Zodiac Exploration......enorme Umsätze - 500 Beiträge pro Seite

[starmanu13]

!

Dieser Beitrag wurde von CloudMOD moderiert. Grund: themenfremder Inhalt

[vania]

Also eine richtige Empfehlung war das jetzt nicht und das Ding kommt ja heute richtig unter die Räder. Die Aktie hat seit dem letzten Tiefstand 0,16 CAD im Dezember jetzt einen neuen Tiefstand von aktuell 0,13 CAD erreicht.
Weiß einer warum heute der böse Absturz ?

[vania]

Zitat von vania: Die Aktie kommt ja heute richtig unter die Räder. Die Aktie hat seit dem letzten Tiefstand 0,16 CAD im Dezember jetzt einen neuen Tiefstand von aktuell 0,13 CAD erreicht.
Weiß einer warum heute der böse Absturz ?

Habe die Antwort gefunden:

Zodiac Updates Status of 1-10 Well Completion

Calgary, Alberta CANADA, February 13, 2012 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture),("Zodiac" or the "Company") announced today that the Company has completed a 10 stage horizontal stimulation in the Upper Kreyenhagen formation in its 1-10 well in Kings County, California.

The 1-10 horizontal well was stimulated using a water based gelled fluid with a multi stage completion system (ball drop system, 10 stages). The Company is continuing to flow test the 1-10 well and will shortly follow up with a build up phase.

Despite surface and down hole equipment limitations during the stimulation and testing phases, the well flowed at a total fluid rate of 1780 barrels per day to 260 barrels per day from January 7th to January 24th, 2012. These rates included 126 barrels per day to 60 barrels per day of 29 degree API oil, respectively.

The preliminary analysis of the flowing pressures and data from a brief shut in period indicated possible damage to the hydraulic fractures and reservoir. The damage could have resulted from the completion fluid (gel filter cake) or downhole obstruction generated by the inability to restrict the flow rate during the initial cleanup phase. The Company and its partners then elected to clean up the well with a foamed acid treatment.

The well was subsequently opened to flow with oil production averaging 50 barrels of oil per day over the first 72 hours at a wellhead flowing pressure of 1150 psi through a 20/64" choke. The Company is encouraged by the higher wellhead pressures and stabilized flow rates will be released once the testing operation is concluded.

Murray Rodgers, President and CEO commented, "This type of deep high pressure and high temperature operation is new to California. Limitations of the surface and downhole equipment available to us, and the downtime caused by failure of key pumping units during the critical phase of the operation, has, in our view, limited our ability to achieve optimal flow rates. Nevertheless, we are very encouraged by this result in light of the fact that new, high resolution geological analysis provides further confirmation that this siltstone zone has excellent reservoir characteristics that include very high quartz content, low clay content, high brittleness, and pervasive oil charged natural fractures. These data support our view that several similar zones in the Kreyenhagen formation are highly prospective.

It is significant that the 1-10 well produced flowing oil from this zone where it is not located on a defined geological structure, and as a result, we have clearly demonstrated that the Upper Kreyenhagen is a major regional resource play in this part of the San Joaquin Basin. Our geological mapping indicates we have only tested the updip edge of the play, which has increased thickness, thermal maturity, and pressures to the south on our lands.

While demonstrating that a horizontal well can be successfully drilled and completed at depths below 14,000 feet in the San Joaquin Basin, we have tested a zone where we recorded high initial wellhead and reservoir pressures, high fluid recoveries, and flowing oil rates. We have now gained important insights into future wellbore and completion designs which we expect will translate directly to improved cost and well performance as the project evolves.

Of further importance, our ongoing geological and geochemical analysis has confirmed the presence of five separate oil source/reservoir intervals on our acreage, including the Upper Kreyenhagen formation. Each of these intervals represents a major resource play.

The "science" phase of our program has clearly demonstrated the presence of significant producible light oil resources on our acreage. We have an enviable acreage position which is unique in California, with approximately 90,000 net acres including large, contiguous lease blocks. This allows us the flexibility to attract the right partner or partners to help prove up the acreage in a manner that is most accretive to our shareholders".

Forward Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "confirms", "continuous", "estimate", "expect", "may", "plan", "project", "should", "will", or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to: the length of the cleanup period following the nitrogen based acid treatment on the 1-10 well and the potential of new resource plays on the Company's California acreage.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Zodiac) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, skilled personnel and supplies; risks associated with the uncertainty of resource estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things: the timing and costs of drilling and completion expenditures; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; the ability of the Company to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; and the general stability of the economic and political environment in which the Company operates. Readers are cautioned that the foregoing list of factors is not exhaustive.

Data in respect of the 1-10 well test results should be considered preliminary at this time. Test results for the 1-10 well are not necessarily indicative of long-term performance or of ultimate recovery.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Zodiac does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Zodiac Exploration Inc.
Randy Neely Chief Financial Officer
[phone]
Zodiac Exploration Inc.

Murray Rodgers President & CEO
[phone]
www.zodiacexploration.ca

To view this press release as a web page, click onto the link below:
www.usetdas.com/PR/zodiacexploration13022012.htm






Source: Zodiac Exploration Inc. (ZEX - TSX-V) http://www.zodiacexploration.ca/
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com

Filing Services Canada
February 13, 2012 - 7:30 AM EST

[starmanu13]

Antwort auf Beitrag Nr.: 42.745.044 von vania am 13.02.12 22:09:41

schon wieder vergleichsweise hohe Umsätze zu den letzten Wochen.....Aktie stabilisiert sich.....sollte bald eine Gegenbewegung kommen........bin mal drin mit 0,12$

[supertai]

Langsam wird es spannend. Geduld ist gefragt. Länger als 1 bis 2 Monate wird es hoffentlich nicht dauern.

[VodkaLemon]

Zodiac Exploration Announces Release of Second Quarter 2013 Financial Results and Adoption of Advance Notice By-law

Companies:
ZODIAC EXPLORATION INC.
Calgary, Alberta CANADA, May 22, 2013 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), ("Zodiac" or "the Company") announces that it has filed its financial statements and management's discussion and analysis for the three and six months ended March 31, 2013 on SEDAR at www.sedar.com.
HIGHLIGHTS
During the second quarter of our 2013 fiscal year, Zodiac:
* Announced that the first well under the farmout agreement ("Farmout Agreement") between the Company and Aera Energy LLC ("Aera") was spudded on February 5, 2013. Under this agreement Aera has acquired the right to earn a 50% interest in up to approximately 19,600 net acres of Zodiac lands located in Kings County, California provided it fulfills its drilling commitments as required for each earning scenario under the Farmout Agreement;
* Completed the reconstitution of the management team and board of directors;
* Continued farm-out discussions with several companies;
* Continued to reduce its G&A before severance costs; and
* Ended the quarter with a cash balance of $17.8 million and a working capital balance of $17.1 million.
FINANCIAL HIGHLIGHTS


-------------------------------------------------------
Canadian $000's Three months ended Six months ended
March 31 March 31
2013 2012 2013 2012
-------------------------------------------------------
Revenue 35 51 72 91
-------------------------------------------------------
Net loss 955 1,415 2,417 2,762
-------------------------------------------------------
Funds used in 1,186 890 2,416 1,887
operations(1)
-------------------------------------------------------
Capital expenditure 568 4,604 972 12,467
-------------------------------------------------------
Total assets 73,999 104,459 73,999 104,459
-------------------------------------------------------
Cash & cash 17,789 26,062 17,789 26,062
equivalents
-------------------------------------------------------

