Venture") is intended to close before December 31, 2018, subject to approval of the TSX Venture Exchange.

Upon completion of the Financing and the closing of the Joint Venture, Oronova will acquire all of the issued and outstanding shares of 2136983 from Advantage in exchange for 10 million common shares of the Company. The following members of the Advantage professional oil and gas team will become the officers, directors and management of Oronova, subject to approval of the TSX Venture Exchange.

Earl Hickok, President, C.E.O. and Director

Mr. Hickok is a professional engineer and has over 35 years of experience in the upstream oil and gas industry with a broad base of operations, engineering, management and board of directors' experience. His career started in the Esso Redwater oilfield in 1979 and he spent 12 years with Esso including a 2-year assignment at Exxon Production Research in Houston, Texas. Mr. Hickok obtained an Engineering Technology Diploma from Red River College in Winnipeg and then a Bachelor of Engineering Degree from Lakehead University in Ontario.

Brian Smart, C.O.O. and Director

Mr. Smart has over 35 years of expertise in the field of reservoir engineering, with particular focus on enhanced oil recovery implementation and surveillance, formation evaluation, regulatory applications, economics, reserves and portfolio management.

Brian received his Bachelor of Applied Science degree in Chemical Engineering in 1982 from the University of Waterloo. In 1987 he received his P.Eng. designation from the Association of Professional Engineers and Geoscientists of Alberta and has been a member of the Society of Petroleum Engineers since April, 1990.

Darol Turnquist, Vice President, Exploration

Mr. Turnquist has over 35 years of experience in the exploration and development of oil and gas reserves. He received his BSc degree majoring in geology from the University of Calgary in 1978. Darol's career started with a prominent reservoir engineering firm followed by employment with several firms ranging from start-up to well established oil and gas companies who had interests in the Western Canada Sedimentary Basin as well as international.

Nigel Mills, Vice President, Operations

Nigel has over 25 years' experience in production optimization. He received his BSc. in Mechanical Engineering from the University of Calgary in 1991. His technical expertise has given him exposure to numerous Western Canadian as well as international company assets. He was also involved with the evaluation of several large corporate sales or mergers. Since 2003, Nigel has worked for a number of junior to intermediate sized oil and gas companies applying his expertise in maximizing production and cost control in order to get the most out of every asset.

Brian J. Evans, Chairman, Board of Directors

Mr. Brian J. Evans received a Bachelor of Arts Degree in English in 1971 from the University of Alberta and his law degree from the University of Alberta in 1975. Mr. Evans began his legal career with Emery Jamieson in Edmonton and moved from there to establish Canmore, AB's, first fulltime law office in 1976. He practiced in Canmore until 1989. He has experience in areas of Municipal, Environmental, Regulatory, Development and General Corporate Commercial law. Brian served as a member of the Alberta Legislative Assembly for the Banff Cochrane Constituency for 8 years from 1989 to 1997, during which time he held the positions of Minister of Environmental Protection, Minister of Justice and Attorney General, as well as Member of the Agenda and Priorities Committee of Cabinet and Deputy Government House Leader. In July of 1997, Brian became a Partner with Miller Thomson LLP. He left Miller Thomson LLP to join the Werklund Group in August of 2006.

On behalf of the Board of Oronova Energy Inc.

"David Farrell"
Chief Executive Officer

Cautionary Statement

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.

Forward Looking Statements

This news release contains forward looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward Looking Statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risk and uncertainties, There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation within the securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward looking statements/information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known or and unknown risks, uncertainties and other factors many of which are beyond the control of the Corporation. As a result we cannot guarantee that any forward looking statement will materialize and the reader is cautioned not to place any undue reliance on any forward looking statements/information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this News release are made as of the date of the release and the Corporation does not undertaken 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 expressly required by Canadian securities law.

SOURCE Oronova Energy Inc.

View original content:

Joanna Vastardis, CFO & Corporate Secretary, Tel: (604) 609-6125Copyright CNW Group 2018

Source: Canada Newswire (December 7, 2018 - 12:46 PM EST)

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