Closing of the Acquisition is expected to occur on or about
The Assets are located in
Notes to the Press Release
Average net production in Q1 2022 from the Assets was approximately 144 boe/d, consisting of 117 bbl/d of oil (82%), 8 bbl/d of non-gas liquids (5%) and 107 Mcf/d of natural gas (13%).
Oil and Gas Disclosures
Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Company's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes. The term 'boe' or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf:1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.
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Forward-Looking Statements
Information set forth in this news release contains forward-looking statements or forward-looking information that are based on assumptions as of the date of this news release. Such statements include statements relating to the completion of the Acquisition and the Debenture financing and the proposed use of proceeds from the Debenture financing. These statements reflect management's current estimates, beliefs, intentions and expectations and are not guarantees of future performance. Such statements are based upon certain assumptions which Letho's management believes to be reasonable, including assumptions relating to the availability of funds, the receipt of Exchange approval and the timeline for and results of regulatory review. Letho cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Letho's control. Such factors include, among other things: risks and uncertainties relating to Letho's ability to raise additional financing and meet financial obligations as they come due.
Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Letho undertakes no obligation to publicly update or revise forward-looking information.
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