(1) Funds used in operations as presented does not have any standardized meaning prescribed by generally accepted accounting principles ("GAAP") and, therefore, may not be comparable with the calculation of similar measures presented by other entities. See "Non-GAAP Measures" below.
OUTLOOK
The Company's forward strategy includes continuing to seek joint venture partners for its oil and gas acreage in the San Joaquin basin, California. The benefits are expected to be twofold; it is anticipated to create drilling activity on Zodiac's lands, reducing our working interest to a level commensurate with a Junior E&P company, and enable the Company to reduce cash expenditures on land lease payments, thereby preserving the Company's capital.
Zodiac is currently in active discussions with several companies interested in Zodiac's acreage. While we remain focused on seeking partners, the Company continues to evaluate potential drilling locations which maybe drilled in the future.
Zodiac also continues to identify and evaluate potential corporate transactions both in California where it would complement existing operations and in other jurisdictions, both domestically and internationally, drawing on the company's extensive Board and management experience.
ADVANCE NOTICE BY-LAW
The Company advises that the board of directors of the Company have approved the adoption of an Advance Notice By-law. The Advance Notice By-law, among other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a "proposal" made in accordance with section 136(1) of the Business Corporations Act (Alberta) (the "Act"); or (ii) or a requisition of the shareholders made in accordance with section 142(1) of the Act.
Among other things, the Advance Notice By-law fixes a deadline by which holders of record of common shares of Zodiac must submit director nominations to the Chief Financial Officer of the Company prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice to the Chief Financial Officer of the Company for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Advance Notice By-law.
In the case of an annual general meeting of shareholders, notice to the Chief Financial Officer of the Company must be made not less than 30 nor more than 65 days prior to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders is to be held on a date that, is less than 50 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the nominating shareholder may be made not later than the close of business on the tenth (10th) day following the Notice Date.
In the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the Chief Financial Officer of the Company must be made not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.
The Advance Notice By-law is effective and in full force and effect as of the date hereof. In accordance with the terms of the Advance Notice By-law, the Advance Notice By-law will be put to shareholders of the Company for approval at its next meeting of shareholders. If the Advance Notice By-law is not confirmed at the meeting by ordinary resolution of shareholders, the Advance Notice By-law will terminate and be of no further force and effect following the termination of the shareholders meeting.
The full text of the Advance Notice By-law will be available via SEDAR at www.sedar.com.

http://ca.finance.yahoo.com/news/zodiac-exploration-announce…

[VodkaLemon]

Zodiac Exploration Inc. Enters into Strategic Alliances and Acquires Additional Acreage


Calgary, Alberta CANADA, June 18, 2013 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), ("Zodiac" or the "Company") is pleased to announce that it has engaged Meagher Energy Advisors, Inc. ("Meagher") a nationally recognized firm servicing the US Oil & Gas industry, and Western Energy Production LLC ("Western"), led by Mr. Steven Marshall, as strategic advisors to the Company.
The Company also advises that it has entered into a strategic alliance with Western to pool an additional ~10,000 acres that greatly enhances the Company's existing acreage.
Further, the Company has increased the resource potential of its land assets with the acquisition of certain acreage which is strategically located and contiguous within its Jaguar and Panther West prospect areas and totals ~ 2,000 net acres.
Mr. Peter Haverson, the Company's President and Chief Executive Officer, said, "We are pleased to have both Meagher and Western advising the Company on its extensive asset base in the San Joaquin Basin. Meagher has a proven track record and a wealth of experience with many large and small energy companies across all of the North American oil and gas basins by advising them on the effective management of their land assets. Western, led by Mr. Marshall, also has a proven track record, specifically in the San Joaquin Basin, where it has developed a tremendous amount of knowledge of the current and emerging San Joaquin Basin oil plays and has also developed excellent contacts with key industry personnel. Meagher and Western will provide invaluable assistance and advice to Zodiac in the management of its San Joaquin Basin assets and continuing forward strategy."
The Company will from time to time relinquish various land parcels as they become due, which are considered to be non-core and non-prospective.

[praesens]

Trading halt:

http://www.marketwired.com/press-release/IIROC-Resume-Mariti…

Company: Zodiac Exploration Inc. formerly Peninsula Resources Ltd.
TSXV Symbol: ZEX PNU.H
Resumption Time: October 6, 2010 9:30 AM ET


Gruß, praesens

[VodkaLemon]

Antwort auf Beitrag Nr.: 45.581.023 von praesens am 07.10.13 14:33:20

bin mal gespannt ob positiv oder negative news ... kann ein jv , eine übernahme oder bohrergebnisse sein .

[VodkaLemon]

laut emailanfragen eines posters von sh müssten heute vorbörslich die zu erwartenden news kommen ... hoffentlich positive news !

http://www.stockhouse.com/companies/bullboard/v.zex/zodiac-e…

[praesens]

Hier ist die News.
Den Kurs läßt Sie kalt, aktuell 0,09 $ SK heute.

http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aZEX-21115…

"Zodiac Exploration to buy Muskwa Resources

2013-10-09 07:41 ET - News Release

Mr. Robert Cross reports

ZODIAC EXPLORATION INC. ANNOUNCES ACQUISITION OF MUSKWA RESOURCES LTD.

Zodiac Exploration Inc. has entered into a definitive agreement with Muskwa Resources Ltd. whereby Zodiac has agreed, subject to certain conditions, to acquire all of the issued and outstanding common shares of Muskwa. Muskwa is a private oil and gas company incorporated in 2008 with approximately 54,240 acres of land in central Alberta, primarily in the Duvernay and Nordegg formations, and pending asset acquisitions in Montana from Jackfish Exploration Inc. and Tanglewood Energy Inc. that will add up to approximately 24,000 net acres of land upon satisfaction of certain conditions under the agreements relating to the Jackfish and Tanglewood acquisitions, including satisfaction of the earning conditions under the Jackfish farm-in agreement (as defined herein).

The acquisition is expected to be completed by way of an amalgamation and is subject to customary approvals, including approval by Muskwa shareholders and the approval of the TSX Venture Exchange. Closing of the acquisition is expected to occur on or prior to Nov. 30, 2013.

Transaction highlights

Alberta assets of Muskwa:

Muskwa is a top holder of Duvernay rights in Alberta with a total of 54,240 acres of land in central Alberta, primarily in the Duvernay and Nordegg formations (49,760 contiguous 100-per-cent-working-interest acres in the Duvernay light oil resource window) plus an option to acquire up to an additional 6,880 acres.
Muskwa's land position has significant stacked resource potential in the Duvernay, Nordegg, Montney and Beaverhill Lake formations.
GLJ Petroleum Consultants Ltd. has provided Muskwa with an evaluation dated Oct. 25, 2012, and effective as of June 30, 2012, in accordance with the requirements of National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities on the undiscovered petroleum initially in place on the 39,680 acres of lands held by Muskwa at such time. Using the same methodology as GLJ utilized in the preparation of the GLJ report, a member of Muskwa's management team, who is a qualified reserves evaluator for the purposes of National Instrument 51-101, has provided an estimate of the undiscovered petroleum initially in place effective as of Dec. 31, 2012, for the additional 11,520 acres acquired by Muskwa since the date of the GLJ report, which estimates are set forth as shown in the table.
The industry has spent over $6-billion on land, corporate acquisitions and wells on the Duvernay play.
Significant interest and activity exists in the area in which Muskwa holds land with over 90 wells drilled by large producers actively proving up the Duvernay light oil window with commercial results and there have been several recent commercial discoveries in the Duvernay light oil window to the south of Muskwa's land position


