Category Archives: Market News

Vid3G, Inc. (VIDG: OTC Pink Current) | VIDG Completes Definitive Co-Development Agreement With Platypi Games

BELLINGHAM, WA–(Marketwired – May 21, 2015) – VID3G INC. (OTC PINK: VIDG) VIDG (or the “Company”) is pleased to announce an update to its entrance into the $30 billion mobile game space. The Company has completed its definitive co-development and marketing agreement with Platypi Games Inc., a Vancouver, Canada-based mobile games developer.

Under the arrangement, Platypi brings expertise and Intellectual Property in the form of current game titles and pre-production game titles. VIDG will provide development capital and access to China’s vast mobile game market and additional technical expertise through Vid3G’s network in China. Both entities will provide resources to market the games in Canada, the USA and eventually on a global basis.

The partnership will distribute initially in North America, but then expand to the Chinese mobile games market which is the largest market in terms of users, with almost 360 million mobile gamers in 2014.

Update on Platypi Games Inc. – To reflect its commitment to provide unique games and unique game experiences, the game company has begun to brand itself as Platypi Games with a new site to showcase its team, as well as current and future projects:

The initial launch title, Battle Cattle, is a physics based castle defense game inspired by such classics as Missile Defense and Angry Birds. Since our last press release, Battle Cattle has been re-imagined in the Unity 5 Development Platform Engine to take advantage of its massively enhanced graphics capabilities and its comprehensive multiplatform support.

In a previous press release, we announced that Platypi was developing an Arcade Style Unique Futuristic Space Shooter (inspired by the classic arcade space shooter genre) as its next title, however that has been moved back in place of a much more exciting game opportunity. Platypi is currently prototyping designs for a Massively Multiplayer Online Mobile Collectible Battle game. They believe this market has tremendous growth potential and greater longevity than typical mobile games.

Newzoo, a top market research firm, estimates that the global mobile game business is expected to surpass console games in revenue in 2015 hitting over $30 billion globally, up from $25 billion in 2014. According to a new report released by research firm eMarketer, US mobile game revenues alone will grow 16.5% to reach $3.04 billion in 2015. Revenue from traditional downloads, In-App purchases and Ad-Revenue is growing at a rate higher than any other facet of the mobile industry, including eBook sales and music sales.

Roy Bosa, CEO states “We are excited to delve into the mobile games market as it continues to grow rapidly. We believe we have secured the people necessary to creatively market and distribute our games in a capital efficient way, thus allocating more resources to new game development. By entering into this growing sector, we expect a successful future for the company, thus creating value for our shareholders.”

About Vid3G Inc.

Vid3G Inc. is a company that specializes in identifying companies with significant growth potential and bringing together the resources needed to attain financial stability and growth for these entities. Our focus is on companies with identifiable upside potential from bringing new technologies and unique products to market. The Company acquired the right, title and interest to several Vid3G mobile application patents from Leexoo Technology Ltd/Vid3G LLC with which we are utilizing to develop the next generation social video sharing mobile application for Asia and North America. With this technology the 700 million Chinese mobile users will have the opportunity to video and video stream on their smart-phones at the highest quality since similar technology is not available in China.

Safe Harbor

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases “would be,” “would allow,” “intends to'” “will likely result,” “are expected to,” “will continue,” “anticipate,” “expect,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “considers,” or similar expressions are intended to identify “forward-looking statements.” Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company’s historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.

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Mountainview Energy Ltd. (MNVWF: OTCQX International) | Mountainview Energy Ltd. Announces 2015 First Quarter Financials

CUT BANK, MT, May 21, 2015 /CNW/ – Mountainview Energy Ltd. (“Mountainview” or the “Company”) (TSX-V: MVW) announces its operating and financial results for the quarter ended March 31, 2015. The Company also announces that its financial statements and management’s discussion and analysis for the quarter ended March 31, 2015, are available on SEDAR at, and on Mountainview’s website at  

Quarter End Financials

During the first quarter of 2015, Mountainview, like all similarly situated oil and gas companies, continued to face a depressed commodity price environment.  In addition, equipment replacement in the field and tie-in operations to connect wells to a third party salt water disposal system lead to sporadic production interruptions in the quarter.  These factors combined resulted in a decrease in quarterly revenue.  The Company remains focused on reducing costs going forward and management is reviewing strategic options available to the Company at this time.

