Palliser Oil & Gas Corporation Provides Operations Update

CALGARY, Oct. 7, 2013 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or 
the "Company") (TSX VENTURE:PXL) is pleased to provide an operations update. 
The Company continues to focus its abilities on expanding production shipped 
by rail. The Company completed the construction of a clean oil treating 
facility in the third quarter which is estimated to increase the Company's 
capacity to ship approximately 75% of corporate production by rail, up from 
its previous capacity of approximately 50%. Commissioning of the cleaning 
facility required a build in production inventory during the third quarter, 
which negatively affected third quarter 2013 sales volumes, but the Company 
commenced shipping clean oil at the start of the fourth quarter. This facility 
will have a positive impact on fourth quarter and future realized heavy oil 
The third quarter of 2013 saw lower average production compared to the record 
production achieved in the second quarter of 2013. A prolonged spring breakup 
that extended well into the third quarter contributed to significant downtime 
on several wells, and delayed the majority of budgeted third quarter capital 
projects until late in the quarter, which allowed production declines to 
outpace additions. 
As a result of these factors, third quarter 2013 production is estimated to 
average 2,350 boe/d, down from 2,773 boe/d in the second quarter. The Company 
is currently forecasting 2013 average production of 2,500 - 2,550 boe/d, down 
from the original guidance of 2,700 - 2,800 boe/d. The Company estimates 
current production, based on field data, is approximately 2,500 boe/d and is 
forecasting exit production to be 2,800 - 2,900 boe/d. 
Capital expenditures for the third quarter are estimated to be $6 million with 
approximately $6 million remaining in the 2013 capital budget to be spent in 
the fourth quarter. 
For further information regarding Palliser Oil & Gas Corporation, the reader 
is invited to visit the Company's website at 
Palliser is a Calgary-based emerging junior oil and gas company currently 
focused on high netback heavy oil production in the greater Lloydminster area 
of both Alberta and Saskatchewan. 
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or 
information (collectively "forward-looking statements") within the meaning of 
applicable securities legislation, including, but not limited to management's 
assessment of future plans and operations, including: commodity focus; 
drilling plans and potential locations; expected production levels; expected 
transportation methods; development and acquisition plans; certain economic 
factors; and capital expenditures. With respect to forward-looking 
statements herein, Palliser has made assumptions regarding, among other 
things; future capital expenditure levels; future oil and natural gas prices; 
"differentials" between West Texas Intermediate and Western Canadian Select 
benchmark pricing; future oil and natural gas production levels; future water 
disposal capacity; future exchange rates and interest rates; ability to obtain 
equipment and services in a timely manner to carry out development activities; 
ability to market oil and natural gas successfully to current and new 
customers; the ability to ship volumes by rail; the impact of increasing 
competition; the ability to obtain financing on acceptable terms; and the 
ability to add production and reserves through development and exploitation 
activities. Although Palliser believes that the expectations reflected in the 
forward-looking statements contained herein, and the assumptions on which such 
forward-looking statements are made, are reasonable, there can be no assurance 
that such expectations will prove to be correct. Readers are cautioned not to 
place undue reliance on forward-looking statements included herein, as there 
can be no assurance that the plans, intentions or expectations upon which the 
forward-looking statements are based will occur. By their nature, 
forward-looking statements involve numerous risks and uncertainties that 
contribute to the possibility that the forward-looking statements will not 
occur, which may cause Palliser's actual performance and financial results in 
future periods to differ materially from any estimates or projections. 
Additional information on these and other factors that could affect Palliser's 
results are included in reports on file with Canadian securities regulatory 
authorities, including the Company's Annual Information Form, and may be 
accessed through the SEDAR website at 
The forward-looking statements contained herein speak only as of the date 
hereof. Except as expressly required by applicable securities laws, Palliser 
does not undertake any obligation to, nor does it intend to, publicly update 
or revise any forward-looking statements, whether as a result of new 
information, future events or otherwise. The forward-looking statements 
contained herein are expressly qualified by this cautionary statement. In 
addition, readers are cautioned that historical results are not necessarily 
indicative of future performance. 
Production volumes are commonly expressed on a barrel of equivalent ("BOE") 
basis whereby natural gas volumes are converted at a ratio of six thousand 
cubic feet to one barrel of oil. The intention is to convert oil and natural 
gas measurement units into one basis for improved analysis of results and 
comparisons with other industry participants. The term BOE may be misleading, 
particularly if used in isolation. The conversion ratio is based on an 
energy equivalent method and does not represent an economic value equivalency 
at the wellhead.  
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 Press release.

SOURCE  Palliser Oil & Gas Corporation 
Kevin J. Gibson CEO (403) 209-5717  or  Allan B. 
Carswell President and COO (403) 209-5709  or  Ivan 
J. Condic Vice President, Finance and CFO (403) 
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CO: Palliser Oil & Gas Corporation
ST: Alberta
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