UNDISCOVERED PETROLEUM INITIALLY IN PLACE(1)

Formation Estimate GLJ report Muskwa internal Total
(STB 000)(2)(4) estimate(3) (STB 000)(4)
(STB 000)(4)

Duvernay Low estimate 434,116 142,132 576,248
Best estimate 868,232 284,275 1,152,507
High estimate 1,519,407 497,473 2,016,880
Middle
Nordegg Low estimate 120,401 70,713 191,114
Best estimate 229,941 122,412 352,362
High estimate 344,912 183,635 528,547
Lower
Nordegg Low estimate 192,076 117,311 309,387
Best estimate 320,126 195,517 515,643
High estimate 512,212 312,828 825,030
Notes:
1. Undiscovered petroleum initially in place is that quantity of
petroleum that is estimated, on a given date, to be contained in
accumulations yet to be discovered. There is no certainty that any
portion of the resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion of
the resources. Further subcategorization of the reported resources
volumes was not possible at the time the foregoing estimates were made as
a recovery project could not be defined for such resource volumes.
2. The GLJ report is dated Oct. 25, 2012, and effective as of June 30,
2012.
3. The Muskwa internal estimate was prepared on Jan. 15, 2013, with an
effective date as of Dec. 31, 2012, and was prepared by a member of
management, who is a qualified reserves evaluator for the purposes of
National Instrument 51-101, using the same methodology as utilized by GLJ
in its preparation of the GLJ report.
4. STB: stock tank barrels. Figures reported in thousands of stock tank
barrels of oil.



Jackfish assets (Montana):

Muskwa has entered into a definitive purchase and sale agreement dated Oct. 3, 2013, with Jackfish, whereby Muskwa will acquire, prior to closing of the acquisition and subject to customary closing conditions, the entire interest of Jackfish under a farm-in agreement to which Jackfish is currently a party whereby, assuming closing of the transaction with Jackfish, Muskwa will have the right to farm in on approximately 12,000 gross acres (9,000 net acres after earning is completed under the farm-in agreement) located in southern Montana, which management of Zodiac and Muskwa believe are prospective for light oil in the Grey Bull (Cretaceous) formation.
Zodiac has reviewed the 2-D seismic results for the channel play in the Grey Bull formation at a depth of approximately 1,500 metres and is encouraged by these results.
Assuming completion of the transactions, Zodiac plans to shoot a 3-D seismic program and drill two evaluation wells by June 30, 2014, and will be required to do so in order to fulfill the earning requirements under the Jackfish farm-in agreement.
Management of Muskwa and Zodiac believe that the acquisition of the Jackfish assets is a low-cost exploration opportunity (approximately $600,000 (U.S.) to drill, test, complete and equip wells on the lands making up the Jackfish assets).


Tanglewood assets (Montana):

Muskwa has entered into a definitive purchase and sale agreement dated Oct. 7, 2013, with Tanglewood whereby it is proposed that Muskwa will acquire, prior to closing of the acquisition and subject to customary closing conditions, approximately 30,000 gross acres (15,000 net acres) located in northern Montana.
Zodiac has reviewed the 3-D seismic results for a Nisku play at approximately 1,500 metres and is encouraged by these results.
Management of Muskwa and Zodiac believe that the acquisition of the Tanglewood assets is a low-cost exploration opportunity (approximately $600,000 (U.S.) to drill, test, complete and equip wells on the lands comprising the Tanglewood assets) adjacent to existing production in the prospective Devonian horizons.


Pro forma highlights:

Large conventional and unconventional light oil asset base across several regions of North America provides excellent diversification;
Conventional light oil assets offer potential for near-term light oil production and cash flow to maintain financial flexibility;
Based on the GLJ report and the management resource estimates set forth above, Muskwa and its assets provide a multibillion-barrel, unconventional light oil resource opportunity in North America's prolific shale regions;
Drill-ready prospects in Montana provide potential near-term production catalysts;
Addition of proven technical and management team members to assist in the growth of Zodiac.


Detailed asset overview

Alberta assets (100-per-cent working interest)

Zodiac is particularly excited about the acquisition of Muskwa's material prospective acreage position in the Duvernay formation. Often cited as Canada's answer to the prolific Eagle Ford shale in the United States, the Duvernay formation is estimated, as of June, 2012, by the Alberta Geological Survey to have 443 trillion cubic feet of natural gas and 73 billion barrels of oil and natural gas liquids in place.

There have been numerous significant commercial results over recent months in the Kaybob area to the south of Muskwa's land position. In 2012, Athabasca Oil Corp. announced a well into the light oil window of the Duvernay that had initial 30-day production of 780 barrels of oil equivalent per day (Athabasca corporate presentation at Barclays CEO Energy-Power Conference, Sept. 12, 2013). EnCana Corp. recently announced a well in the area with a production test in excess of 2,000 barrels of oil equivalent per day (EnCana press release, May 28, 2013). Trilogy Energy Corp. recently announced exciting results from a four-well pad with average production test rates of 1,940 barrels of oil equivalent per day (Trilogy press release, September 26, 2013).

There has also been extensive acquisition activity in the area as well. Previous transactions in the Duvernay include the joint venture between EnCana and a wholly owned subsidiary of PetroChina Company Ltd. involving 445,000 acres at an implied purchase price of $9,800 per acre (including carry) (EnCana press release, Dec. 13, 2012), Shell's acquisition of 29,760 acres of Duvernay rights from Lightstream Resources Ltd. (formerly PetroBakken Energy Ltd.) for $82.5-million ($2,772 per acre) (Lightstream press release, April 11, 2012) and Sonde Resources Corp.'s sale of 24,383 acres of Duvernay acreage for $75-million ($3,125 per acre) (Sonde Resources press release, Feb. 8, 2012).

Jackfish assets (Montana) (75-per-cent working interest after earning)

Muskwa has entered into a definitive purchase and sale agreement dated Oct. 3, 2013, with Jackfish to acquire the right to farm in on approximately 12,000 gross acres in Montana pursuant to the Jackfish farm-in agreement which management of Muskwa and Zodiac believe are prospective for light oil in the Grey Bull formation. In connection with the Jackfish acquisition, Muskwa will issue Jackfish 10,173,324 Muskwa shares at a deemed value of 10 cents per Muskwa share and will pay Jackfish $385,000 in cash. One hundred per cent of the shareholders of Jackfish have entered into voting support agreements with Muskwa pursuant to which they have agreed to vote their shares of Jackfish in favour of the Jackfish acquisition. Muskwa anticipates closing the Jackfish acquisition on or before Oct. 11, 2013. Assuming completion of the Jackfish acquisition by Muskwa and the acquisition by Zodiac and Muskwa, Zodiac plans to execute a 3-D seismic program over the coming months and to drill two evaluation wells to test a Grey Bull channel sand play on the Jackfish lands. Completion of the 3-D seismic program and the drilling, testing and completion of two evaluation wells by June 30, 2014, will satisfy Zodiac's earning obligations under the Jackfish farm-in agreement and will allow Zodiac to earn a 75-per-cent working interest in 12,000 acres. It is a condition to closing of the acquisition, in favour of Zodiac, that Muskwa shall have completed the Jackfish acquisition.