Highlights of Mountainview’s performance in 2014 are as follows:

  • Realized lower per barrel operating costs when compared to the preceding three quarters.
  • Reduced GA expenses to an average of $162,000 per month for the quarter, 19% below the target of $200,000 per month.

Certain selected financial and operational information for the three months ended March 31, 2015 and 2014, and twelve months ended December 31, 2014 and 2013, is outlined below and should be read in conjunction with Mountainview’s reviewed financial statements for the quarters ended March 31, 2015 and 2014, and the audited financial statements for the years ended December 31, 2014 and 2013 and the accompanying management’s discussion and analysis filed with the Canadian securities regulatory authorities which may be accessed through the SEDAR website ( and also on the Company’s website:


Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flow from operating activities as determined in accordance with International Financial Reporting Standards as an indicator of Mountainview’s performance. Funds flow from operations represents cash flow from operating activities prior to changes in non-cash working capital, transaction costs and decommissioning provision expenditures incurred. Mountainview also presents funds flow from operations per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share.


The low commodity price environment at year end 2014 led the Company to assess for indicators for impairment.  The indicators for impairment noted include no future capital allocated for undeveloped land in the Stateline area, low market value for acreage in Divide County, North Dakota, and fair value less cost to dispose of existing oil and gas assets that was below the carrying value.  The resulting $16.9 million impairment charge on undeveloped acreage reduced the carrying value of undeveloped land in the Stateline area, which straddles the border between Montana and North Dakota, and in Divide County, North Dakota.  In addition, undeveloped leases on 7,511 net acres of land expired in 2014, which had a carrying value of $6.7 million.  An impairment charge on the Company’s developed oil and gas properties reduced the value by $22.9 million. For additional information on the indicators of impairment and resulting impairment charges, please see Notes 9 10 of the Company’s audited annual financial statements.


Due to the anti-dilutive effect of Mountainview’s net loss for the three months and year ended March 31, 2015 and 2014, the diluted number of shares is equal to the basic number of shares. Therefore, diluted per share amounts of the net loss are equivalent to basic per share amounts.


Capital expenditures are a non-GAAP measure, calculated as the purchase or sale price of an asset, plus development capital expenditures added to PPE. Corporate acquisitions are excluded from this measure.


Net debt is a non-GAAP measure representing the total of bank indebtedness, accounts payables and accrued liabilities and long-term debt, less accounts receivables, deposits and prepaid expenses.


Operating netback is a non-GAAP measure calculated as the average per boe of the Company’s oil and gas sales plus realized gains on derivatives, less royalties, production taxes, operating and transportation expenses.

