Montréal, December 30, 2014 – Lloyd I. Miller, III, the investment advisor to Lloyd I. Miller Trust A-4 (“Trust A-4”), acquired on December 29, 2014, ownership of 51,400 common shares (the “Common Shares”) of ORCA Exploration Group Inc. (“ORCA”) (TSX-ORC) through Trust A-4. The Common Shares were acquired through the facilities of the Toronto Stock Exchange at an average price of US$2.3414 per common share or CDN$2.7235 per common share (based on the Noon Bank of Canada exchange rate), representing approximately 0.15% of the currently issued and outstanding common shares of ORCA.
As a result of the acquisition of the Common Shares, Mr. Miller, through Trust A-4 and a number of limited liability companies, a trust and a partnership owns or has control or direction over an aggregate of 4,017,700 common shares of ORCA, representing approximately 12.11% of the issued and outstanding common shares.
The Common Shares were acquired for investment purposes only. Depending on the evolution of ORCA’s business, financial condition, the market for ORCA securities, general economic conditions and other factors, Mr. Miller and his joint actors may acquire additional securities of ORCA, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.
For inquiries or a copy of the related early warning report required under Canadian provincial securities legislation, a copy of which has also been filed on www.sedar.com, please contact:
| Lloyd I. Miller, III
3300 S. Dixie Highway Suite 1-365 West Palm Beach, Florida USA 33405 Telephone: (561) 287-5399 | Eric Fangmann
3300 S. Dixie Highway Suite 1-365 West Palm Beach, Florida USA 33405 Telephone: (561) 287-5399 |
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning, but not
limited to, timing of S-11 development well being tied in and
expectations of management regarding production from the well;
infrastructure constraints in respect of the SS-11 development well;
estimated cost for the S-11 development well; expected drilling results
from the S-11 development well; the Company’s plans with respect to the
SS-12 development well; planned infrastructure expansion in Tanzania;
the Company’s plans with respect to the S-9 well and future testing of
other wells; anticipated increase to plant capacity as a result of the
Songo Songo plant expansion; the reserve potential of Songo Songo West;
discussions with TPDC and the GNT regarding the PSA and the Company’s
plans to defend its position, including the use of dispute mechanisms;
discussions regarding disputed costs in respect of the PSA; timing of
drilling of wells in Italy and the Company’s anticipated earnings from
such wells; the Company’s plans for the Longastrino block; the status of
the Elsa appraisal opportunity; terms of decree issued by the Italian
Government and anticipated implications on the Elsa appraisal
opportunity and expected timing of drilling; terms of loan agreement
with Stanbic Bank Tanzania Limited; and the Company’s strategic plans.
Although management believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee future
results, levels of activity, performance or achievement since such
expectations are inherently subject to significant business, economic,
operational, competitive, political and social uncertainties and
contingencies. Many factors could cause Orca’s actual results to differ
materially from those expressed or implied in any forward-looking
statements made by Orca.
These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca’s control, including, but not limited to, the impact of general economic conditions in the areas in which Orca operates; civil unrest; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices; foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, drilling equipment and skilled personnel; failure to obtain required equipment for drilling; delays in drilling plans; failure to obtain expected results from drilling of wells; effect of changes to the PSA on the Company; changes in laws; imprecision in reserve estimates; the production and growth potential of the Company’s assets; obtaining required approvals of regulatory authorities; risks associated with negotiating with foreign governments; ability to access sufficient capital; and risk that the Company will not be able to fulfill its obligations. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits that Orca will derive therefrom.
Such forward-looking statements are based on certain assumptions made by Orca in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Orca believes are appropriate in the circumstances, including, but are not limited to, the ability of Orca to add production at a consistent rate; infrastructure capacity; commodity prices will not deteriorate significantly; the ability of Orca to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labour; timing and amount of capital expenditures; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters.
The forward-looking statements contained in this press release are made as of the date hereof and Orca undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.