Tanglewood assets (Montana) (50-per-cent working interest)

Muskwa has entered into a definitive purchase and sale agreement dated Oct. 7, 2013, with Tanglewood to acquire approximately 15,000 net acres in Montana that management of Muskwa and Zodiac believe to be prospective for light oil in the Nisku formation. In connection with the Tanglewood acquisition, Muskwa will issue Tanglewood 10 million Muskwa shares and pay Tanglewood $100,000 in cash. Approximately 67 per cent of the shareholders of Tanglewood have entered into voting support agreements with Muskwa pursuant to which they have agreed to vote their shares of Tanglewood in favour of the Jackfish acquisition. Muskwa anticipates closing the Tanglewood acquisition on or before Oct. 31, 2013. It is a condition to closing of the acquisition, in favour of Zodiac, that Muskwa shall have completed the acquisition of the Tanglewood assets. In connection with the closing of the Tanglewood acquisition, Muskwa intends to acquire 3-D seismic covering 39 square miles of the Tanglewood assets from a company controlled by the president and chief executive officer of Zodiac for consideration consisting of 800,000 Muskwa shares.

Management and board additions

Lee Pettigrew, a current director of Muskwa, will be joining Zodiac's board of directors upon completion of the acquisition. Mr. Pettigrew is currently president and chief executive officer of Mercari Capital Corp., a private merchant bank, and brings more than 20 years of senior investment banking experience and capital markets expertise to the Muskwa board. Mr. Pettigrew began his career on Wall Street with the First Boston Corp. After joining Gordon Capital, he moved to Calgary in 1992 to co-head Gordon's energy practice. In 1995, he became one of nine founding partners of Newcrest Capital Inc., where he headed the energy group and ran the Calgary office until the firm's $250-million sale to Toronto-Dominion Bank. After serving as a managing director of TD Securities for two years, Mr. Pettigrew became a founding partner and largest shareholder of Orion Securities and played a major part in the growth of the firm until its sale to Macquarie Bank. After serving as a managing director of Macquarie for two years, he left to pursue early stage energy merchant banking. Mr. Pettigrew is a graduate (with distinction) of the Richard Ivey School of Business Administration at the University of Western Ontario.

It is expected that in connection with closing of the acquisition, three members of Muskwa's management team, Rick Jackson, Max Zureski and David Bilenduke, will join Zodiac in management roles.

Rick Jackson, PEng, is the current president and chief executive officer of Muskwa. Mr. Jackson is an experienced engineer and manager, with over 30 years industry experience. He spent 28 years with Chevron Canada managing operations with over 25,000 barrels of oil equivalent per day of production and annual operating budgets in excess of $40-million. He has hands-on experience in production, completions, facilities and reservoir evaluations. Mr. Jackson held key positions in strategic planning and New Ventures at Chevron. With these responsibilities, he identified, evaluated and closed on several major initiatives. In his final years at Chevron, Mr. Jackson was the lead negotiator for divestiture of all of Chevron's Canadian assets.

Max Zureski, CA, CBV, is the current chief financial officer and vice-president, finance, of Muskwa. Mr. Zureski has 15 years of experience in accounting and finance. He began his career at Deloitte, obtaining his chartered accountant and chartered business valuator designations. During his time at Deloitte, Mr. Zureski worked extensively on various energy assignments, domestically and internationally. Mr. Zureski began in equity research and later investment banking with BMO Capital Markets with a focus on the oil and gas, pipeline, and power sectors. He worked on numerous financings, and merger and acquisition assignments. Mr. Zureski later worked as an equity research analyst covering the junior oil and gas, and alternative energy sectors for an independent Canadian dealer.

Dave Bilenduke is the current vice-president, exploration, of Muskwa. Mr. Bilenduke has a 15-year career spanning both conventional and unconventional plays across the Western Canadian sedimentary basin. He has participated in unconventional start-ups from pilot to commercial rollout. He has held positions with increasing responsibility with Canadian Superior, Trident and NuVista. Through Muskwa, Mr. Bilenduke went in house at Daylight to help map that company's unconventional potential on its lands, and subsequently developed, mapped and recommended the lands acquired by Daylight that helped establish the company's Duvernay position. Mr. Bilenduke currently serves as vice-president, exploration, of Muskwa.

Board approvals and recommendations

In connection with Zodiac's review and consideration of the proposed acquisition, Zodiac established a special committee comprising Graeme Phipps (chairman) and John Newman to oversee and supervise the acquisition and the negotiation of the acquisition agreement. The special committee was formed as a result of Robert Cross, chairman of the board of directors of Zodiac, also holding the position as chairman of the board of directors of Muskwa. The board of directors of Zodiac has resolved, with Mr. Cross abstaining, based upon the recommendation of the special committee and the verbal fairness opinion of Zodiac's financial adviser as further described below, that the consideration to be paid by Zodiac pursuant to the acquisition is fair, from a financial point of view, to the shareholders of Zodiac, and is in the best interests of the shareholders of Zodiac.

The board of directors of Muskwa has unanimously approved the acquisition, with Mr. Cross abstaining, and Muskwa has resolved to recommend that its shareholders vote in favour of the acquisition. Holders of approximately 30 per cent of the outstanding Muskwa shares, including all of the directors and officers of Muskwa, have entered into voting support agreements with Zodiac pursuant to which they have agreed to vote their Muskwa shares in favour of the acquisition.

Terms of the acquisition agreement

Under the terms of the acquisition agreement, Muskwa has agreed not to solicit or initiate discussions regarding any other business combination or sale of material assets and has granted Zodiac the right to match any superior proposals. The acquisition agreement also provides for a mutual $300,000 non-completion fee payable to Zodiac or Muskwa, in certain circumstances, if the acquisition is not completed.

The exchange ratio for the Muskwa shares shall be one common share of Zodiac for each issued and outstanding Muskwa share. Additionally, all stock options and performance warrants of Muskwa will be assumed by Zodiac and entitle the holders thereof to acquire an equivalent number of Zodiac shares for a period of 12 months from the closing date of the acquisition. All of the outstanding warrants to purchase Muskwa shares will entitle holders to acquire an equivalent number of Zodiac shares in accordance with their terms.

The Zodiac shares issued in exchange for the Muskwa shares pursuant to the acquisition, other than Muskwa shares issued upon conversion of currently outstanding convertible securities of Muskwa and Muskwa shares issuable pursuant to the Jackfish acquisition and the Tanglewood acquisition, will be subject to voluntary escrow provisions. Upon closing of the acquisition, 15 per cent of the escrowed shares will be immediately released from escrow with a further 15 per cent of the escrowed shares to be released from escrow every three months thereafter.

Pursuant to the terms of the acquisition agreement, Zodiac has agreed to provide Muskwa with a bridge loan in the amount of $2-million to assist Muskwa with the financing of certain operational expenses in connection with its exploration activities as well as certain of its general and administrative expenses. The bridge loan has a term of 180 days, an interest rate of 6 per cent per year and is secured against all of the present and after acquired property of Muskwa.

Closing of the acquisition is anticipated to occur on or before Nov. 30, 2013. It is anticipated that Muskwa will obtain approval for the acquisition from the shareholders of Muskwa by way of written consent resolution or, in the alternative, at a special meeting of shareholders of Muskwa to be called to consider the acquisition.

