EFVIF - EF EnergyFunders Ventures Inc. Appoints New Auditor and Announces Plans for Joint Venture
(TheNewswire)
July 23, 2024 – TheNewswire - Calgary, Alberta – EF EnergyFunders Ventures,Inc. (TSXV:EFV) (OTC:PRIEF) (the “Corporation” or “EnergyFunders”) announcedtoday that it has appointed Pannell Kerr Forsterof Texas, P.C. as auditor of EnergyFunders effective June 6, 2024, toreplace its former auditor, Fruci & Associates II,PLLC .
EnergyFunders also announced that it has entered into abinding letter of intent with Petrovise Energy Solutions Ltd.(“Petrovise”) to establish the terms of a joint venture for awater disposal project with respect to the Joffre LeDuc D3-B pool nearJoffre, Alberta (the “Transaction”). Per the letter of intent,Petrovise will provide consulting services, management, equipment andother consideration in exchange for a 40% working interest in theapplicable wellbore and a 40% interest in certain crown mineral rightsheld by EnergyFunders for water injection rights only (and Petrovisewill not have an interest in any of the petroleum and natural gasrights).? Previously, EnergyFunders owned a 45% working interest inthe injection well, which was previously a suspended, non-productivewell, and after taking into account the Petrovise earned 40% interest,EnergyFunders will own a 27% working interest. EnergyFunders shallbear costs for “downhole operations,” which shall be paid outfirst with 100% of the net profit going to EnergyFunders’ jointventure account until the actual costs of the downhole operations arepaid. Petrovise will source and bear the costs for “downholetubing” to equip the well for injection. All other capital costswill be shared on a pro rata basis between the parties. EnergyFundersand its working interest partners will retain the right to dispose ofan unlimited amount of produced water from their Joffre LeDuc D3-B andC pool wells into the applicable wellbore and its disposal facilities.Petrovise shall provide, at no cost, consulting services toEnergyFunders for the joint venture and for EnergyFunders other assetsin the same area. Petrovise will also act as the operator for theinjection facility and the disposal well and manage day-to-dayoperations for no additional fee. In addition, both parties shall havea right of first refusal if they decide to sell their working interestwith 20 days notice.
Neither the TSXVenture Exchange nor its Regulation Services Provider (as the term isdefined in the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.
EF EnergyFunders Ventures, Inc. is an oil and naturalgas investment company headquartered in Calgary, Alberta, withexecutive offices in Houston, Texas. The Corporation's common sharesare listed on the TSX Venture Exchange under the trading symbol“EFV” and on the OTC Pink as “EFVIF”.
For further information please contact:
Virginia Light
Chief Operating Officer
Email: virginia@energyfunders.com
EF EnergyFunders Ventures, Inc.
950 Echo Lane, Suite 200
Houston, Texas 77024
Telephone: 254-699-0975
Forward-Looking Statements
This press release contains certain statements whichconstitute forward-looking statements or ?information??(“forward-?looking statements”), including statementsregarding EnergyFunders’ business and the Transaction. Suchforward-looking statements are subject to numerous risks and?uncertainties, some ?of which are beyond ?EnergyFunders'control, including the impact of general ?economic conditions, thecurrent share ?price of EnergyFunders' common shares, and marketacceptance of the Transaction, ?industry conditions, ?currencyfluctuations, the lack of availability of qualified ?personnel or management, ?stock ?market volatility andthe ability to access sufficient capital from ?internal and externalsources. Although ?EnergyFunders believes ?that the expectationsin its forward-looking ?statements are reasonable, they are based on?factors and assumptions ?concerning future events ?which mayprove to be inaccurate. Those factors and ?assumptions are basedupon currently ??available information. Such statements aresubject to known and ?unknown risks, uncertainties and ?otherfactors that could ?influence actual results or events and causeactual ?results or events to ?differ materially from those stated,anticipated or ?implied in the forward looking ?information. As?such, readers are cautioned not to place undue reliance on theforward ?looking information, ?as no ?assurance can be providedas to future results, levels of activity or achievements. Theforward-??looking ?statements contained in this document aremade as of the date of this document and, ?except as required by??applicable law, EnergyFunders does not undertake any obligationto publicly update ?or to revise any of the included?forward-looking ?statements, whether as a result of new?information, future events or otherwise. The ?forward-lookingstatements ?contained in this ?document are expressly qualified bythis cautionary statement.?
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