Alpine Summit Energy Partners Announces Repayment of First Development Partnership and Closing of Third Development Partnership
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Nashville, Tennessee and Vancouver, British Columbia – (Newsfile Corp. – October 7, 2021) – Alpine Summit Energy Partners, Inc. (TSXV: ALPS.U) (“Alpine Summit” or the “Company”) is pleased to announce that it is give the successful repayment and termination of the first development partnership (“DP1”) that it formed in the first quarter of 2021, as well as the simultaneous conclusion of their third development partnership (“DP3”).
DP1 funded the drilling and completion of five wells in the Giddings field near Austin, TX and comprised a total capital program of $ 21.3 million with 60% funded by external partners. As part of the completion of the DP1 program, Alpine withdrew approximately $ 15 million in debt.
DP3 has an expanded capital program of approximately $ 34.7 million with approximately $ 21 million in external development capital and is expected to have two natural gas wells in Webb County and three oil and natural gas wells near Gidding -Drill field.
Craig Perry, Alpine Summit Chief Executive Officer, commented, “The DP1 results demonstrate the effectiveness of Alpine Summit’s Capital Velocity strategy. The capital of the DP1 partners was deployed directly into the wellhead, with five wells drilled and completed within six months. We look forward to continuing our business plan and expanding our development activities with DP3 to South Texas. “
One of the DP1 partners exercised the put right granted to those partners by DP1 in respect of residual interests in their related investment and, subject to the approval of the TSX Venture Exchange, decided to sell the remaining shares in DP1 for 339,372 non-voting Class B shares of HB2 Origination, LLC (which are exchangeable on a one-for-one basis for subordinated voting stock in the company with an assumed value of $ 3.515 per share, or approximately $ 1.2 million total).
About Alpine Summit Energy Partners, Inc.
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Alpine Summit is a US-based company that operates and develops oil and gas facilities. Further information about the company can be found at www.alpinesummitenergy.com.
additional Information
For more information please contact:
Chris Nilan, Senior Managing Director
Phone: 615.475.8320
Email: ir@alpsummit.com
Darren Molds, Chief Financial Officer
Telephone: 403.390.9260
Email: dmoulds@alpsummit.com
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-looking information and statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995. Such forward-looking information Forward-looking statements are not representative of historical facts or information or current conditions, but instead only represent Alpine Summit’s views regarding future events, plans or goals, many of which are inherently uncertain and beyond the control of Alpine Summit. In general, such forward-looking information or forward-looking statements can be anticipated through the use of forward-looking terminology such as “plans,” “expected,” “is expected,” “budget,” “planned,” “estimates,” “projected,” “intends” “,” believes, “or the negative, or variations of such words and phrases, or may contain statements that” might, “” might, “” would, “” may “or” is taken, “” continues “certain acts, events or results “,” will occur “or” will be reached “. The forward-looking information and forward-looking statements contained herein may include, among other things, statements about the DP3 drill program and the expansion of business to South Texas, as well as statements about the issuance of units upon exercise of the put right.
By identifying such information and statements in this way, Alpine Summit advises readers that such information and statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, activities, performance or achievements of Alpine Summit themselves materially differ from those expressed or implied in such information and statements. In addition, Alpine Summit has made certain assumptions in connection with the forward-looking information and forward-looking statements in this press release. Among the most important factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the potential impact of the completion of the RTO on relationships, including with regulators, employees, suppliers, contractors and competitors; Changes in general economic, business and political conditions, including changes in financial markets; Changes in applicable laws; and compliance with extensive government regulations, including the guidelines of the TSX Venture Exchange. Should one or more of these risks, uncertainties or other factors materialize, or should the assumptions underlying any forward-looking information or statements prove to be incorrect, actual results may differ materially from those described, intended, planned, expected, assumed, estimated or anticipated results described herein differ. Although Alpine Summit believes that the assumptions and factors used in preparing the forward-looking information and statements and the expectations contained therein are reasonable, no undue reliance should be placed on such information and statements, and no representation or guarantee can be made, Such forward-looking information and statements will prove to be correct, as actual results and future events could differ materially from those anticipated in these information and statements. The forward-looking information and forward-looking statements contained in this press release are as of the date of this press release, and Alpine Summit undertakes no obligation to update any forward-looking information and / or forward-looking statements contained therein or referred to herein except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98853
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