Current capitalization of Muskwa

Muskwa currently has 55,538,827 Muskwa shares issued and outstanding, 5,704,000 Muskwa options outstanding at a weighted average exercise price of 20 cents per Muskwa share, 2,704,400 Muskwa performance warrants outstanding at a weighted average exercise price of 10 cents per Muskwa share and 30,183,249 Muskwa warrants outstanding at a weighted average exercise price of 37 cents per Muskwa share. Muskwa will issue 10,173,324 Muskwa shares as part of the Jackfish acquisition and will issue a further 10 million Muskwa shares as part of the Tanglewood acquisition plus an additional 800,000 Muskwa shares pursuant to the acquisition of the Tanglewood seismic. Muskwa currently has $495,500 due to certain Muskwa shareholders pursuant to shareholder loans and a $250,000 promissory note the principal amount and all accrued and unpaid interest which shall be converted into Muskwa shares immediately prior to closing of the acquisition at 10 cents per Muskwa share. Muskwa also has outstanding $165,000 principal amount of convertible debentures which will convert into Muskwa shares in accordance with their terms of 10 cents per unit immediately prior to closing of the acquisition. Each unit will consist of one Muskwa share and one-quarter of one share purchase warrant exercisable at 40 cents per Muskwa share for a period of two years from the date of issuance. Additionally, Muskwa has outstanding $500,000 principal amount of 10-per-cent convertible debentures due Feb. 5, 2014, which debentures are convertible into units at 30 cents per unit with each unit comprising one Muskwa share and one-half of one share purchase warrant exercisable at 60 cents per Muskwa share until Feb. 5, 2015. The Muskwa II convertible debentures will be assumed by Zodiac in connection with the closing of the acquisition.

In total, immediately before the completion of the acquisition, Muskwa will have 84,921,329 Muskwa shares issued and outstanding, 30,595,749 Muskwa warrants outstanding at a weighted average price of 37 cents per Muskwa share, 5,704,000 Muskwa options outstanding at an exercise price of 20 cents per Muskwa share and 2,704,000 Muskwa performance warrants outstanding at an exercise price of 10 cents per Muskwa share.

Zodiac financial adviser

In reaching its decision with respect to the recommendation of the acquisition, the special committee relied on, among other things, a fairness opinion of Canaccord Genuity Corp., the independent financial adviser to the special committee with respect to the acquisition. The fairness opinion provided by Canaccord indicates that, as at Oct. 3, 2013, and subject to the certain limitations, assumptions and qualifications as set forth in the fairness opinion, that the consideration to be paid by Zodiac pursuant to the acquisition is fair, from a financial point of view, to the holders of Zodiac shares.

We seek Safe Harbor.

..."

[VodkaLemon]

Antwort auf Beitrag Nr.: 45.599.143 von praesens am 10.10.13 00:04:45

ja , leider nicht die art news die alle erwartet haben ... keine bohrergebnisse , keine übernahme oder sonstiges was den kurs beflügelt hätte

[praesens]

... Vorfreude ist die schönste Freude ...

Gruß, praesens

[RadyP]

Zodiac Exploration Valued at Just ~$108/Acre, 3x-5x Upside Potential in ZEX.V

Tuesday, November 5, 2013 · Posted in Oil & Gas, OIL & Gas Companies · by Peter Epstein

On October 9th Zodiac Exploration, [ZEX.V / ZDEXF] announced a proposed, transformational acquisition of privately-held Muskwa Resources. Muskwa’s assets include 56,640 net acres (including optioned acres) in the light oil window of Alberta, Canada’s highly prospective Duvernay shale formation and 28,960 acres in the Nordegg shale. Amazingly, this property is located just 25-30 miles north of the primary Duvernay activity at Kaybob. Muskwa also contributes 2 conventional, low-risk, low-cost projects in Montana that could be cash flowing as soon as mid-2014.

Zodiac + Muskwa = Extremely Cheap Call Option on Progress in Key North American Shale Plays

After the closing of this all stock deal, Zodiac will still have an ample cash balance and zero debt. The new company, at a price of C$0.06 per share, would have an Enterprise Value, “EV” of just C$10 million, (based on a pro forma market cap of C$26.7 million and cash of $16.7 million on June 30th). To be conservative, let’s assume that cash after the proposed acquisition in November would be C$12.7 million, for an EV of C$14 million. Combined, Zodiac + Muskwa would have ~130k net acres in the Monterey shale in California and the Duvernay / Nordegg shales in Alberta, Canada. Thus, Zodiac is trading at a valuation of just ~$108/acre for its shale (only) assets.

That doesn’t include Muskwa’s 2 low-risk, low-cost, conventional projects in Montana or the Net Present Value, “NPV” of Zodiac’s tax pools. While it’s still early days in the Monterey, option value alone for Zodiac’s largely contiguous block of ~72k net acres should be $250-$500/acre today, and possibly 2x-3x that within 12-18 months.

The Duvernay and Nordegg shales are arguably less technically challenging and perhaps 1-2 years closer to maturity than the Monterey. I believe that within 12-18 months, Zodiac’s Duvernay and Nordegg properties could be worth $1,000-$2,000/acre, compared to peer transactions in Kaybob at valuations of $3,000-$9,000/acre. This winter’s active drilling season in Alberta and a conclusion of the strategic review of assets in California in the next few months are catalysts to drive Zodiac shares meaningfully higher. Importantly, third quarter earnings calls in coming weeks from a host of oil shale players could offer market moving news.

I continue to believe that Zodiac shares could reach C$0.20-C$0.30 next year. For example, if all 130k net shale acres (not including Montana) are sold for $1,000/acre, that $130 million, plus cash on the balance sheet, plus the NPV of tax pools, would equal about C$0.35 per Zodiac share, (assuming Muskwa deal closes as contemplated).

On a conference call on October 16th, Peter Haverson, CEO of Zodiac and Rick Jackson, CEO of Muskwa made a compelling case for the combined company. Also on the call John Newman, Zodiac’s CFO, provided an update on Zodiac’s California assets. Finally, Bob Cross, Chairman of Muskwa and a Director of Zodiac made some very interesting remarks about the Oil & Gas industry and the implications for Zodiac.

Update on Strategic Initiatives in California

Management provided an update of the ongoing process to farm-out, joint venture or otherwise monetize portions of Zodiac’s San Joaquin property. Recall that Zodiac has ~72k net acres in the deep part of the Monterey and Kreyenhagen shales in southern California. Management acknowledged that the process is taking longer than expected due to several multinational players requesting additional information to assess Zodiac’s holdings. Feedback from advisors retained to run the process indicates that interested parties love the technical aspects and are working on economic assessments. With realized prices near $110 per barrel in southern California, the economics should be robust! This key strategic initiative is now expected to come to fruition near the end of the year.

Why is the Muskwa Acquisition a Big Deal?

The proposed acquisition would greatly de-risk the Zodiac story, while maintaining very substantial upside. Like Zodiac’s San Joaquin (Monterey) acreage, Muskwa’s acreage in the Duvernay and Nordegg shales is in a potentially world-class basin. Importantly, Zodiac is prudently diversifying on multiple fronts, not just by jurisdiction. The combined company has diminished technology risk, as the Duvernay assets appear to be less technically challenging and the Montana assets are conventional low-risk, low-cost opportunities. Regulatory, environmental and political risk is diversified away from just California to Alberta and Montana. Time to initial cash flow is expected to be as soon as mid-2014.