Corporate Update

A sharp decline in oil prices in the latter half of 2014 and continued low prices during the first four months of 2015 has materially reduced the Company’s operating cash flow.  In response, the Company has taken steps to reduce GA expenses, including layoffs, salary reductions, decreasing or delaying field operating expenses and plans and a freeze on new capital drilling and/or completions in efforts to maximize available cash on hand during these difficult times. These austerity measures aside, the Company there has been no significant change in the Company’s financial, liquidity and debt challenges since the news release dated April 30, 2015. As at March 31, 2015 Mountainview has a working capital deficit of $76.9 million consisting of current assets of $4.6 million ($ 1.0 million cash) and current liabilities of $79.4 million. The Company owes $51.1 million under its credit facility with Wells Fargo, $8.5 million to First Interstate Bank and trade payables and other of $19.7 million. With respect to the credit facility with Wells Fargo, the Company’s US subsidiary borrower was in breach of its current ratio covenant at March 31, 2015 and remains in breach. In addition, the Company is in breach of covenants around timely payments of trade payables and requirements that oil and gas assets remain free of liens. Liens have been filed totaling $7.9 million; however, agreements with certain lienholders have allowed for continued receipt of production revenues to fund interest payments and critical ongoing operations and administration. Wells Fargo is aware of these issues and has not taken any formal action to exercise rights and/or remedies under the credit agreement. Under the bank line of credit the Company was in default due to non-payment of principal and interest in December and has not made payments for February, March and April of 2015. At this time, the bank has not taken any formal action to exercise its rights and/or remedies under the credit agreement. The Company is involved in active discussions with its lenders and trade creditors to negotiate a comprehensive solution to resolve its financial challenges. In addition the Company has long- term debts consisting of an aggregate of $10.9 million pursuant to outstanding promissory notes with an officer and director of the Company and two major shareholders and $2.6 million pursuant to a convertible debenture, a portion of which is with an officer and director of the Company. These debts mature July 1, 2016 and are in good standing. The Company is looking to include them in any debt solution plan and is currently engaged in discussions to this end.  

The Company plans to continue negotiations and discussions with creditors to resolve its liquidity and debt challenges. In parallel the Company is actively considering debt and equity financing solutions, assets sales and corporate transactions among other available alternatives, with a view to the best interest of the Company.

About Mountainview

Mountainview Energy Ltd. is a public oil and gas company listed on the TSX Venture Exchange, with a primary focus on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken.

Forward Looking Statements

Statements in this press release contain forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking information”). Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, without limitation, statements with respect to the challenges facing the Company and its subsidiaries and the various alternatives available. 

Although the Company believes that the expectations and assumptions reflected in the forward-looking information are reasonable, there can be no assurance that such expectations or assumptions will prove to be correct. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and is subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Mountainview) 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, skilled personnel and supplies; risks associated to the uncertainty of reserve and 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; the outcome and impact of litigation to which the Company or its subsidiaries may become party; turnover in management; uncertainty with respect to the various alternatives available to the Company and its subsidiaries and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

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

Meaning of BOE

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.

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.

SOURCE Mountainview Energy Ltd.

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Marquee Energy Ltd. (MQLXF: OTCQX International) | Marquee Energy Ltd. Announces First Quarter 2015 Financial Results with Record Production

CALGARY, May 21, 2015 /CNW/ – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSXV: “MQL”) announces record production for the first quarter of 2015. First quarter production increased 6% from the previous quarter to 5,536 boe/d. The Company’s financial statements and Management’s Discussion and Analysis (“MDA”) for the three months ended March 31, 2015 are available on SEDAR at and on Marquee’s website at


  • Achieved record average quarterly production of 5,536 boe/d (50% oil and NGLs) representing a 38% increase compared to Q1-2014 and 6% increase from Q4-2014.
  • Maintained balance sheet strength with first quarter exit net debt of $54.1 million, representing 2.0 times debt to annualized funds flow from operations.
  • Completed a Production Volume Royalty (“PVR”) arrangement on the Company’s Lloydminster property for proceeds of $20 million. The net proceeds from this arrangement were used to reduce indebtedness, partially fund the property acquisition completed in the quarter and for general corporate purposes.
  • Acquired a 330 boe/d (79% oil and NGLs) light oil asset and infrastructure in the core Michichi area for consideration of $16.3 million, including $14.4 million in cash and the exchange of a non-core, gas weighted asset valued at $2.0 million.
  • Realized net proceeds of $3.6 million on a non-core disposition in Southeastern Saskatchewan.
  • Decreased operating and transportation costs to $17.98/boe, a 22% improvement from the comparable period in 2014.
  • Reduced general and administrative costs (“GA”) to $3.37/boe, a 25% decrease from Q1-2014.
  • Realized funds flow from operations of $7.0 million, a 5% decrease from Q1-2014 despite a 47% decrease in realized commodity prices.
  • Drilled one horizontal light oil well at Michichi and one vertical heavy oil well at Lloydminster.

