Palliser Oil & Gas Corporation announces strategic review and appointment of financial advisor

Palliser Oil & Gas Corporation announces strategic review and appointment of 
financial advisor 
CALGARY, April 10, 2014 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or 
the "Company") (TSXV:PXL) announces that in light of operational challenges 
and financial constraints facing the Company, the board of directors of 
Palliser (the "Board") is conducting a strategic review of the Company's 
business plan to identify appropriate actions for the Company. The strategic 
review is examining and considering the alternatives available to the Company 
with a view to enhancing shareholder value.  Management and the Board are 
committed to acting in the best interests of the Company and its shareholders. 
Palliser has retained National Bank Financial Inc. to act as its financial 
advisor in connection with the strategic review. 
Palliser does not intend to disclose developments with respect to the 
strategic review unless and until the Board has approved a change to the 
business plan or any particular transaction or otherwise determines that 
disclosure is required or appropriate.  There can be no assurances or 
guarantees that the strategic review will result in any change to the current 
business plan or the pursuit of any alternative plan. 
In the first quarter of 2014 average production was approximately 1,850 boe/d 
and current production is in the range of 1,800 to 1,900 boe/d.  Palliser had 
a minimal capital program of approximately $2 million in the first quarter, 
primarily focused on maintenance capital and lease preservation. 
Year end financial statements are expected to be released on or about April 
29, 2014. 
About Palliser 
Palliser is a Calgary-based junior oil and gas company focused on high netback 
heavy oil production in the greater Lloydminster area of Alberta and 
Saskatchewan. 
Forward-Looking Statements 
Statements in this document may contain forward-looking information including 
matters related to the strategic review. The reader is cautioned that 
assumptions used in the preparation of such information may prove to be 
incorrect. Events or circumstances may cause actual results to differ 
materially from those predicted, as a result of numerous known and unknown 
risks, uncertainties, and other factors, many of which are beyond the control 
of the Company. These risks include, but are not limited to: the risks 
associated with the oil and gas industry; commodity prices, and; exchange rate 
changes. Industry related risks could include, but are not limited to: 
operational risks in exploration; proposed dispositions not being completed or 
if completed, not providing the benefits expected; development and production; 
delays or changes in plans; risks associated to the uncertainty of reserve 
estimates; health and safety risks, and; the uncertainty of estimates and 
projections of production, costs and expenses. In addition, forward-looking 
statements or information are based on a number of factors and assumptions 
which have been used to develop such statements and information but which may 
prove to be incorrect. Although the Company believes that the expectations 
reflected in such forward-looking statements or information are reasonable, 
undue reliance should not be placed on forward-looking statements because the 
Company can give no assurance that such expectations will prove to be correct. 
In addition to other factors and assumptions which may be identified herein, 
assumptions have been made regarding, among other things: the ability of the 
Company to obtain financing on acceptable terms; the impact of increasing 
competition; the general stability of the economic and political environment 
in which the Company operates; the timely receipt of any required regulatory 
approvals; the ability of the Company to obtain qualified staff, equipment and 
services in a timely and cost efficient manner; drilling results; the ability 
of the operator of the projects which the Company has an interest in to 
operate the field in a safe, efficient and effective manner; field production 
rates and decline rates; the ability to replace and expand reserves through 
acquisition, development and exploration; the timing and costs of pipeline, 
storage and facility construction and expansion and the ability of the Company 
to secure adequate product transportation; future commodity prices; currency, 
exchange and interest rates; the regulatory framework regarding royalties, 
taxes and environmental matters in the jurisdictions in which the Company 
operates; and the ability of the Company to successfully market its oil and 
natural gas products. Readers are cautioned that the foregoing lists of 
factors and assumptions are not exhaustive. Additional information on these 
and other factors that could affect the Company's operations and financial 
results are included in reports on file with Canadian securities regulatory 
authorities and may be accessed through the SEDAR website (www.sedar.com), at 
the Company's website (www.palliserogc.com). Furthermore, the forward-looking 
statements contained in this news release are made as at the date of this news 
release and the Company does not undertake any obligation to update publicly 
or to revise any of the included forward-looking statements, whether as a 
result of new information, future events or otherwise, except as may be 
required by applicable securities laws. 
Conversion 
The Company has adopted the industry standard of 6:1 Mcf to Bbl when 
converting natural gas to barrels of oil equivalent.  Disclosure provided 
herein in respect of Boes 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 Mcf:1 Bbl, 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 Press release.
 

SOURCE  Palliser Oil & Gas Corporation 
Kevin J. Gibson, President & CEO, kgibson@palliserogc.com, (403) 209-5717, or; 
Ivan J. Condic, Vice President, Finance and CFO, icondic@palliserogc.com, 
(403) 209-5718 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/April2014/10/c2642.html 
CO: Palliser Oil & Gas Corporation
ST: Alberta
NI: OIL  
-0- Apr/10/2014 23:56 GMT
 
 
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