This deal puts Zodiac on the maps of a larger universe of partners and suitors. There are many majors and super-majors in Canada that could also be interested in entering the Monterey, and likewise, plenty of U.S. players interested in the Duvernay. For example, Occidental Petroleum is the biggest player in the Monterey, but has no exposure to the Duvernay. Given OXY’s expertise in unconventional shale, it would make a lot of sense for OXY to take a shot in the Duvernay. XTO Energy, a unit of ExxonMobil, and Royal Dutch Shell are very active in both the Monterey and the Duvernay.

Deal Metrics

Zodiac is issuing 85.7 million shares in a 1-for-1 exchange, representing ~24% equity dilution to existing Zodiac shareholders. Muskwa’s shareholders have agreed to an 18-month escrow whereby 15% or ~12 million shares, will be free to trade upon the closing of the deal and an additional 15% every 3 months through mid-2015. A majority of the newly issued shares will go to 2 high net worth individuals who are also long-term, major shareholders in Zodiac. I strongly believe that these parties are not sellers of Zodiac stock anywhere near 6 cents per share.

Zodiac is effectively acquiring Muskwa’s property for approximately $115/acre. That figure includes property acquired in Montana which I discuss briefly below. I think this is a tremendous deal, especially as recent land deals have been done at valuations ranging from $3,000-$9,000 per acre. To be clear, those peer transactions were for property in the Kaybob area, the current heart of the Duvernay. However, Haverson and Jackson believe that Muskwa’s holdings have similar technical, geological and net pay characteristics to most of the Kaybob development projects.

The 2 Montana assets are not company makers like the California holdings or the Duvernay/Nordegg property. However, they are lower-risk, conventional projects that could begin cash flowing by mid-2014. Management has not given guidance for production from these two projects, but surrounding wells produce from 50 -500 barrels per day. Assuming an exit rate of 200 barrels per day at year end 2014, that suggests perhaps a few hundred thousand of cash flow per month. While not a homerun, it would extend the duration of the call option on the company’s shale plays. This toe-hold in Montana could become a stepping stone to bigger and better things in that area over time.

Why was Zodiac able to pick up Muskwa’s acres so cheap, i.e. why didn’t a major buy Muskwa? In speaking with Rick Jackson and other industry people, I believe the answer has 3 parts. First, majors like Chevron, Exxon & Encana already have decades worth of targets in Kaybob and areas south. Second, since Muskwa was tight on cash, potential suitors figured they could buy it cheaper by waiting them out. Finally, in new shale plays, the early capital chases liquids-rich production as gas moves through tight rock easier than oil does. In other words, capital flows first to lower risk development. As the play gets de-risked, initial players and new entrants look for riskier but potentially bigger payoffs. Rick Jackson believes that industry is quickly approaching the stage where commercial production of liquids-rich gas has been proven viable, kicking off a land rush in the light oil window of the Duvernay and Nordegg.

Conference Call Demonstrated High Conviction and Management Skill

An excellent corporate presentation describing the Muskwa acquisition can be found on Zodiac’s website. Zodiac has a clear and compelling game plan. A corporate strategy centered upon low-cost, high prospective value growth. Management is exploiting a rare opportunity to gain control of potentially world-class assets that are available due to hardships faced by capital-starved companies. Muskwa is the first step in that direction, there may be more to follow.

Rest assured, cash is still king at Zodiac. Further bolt-on acquisitions will only be contemplated if strong balance sheet cash liquidity can be maintained. Therefore, acquisitions will be somewhat dependent on what comes out of the strategic review of the Monterey assets. If another farm-out, like the one with Aera Energy is consummated, land payments of ~$2.5 million over the next 12 months could be largely avoided.

Further Detail on Muskwa Resources– All Roads Lead to Muskwa’s Snipe Lake!

Zodiac is opportunistically and cheaply stepping into Alberta at a great time. According to a recent article in the Calgary Herald, over $6 billion has been invested to date in the Duvernay. According to this informative article,

“Alberta’s early-stage Duvernay resource play has already absorbed $6 billion of investment and promises to be the subject of much more, analysts say, judging by recent activity and promising results. The Duvernay is arguably the most exciting emerging resource play in Canada. The Duvernay was the main driver of the record $3.2 billion spent at Alberta Crown drilling rights auctions in fiscal 2011-12.,” says a research report from TD Securities
Furthermore, from the same Calgary Herald article,

“The Duvernay has been much in the news this summer, with Chevron Canada buying an additional 27,000 hectares (67,500 acres) in the play earlier this month from Alta Energy Luxembourg. No purchase price was released but TD Securities said an affiliate on the selling side implied a price of $8,550/acre, in line with Encana’s metrics of ~$9,000/acre in its Duvernay joint venture with Petro-China signed in December 2012.”
The Duvernay is receiving a tremendous amount of attention. On Encana’s second quarter conference call, management stated, quote,

“On the Duvernay, we continue to be very, very pleased with our well up in Kaybob, where it’s currently producing 900 barrels a day of condensate, free condensate…and that’s a choked back rate… So we’re really, really encouraged with the results. We think we’ve cracked the technical nut with respect to the completions…we have a significant acreage in the Duvernay, currently just over 80,000 net acres. We continue to look to add to that 80,000.”
From Trilogy Energy’s 1st quarter conference call,

“And then we have $75 million targeting the Duvernay play. The strategy there is basically to drill…because it looks like it is a true world-class resource play that we may be exposed to. Well economics are very attractive, drilling, completing, tying in the wells for about $4 million per well. Wells with a range of between 210,000 and 330,000 barrels recoverable, (plus solution gas) or something like 336,000 to 495,000 barrels of oil equivalent.”
Referring to subsequent drill results from Trilogy Energy, Dundee Capital analyst Geoff Ready said,

“Based on these and other public production results, we believe payouts on some wells are under a year, a remarkable feat for a resource play in early stage development. Trilogy has about 80,000 net acres of Duvernay prospective lands in the volatile oil area and about 48,000 net acres in what is believed to be the gas condensate area of the play.”
The Duvernay, Nordegg and Montney in Alberta and BC Needed to Feed New LNG Projects

Another reason for the rapidly growing interest in the Duvernay and surrounding areas could be that LNG projects on the west coast are gaining momentum and will need to be supplied with natural gas. Super-majors are watching developments on the LNG front closely. According to a September 19, 2013 article in the Financial Post,

“It has been a long time since Chevron Corp., the second-largest U.S. oil major, was in growth mode in Canada, but that’s about to change. After missing out on the Oil Sands boom and selling many of its assets in Western Canada about a decade ago, Chevron is stepping back into its historic leadership role to build and run the first large Liquefied Natural Gas, “LNG” facility on the West Coast, while taking on the Duvernay shale gas play in Alberta.”
As infrastructure and logistics are developed to support development activities at Kaybob and an ever growing area around Kaybob, the value of the Muskwa property will become increasingly valuable. Given that several land deals in the past 6-12 months have been done at valuations of $3k-$9k/acre, Zodiac’s acquisition cost of just $115/acre for Muskwa’s acreage is outstanding. By no means do I suggest that Zodiac’s newly acquired acres are worth thousand(s)/acre today, but located just 25-30 miles from the heart of the Duvernay, these acres could easily be worth $1k-$2k within 12-18 months. That’s my opinion only, not necessarily that of management.

