CALGARY, Alberta, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) is pleased to announce that it has closed its acquisition of certain non-operated working interest assets in its Swan Hills, Alberta core region (the “Assets”) for a total purchase price of $5 million cash, subject to certain closing adjustments (the “Acquisition”) as previously announced in its August 4, 2021 press release.

The Acquisition was funded by Arena Investors, LP (“Arena”) by way of an amended term loan agreement. Arena is an institutional asset manager with US$2.2 billion of committed assets under management that specializes in providing innovative capital solutions for middle market companies.

The Acquisition enables Razor to cost-effectively add long-life, industry-leading ten percent annual base decline, low-risk, light oil reserves (41^o API), production and cash flow underpinned by an improving commodity price environment as crude oil supply/demand returns to balance.

Meanwhile, FutEra Power Corp. (“FutEra”), a subsidiary of Razor, continues construction on our first-of-its-kind Swan Hills Geothermal Project. FutEra is currently reviewing additional projects including solar, wind and well-head geothermal. In addition, FutEra recently commissioned its wholly owned 10 petahash bitcoin mining operation which includes supplying self-generated power and the mining installation. As well, Razor has now completed construction on its Virginia Hills Soil Treatment Facility which will be operational in the third quarter of 2021.

Razor and FutEra continue to identify and capture opportunities to liberate alternative sources of energy while measurably improving the environmental and social impacts of our business.

Further information with respect to this acquisition, Razor’s conventional oil and gas operations and FutEra’s geothermal and ongoing innovative projects may be found in our updated corporate presentation found on www.razor-energy.com.

FutEra Adopts Stock Option Plan

The Company also announces today that the board of directors has approved the adoption of a fixed stock option plan (the “FutEra Option Plan”) for FutEra.

Under the FutEra Option Plan, FutEra may grant options to acquire up to an aggregate of 284,000 common shares of FutEra (each a “FutEra Share”), subject to the terms of the FutEra Option Plan and applicable securities laws. It is anticipated that the options will be granted by the board of directors of FutEra (the “FutEra Board”) to certain officers and employees of FutEra for both retention purposes and in recognition of their continuing efforts in assisting FutEra to become a leader in Alberta clean power generation by evolving existing assets with new and innovative solutions. Once granted, the options will be subject to vesting conditions as determined by the FutEra Board, including an anticipated term of five years from the date of issuance.

The FutEra Option Plan remains subject to approval by the TSX Venture Exchange.

About Razor

Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, and producing oil and gas from properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth focused on efficiency and cost control in all areas of the business. Razor currently trades on TSX Venture Exchange under the ticker “RZE.V”.

www.razor-energy.com   

About FutEra

FutEra leverages Alberta’s resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently FutEra is developing a co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta.

www.futerapower.com

For additional information please contact:

Razor Energy Corp.
800, 500-5^th Ave SW
Calgary, Alberta T2P 3L5
Telephone: (403) 262-0242  

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release may contain certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to, the Company’s capital program and other activities such as the development of geothermal and other environmentally and socially innovative projects. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, "expect", “plan”, “estimate”, “potential”, “will”, “should”, “continue”, “may”, “objective” and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the availability of capital, current legislation, receipt of required regulatory approvals, the timely performance by third-parties of contractual obligation, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the Company’s growth strategy, general economic conditions, availability of required equipment and services, prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward- looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; variability in geothermal resources; as the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. In addition, the Company cautions that COVID-19 may continue to have a material adverse effect on global economic activity and worldwide demand for certain commodities, including crude oil, natural gas and NGL, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could continue to affect commodity prices, interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. The duration of the current commodity price volatility is uncertain. Please refer to the risk factors identified in the annual information form and management discussion and analysis of the Company which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and the Company 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.

ADVISORY PRODUCTION INFORMATION: Unless otherwise indicated herein, all production information presented herein is presented on a gross basis, which is the Company's working interest prior to deduction of royalties and without including any royalty interests.

BARRELS OF OIL EQUIVALENT: 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 news release.