Summary of Quarterly Results




As previously announced, Marquee expanded its light oil Banff/ Detrital fairway at Michichi with the purchase of 34 net sections of land, 330 boe/d of production and associated infrastructure. The southern extension is characterized by higher oil as a percent of boe production and a meaningful increase in the number of light oil drilling locations. Of note, the 9-16-30-18 W4M well, acquired as part of this strategic acquisition, has an IP60 rate of 263 boe/d and averaged in excess of 220 boe/d (91% oil NGLs) through its first ten months of production.

The Company drilled a successful northern extension well to the Banff oil resource fairway at 14-15-32-17 W4M which has recorded an IP60 rate of more than 300 boe/d (82% oil and NGLs). Both the 14-15 and 9-16 wells are substantially outperforming Marquee’s current type curve for the area which is based on an IP60 rate of 175 boe/d. Production rates in the area continue to improve for Marquee as drilling, completion and production techniques are further refined.

Mapping supported by the wells mentioned above suggest that the oil fairway measures more than 25 miles in length. Marquee controls more than 80% of the oil rights involved and owns two oil batteries, two gas plants and associated gas infrastructure which will support continued development.

The Company has completed a review of the costs to drill a new well into the Banff/Detrital play. Based on current commodity prices, Marquee anticipates it can deliver a producing well between $2 million and $2.3 million including completion, equipping and tie-in costs. Using this lower well cost in combination with current strip pricing, the Company’s current type curve delivers strong economics, generating a return on revenue (“ROR”) of 35 to 45% and a payout of less than two years. As a result, the Company is planning to drill up to six wells at Michichi in the second half of 2015, which is expected to be funded by cash flow. This program has been designed to develop and delineate around the recent prolific 9-16 and 14-15 wells.

Marquee’s technically driven Michichi drilling inventory has now grown to more than 215 locations (with 29 proven undeveloped and 29 probable booked locations).


The Company drilled one vertical oil well during the quarter at 1-11-48-1W4M, which it is currently completing. Marquee has a large inventory of approximately 70 low cost drilling locations supporting the continued development of long life production from the heavy oil reserves at Lloydminster.


The Company sold a Production Volume Royalty (“PVR”) at Lloydminster for proceeds of $20 million and realized approximately $5.5 million in value for two non-core properties. Proceeds from the sales were used to reduce debt, fund acquisitions and for general corporate purposes.  As a result, Marquee has reduced its net debt to approximately $54 million at quarter end, strengthening its balance sheet and increasing its financial flexibility to take advantage of opportunities during the current low commodity price environment. Marquee continues to pay down debt through the second quarter of 2015 with minimal capital spending. Non-core assets now account for less than 5% of Marquee’s production base.

Marquee continues to focus on reducing long-term operating costs and has a number of initiatives in place to reduce infield trucking, control chemical consumption, and improve equipment maintenance and reliability. Oilfield service and supplier costs are expected to follow falling commodity prices and add to field cost savings. The Company’s GA costs continue to improve while maintaining a strong technical focus on delivering productivity and reserve growth.


The Company is uniquely positioned with its strong balance sheet and low cost oil focused asset base which allow Marquee to mitigate its exposure to volatility in commodity prices, while also positioning it for strong growth as commodity pricing improves. Marquee will continue its careful management of capital expenditures and maintenance of prudent debt levels. The Company has a hedging program in place to provide a base level of revenue surety to protect short-term capital programs.

Marquee’s Directors have approved an increase to the capital budget that will support the drilling of six additional Michichi wells which are expected to be on production by November 2015.  The Directors and management continue to monitor changes to commodity pricing and the current economic environment, as it affects both Marquee’s business and that of its suppliers. Changes in capital spending are dependent on projected cash flow and market conditions and are reviewed quarterly by the Board of Directors.


Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return oil development and production. Marquee is committed to growing the company through exploitation of existing opportunities and continued consolidation within its core area at Michichi. The Company’s shares are traded on the Toronto Stock Exchange under the trading symbol “MQL.V” and on the OTCQX marketplace under the symbol “MQLXF”. An updated presentation and additional information about Marquee may be found on its website and in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at


Certain statements included or incorporated by reference in this news release may constitute forward-looking statements under applicable securities legislation. Such forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release may include, but are not limited to: reserves volumes and the net present value of future net revenue in relation thereto; the number and quality of future potential drilling and development opportunities; anticipated capital budgets and expenditures; petroleum and natural gas sales; the size and extent of the Michichi oil fairway; the Company’s forecasted future well performance and ability to maintain and improve certain production levels on the Michichi and Lloydminster property, funded by free cash flow properties; the expected benefits to be derived from acquisitions; the expected use of proceeds from the PVR and business strategies, objectives and outlook.

In addition, statements relating to “reserves” are by their nature forward-looking information, as they involve an implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserves estimates provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. The estimated future net revenue from the production of the disclosed oil and natural gas reserves does not represent the fair market value of these reserves.

Such forward-looking statements or information are based on a number of assumptions all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things: that the Transaction and all required approvals will be completed within the timeline anticipated by Marquee; that the parties will be able to satisfy, in a timely manner, the other conditions to the closing of the Transaction; the ability of the Company to obtain equipment, services and supplies in a timely manner to carry out its activities; the ability of the Company to market crude oil, natural gas liquids and natural gas successfully to current and new customers; the ability to secure adequate product transportation; the timely receipt of required regulatory approvals; the ability of the Company to obtain financing on acceptable terms; interest rates; regulatory framework regarding taxes, royalties and environmental matters; future crude oil, natural gas liquids and natural gas prices; the ability to successfully integrate acquisitions into Marquee’s business and management’s expectations relating to the timing and results of development activities.

Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking information. These risks and uncertainties include, but are not limited to the failure to meet the conditions or regulatory approvals required to close the Transaction and other material risk factors affecting the Company and its business contained in Marquee’s Annual Information Form, which is available under Marquee’s issuer profile on SEDAR at

The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

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.


This press release contains the term “field operating netbacks” which does not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures by other companies. Marquee uses field operating netbacks to analyze operating performance. Marquee believes this benchmark is a key measure of profitability and overall sustainability for the Company and this term is commonly used in the oil and natural gas industry. Field operating netbacks are not intended to represent operating profits, net earnings or other measures of financial performance calculated in accordance with IFRS.

Field operating netbacks are calculated by subtracting royalties, production and operating and transportation expenses from revenues before other income/losses.

The This press release also contains the term “funds flow from operations” which should not be considered an alternative to, or more meaningful than “cash flow from operating activities”, as determined in accordance with IFRS, as an indicator of the Company’s performance. Therefore reference to funds flow from operations or funds flow from operations per share may not be comparable with the calculation of similar measures for other entities. Management uses funds flow from operations to analyze operating performance and leverage and considers funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate cash necessary to fund future capital investments and to repay debt. Funds flow from operations per share is calculated using the weighted average number of shares for the period.

In addition, the press release contains the term “net debt” and “net debt to annualized funds flow from operations”.  Net debt and net debt to annualized funds flow is calculated as net debt, defined as current assets less current liabilities (excluding fair value of commodity contracts and flow-through share premiums), divided by cash flow from operating activities before decommissioning expenditures and changes in non-cash working capital.  Management considers net debt and net debt to annualized funds flow as important additional measures of the time period it would take to pay off the debt if no further capital expenditures were incurred and if funds flow from operating activities remained constant.


Boes are presented on the basis of one Boe for six Mcf of natural gas. Disclosure provided herein in respect of Boe may be misleading, particularly if used in isolation. A Boe conversion ratio of 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. 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 on a 6:1 basis may be misleading as an indication of value.

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.

SOURCE Marquee Energy Ltd.

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