Importantly, the next six months could be telling. Winter in Canada is when a great deal of drilling gets done. The coming six months around Kaybob will the busiest ever with up to 100 wells planned to be spudded. The likelihood of further success stories is high. Each and every successful well supports the valuation of the Muskwa holdings. The truly exciting part of Zodiac’s Muskwa land is that 1) it’s only 25-30 miles from the heart of the fairway, 2) it has similar technical, geologic and net pay characteristics to the wells drilled at Kaybob, and 3) most of the property is on a large contiguous block. This suggests extraordinary blue-sky potential over time. Timing is the key, to be measured in months, not days or weeks. Significant new blocks of Crown land are no longer being auctioned, the only way for existing players and new entrants to get exposure is through M&A.

Conclusion

The proposed acquisition of Muskwa Resources is a great deal. The market expected the news to be something entirely different, a big announcement about Zodiac’s California assets. The stock price has fallen by about a third, on healthy trading volume, since the proposed acquisition was announced. While disappointing, the stock at just C$ 0.06 is very attractive. The strategic review in California is just a few months from being completed, and more than a dozen companies are de-risking the Monterey, Duvernay and Nordegg by the day. Third quarter earnings calls in coming weeks will provide valuable updates on the progress being made. Just today, October 23rd, Encana’s third quarter press release stated,

In the Duvernay play of west-central Alberta, the Company’s 8-5 well, which had an initial production rate of 1,400 bbls/d of field condensate and 4 MMcf/d of natural gas over its first 30 days, continues to exceed expectations producing at a rate of 350 bbls/d of condensate and 2 MMcf/d of natural gas after more than 160 days. To date, the well has produced over 100 thousand barrels of field condensate and 400 million cubic feet of natural gas. Overall, 12 horizontal wells have been completed in the play with 10 on production and two currently being tied in. Free condensate yield results remain strong with a range of 45 to 300 barrels per million cubic feet (bbls/MMcf).
Expanded Management & Board

Bob Cross, Chairman of Muskwa Resources, Director of Zodiac Exploration
Mr. Cross has more than 20 years experience as a Financier in the Mining / Oil & Gas sectors. He is a Co-Founder and Non-Executive Chairman of Bankers Petroleum Ltd., Non-Executive Chairman of B2Gold Corp., Co-Founder and Chairman of Petrodorado Energy Ltd., and until October 2007, Non-Executive Chairman of Northern Orion Resources. Between 1996 and 1998, Mr. Cross was Chairman and CEO of Yorkton Securities. From 1987 to 1994, he was a Partner, Investment Banking with Gordon Capital in Toronto. He has an Engineering Degree from the University of Waterloo, and received his MBA from Harvard Business School in 1987.

Peter Haverson, CEO Zodiac Exploration
Mr. Haverson has over 37 years experience in the oil industry, primarily relating to Exploration & Production operations. He has spent the latter few years working in foreign countries dealing with new-venture start-ups and foreign governments while maintaining the importance of good contractor relationships. He has extensive working knowledge of Drilling & Production as he has been involved in operations reaching all corners of the World. Most recently, Mr. Haverson was the General Manager at Suncor (formerly Petro-Canada) for International and Offshore Drilling & Completion Operations.

Rick Jackson, President & CEO Muskwa Resources
Mr. Jackson is a seasoned engineer and manager, with over 30 years experience. He spent 28 years with Chevron Canada managing operations with over 25,000 boe/d of production and annual operating budgets in excess of $40 million. He has hands on experience in Production, Completions, Facilities and Reservoir Evaluations. Mr. Jackson held key positions in Strategic Planning and New Ventures at Chevron. With these responsibilities, he identified, evaluated and closed several major initiatives. In his final years at Chevron, Mr. Jackson was the lead negotiator for divestiture of all of Chevron’s Canadian assets. Mr. Jackson later joined Enterra Energy as the Manager of Engineering. Among his achievements was the acquisition of a $250 million asset in the U.S. Mr. Jackson was a Founding Member of Muskwa, joining the Company in November, 2008.

Lee Pettigrew, Director of Muskwa Resources
Mr. Pettigrew is President and CEO of Mercari Capital Corp., a private merchant bank, and brings more than 20 years of senior investment banking and capital markets expertise to the Muskwa Board. Mr. Pettigrew began his career with the First Boston. After joining Gordon Capital, he moved to Calgary in 1992 to Co-Head Gordon’s Energy practice. In 1995, he became one of 9 Founding Partners of Newcrest Capital, where he headed the Energy Group and ran the Calgary office until the firm’s $250 million sale to TD Bank. After serving as a MD of TD Securities for 2 years, Mr. Pettigrew became a Founding Partner and largest shareholder of Orion Securities, and played a major part in the growth of the firm until its sale to Macquarie Bank. After serving as a MD of Macquarie for 2 years, he left to pursue early stage Energy merchant banking. Mr. Pettigrew is a graduate (with distinction) of the Richard Ivey School of Business Administration at the University of Western Ontario.

Quelle:http://www.au-wire.com/zexmuskwa/

[RadyP]

Zodiac Acquires Muskwa

Zodiac Exploration Inc. Announces Closing of the Acquisition of Muskwa Resources Ltd.

21 minutes ago by Filing Services Canada
Zodiac Exploration Inc. (ZEX - TSX Venture), announces that it has completed the acquisition of Muskwa Resources Ltd. ("Muskwa") pursuant to which Zodiac acquired all of the outstanding common shares ("Muskwa Shares") of Muskwa (the "Acquisition") pursuant to an amalgamation agreement dated October 8, 2013 among Zodiac, Muskwa and Zodiac Exploration Corp., a wholly-owned subsidiary of Zodiac (the "Amalgamation Agreement").

The closing of the acquisition of Muskwa represents a significant milestone for Zodiac, providing diversity to our portfolio which now includes not only a world class resource play in California, but access to the emerging Duvernay shale play in Alberta and conventional targets in Montana. Zodiac's immediate focus is now on shooting a 3D seismic survey and drilling two wells by June 2014 in Montana and devoting our resources to further evaluating the Duvernay play including developing a drilling program to properly test and advance the commerciality of the play on our lands.

Transaction Summary

Under the terms of the Amalgamation Agreement, holders of Muskwa common shares ("Muskwa Shares") received one (1) common share of Zodiac ("Zodiac Shares") for each Muskwa Share held. Additionally, all stock options ("Muskwa Options") and performance warrants ("Muskwa Performance Warrants") of Muskwa were assumed by Zodiac and now entitle the holders thereof to acquire an equivalent number of Zodiac Shares. All of the outstanding warrants to purchase Muskwa Shares ("Muskwa Warrants") were also assumed by Zodiac and now entitle holders thereof to acquire an equivalent number of Zodiac Shares in accordance with their terms. Additionally, the The Muskwa I Convertible Debentures (as defined herein) in the aggregate principal amount of $500,000 were assumed by Zodiac in connection with the closing of the Acquisition.

Muskwa Asset Acquisitions

Prior to the completion of the Acquisition, Muskwa acquired the entire interest of Jackfish Exploration Inc. ("Jackfish") under a farm-in agreement to which Jackfish was a party (the "Jackfish Farm-in Agreement"). As a result of the Acquisition, the Jackfish Farm-in Agreement provides Zodiac with the right to farm-in on approximately 12,000 gross acres (9,000 net acres after earning is completed under the Jackfish Farm-in Agreement) located in southern Montana, USA which management of Zodiac believes is prospective for light oil in the Grey Bull (Cretaceous) formation. In connection with Muskwa's acquisition of the rights of Jackfish under the Jackfish Farm-in Agreement, Muskwa issued 10,173,324 Muskwa Shares to Jackfish. At this time, the previously contemplated acquisition of assets ("Tanglewood Assets") from Tanglewood Energy Inc. by Muskwa, including certain seismic relating to the Tanglewood Assets has not been completed.

Zodiac Shares Issued in Connection with the Acquisition

Immediately prior to the completion of the Acquisition, Muskwa had outstanding 72,422,151 Muskwa Shares, inclusive of: (i) 10,173,324 Muskwa Shares issued to Jackfish pursuant to the Jackfish Acquisition; (ii) 2,455,000 Muskwa Shares issued to various holders of Muskwa shareholder loans totalling an aggregate amount of $245,500; (iii) 2,605,000 Muskwa Shares to the holder of a Muskwa promissory note totalling an aggregate amount of $260,500, inclusive of accrued interest at 3% per annum. Muskwa also had outstanding $165,000 aggregate principal amount of convertible debentures ("Muskwa II Convertible Debentures") which Muskwa II Convertible Debentures were converted into Muskwa Shares in accordance with their terms of $0.10 per unit immediately prior to closing of the Acquisition. Each unit consisted of one (1) Muskwa Share and one-quarter of one (1/4) share purchase warrant exercisable at $0.40 per Muskwa Share for a period of two years from the date of issuance. In addition to the Muskwa II Convertible Debentures, Muskwa had outstanding $500,000 aggregate principal amount of 10% convertible debentures due February 5, 2014 ("Muskwa I Convertible Debentures"), which Muskwa I Convertible Debentures are convertible into units at $0.30 per unit with each unit comprised of one (1) Muskwa Share and one-half of one (1/2) share purchase warrant exercisable at $0.60 per Muskwa Share until February 5, 2015. The Muskwa I Convertible Debentures were assumed by Zodiac in connection with the closing of the Acquisition.

In aggregate, Zodiac issued a total of 72,422,151 Zodiac Shares pursuant to the Acquisition and has reserved for issuance, 39,004,149 Zodiac Shares issuable pursuant to the Muskwa Options, Muskwa Warrants and Muskwa Performance Warrants, all of which were assumed by Zodiac in connection with the closing of the Acquisition. 55,538,827 Zodiac Shares issued in connection with the Acquisition are subject to escrow, with fifteen percent of such Zodiac Shares having been released on the closing date of the Acquisition with an additional fifteen percent to be released every three months thereafter.

Management and Board Additions

Mr. Lee A. Pettigrew, a former director of Muskwa, has joined the Zodiac management team as the President and Chief Executive Officer of Zodiac. Mr. Pettigrew has also taken a seat on the board of directors of Zodiac. Rick Jackson, the former President and Chief Executive Officer of Muskwa has joined the management team of Zodiac as the Chief Operating Officer. Max Zureski, the former Chief Financial Officer of Muskwa, has joined the management team of Zodiac as the Vice President, Business Development. David Bilenduke, the former Vice President, Exploration of Muskwa, has joined Zodiac as the Exploration Manager.

Zodiac Financial Advisor and Fairness Opinion

Canaccord Genuity Corp. ("Canaccord") acted as financial advisor to Zodiac in connection with the Acquisition. Canaccord provided the special committee, which committee was struck by the board of directors of Zodiac in connection with the proposed Acquisition, with a fairness opinion ("Fairness Opinion"). The Fairness Opinion indicated that, as at October 3, 2013, and subject to the certain limitations, assumptions and qualifications as set forth in the Fairness Opinion, that the consideration to be paid by Zodiac pursuant to the Acquisition is fair, from a financial point of view, to the holders of Zodiac Shares.

Stock Option Grant

In conjunction with the acquisition, Zodiac announces that it has granted an aggregate of 15,348,600 stock options in accordance with the Company's stock option plan to directors, officers and new employees of the Company, which are exercisable at $0.065 per Zodiac Share and have a term of five years.


Read more at http://www.stockhouse.com/companies/bullboard/v.zex/zodiac-e…

[RadyP]

Zodiac Exploration Provides Californian Update

Calgary, Alberta CANADA, February 04, 2014 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), ("Zodiac" or "the Company") provides the following update on its Californian operations.

Joint Venture- Sales Process

Zodiac advises that it continues to hold discussions on joint venture, farm-in or acquisition opportunities with a number of major oil and gas producers on its 72,000 net acre San Joaquin Basin property in California. Management has been encouraged by the continued and recent increased interest in this asset base and will provide further updates upon tangible results.

Aera Energy LLC Farmout

Under terms of the farmout agreement (the "Agreement") between Zodiac and Aera Energy LLC ("Aera") dated October 1, 2012, Aera was required to spud a well under Phase II of the Agreement by December 1, 2013. Following recent discussions with Aera, they have formally advised that they will not be proceeding with the drilling of the well under Phase II of the Agreement and accordingly have agreed to pay Zodiac US$2.2 million as required by the Agreement. Furthermore, Aera has advised that they have elected not to proceed with drilling the horizontal well required by Phase I of the Agreement and accordingly have agreed to pay Zodiac US$800,000 for a total of US$3.0 million paid to Zodiac.

The Company believes that the results obtained from the well continue to support its technical interpretation and the resource potential on the targeted formations.

In the Farm-in well, Mortgage 881D-15, numerous oil shows were observed in the core consistent with what was observed in the two wells drilled by Zodiac to the west of the Mortgage 881D-15 well (being the 4-9 and 1-10 wells). With the location of the Mortgage 881D-15 well, being at the eastern boundary of the Zodiac lands, this positive data confirms the formations continue to be highly prospective in a down-dip position over much of the Zodiac lands.

About Zodiac

Zodiac is a well financed Oil & Gas Exploration company with headquarters in Calgary, Alberta and offices in Bakersfield, California. Zodiac's core assets are located in California's San Joaquin Basin, where Zodiac holds approximately 72,000 net acres of land in the prolific Monterey/Kreyenhagen Oil Shale formations and in Northern Alberta, where it holds approximately 55,000 net acres of land in the emerging Duvernay oil shale play.

For more information, please contact

Zodiac Exploration Inc.

Lee A. Pettigrew, President & CEO [phone]
or
John Newman, CFO [phone]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Advisories

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements typically contains words such as "anticipate", "believe", "confirms", "continuous", "estimate", "expect", "may", "plan", "project", "should", "will", or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to the Company's discussions on joint venture, farm-in or acquisition opportunities with a number of major oil and gas producers and the issuance of future updates by the Company in that regard, the resource potential and prospectivity of the formations targeted by the Company and the potential characteristics of the formations and reservoirs on the lands in which the Company holds an interest.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Zodiac) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, skilled personnel and supplies; risks associated with the uncertainty of resource estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Additionally, there is no guarantee or certainty that Zodiac's joint venture and sales process will result in a transaction on terms acceptable to Zodiac or at all. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things: the timing and costs of drilling and completion expenditures; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; the ability of the Company to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; and the general stability of the economic and political environment in which the Company operates. Readers are cautioned that the foregoing list of factors is not exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Zodiac does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/zodiac02042014.pdf


Source: Zodiac Exploration Inc. (ZEX - TSX-V) http://www.zodiacexploration.ca/
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February 4, 2014 - 7:00 AM EST

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