- Published: 12 November 2013
- Written by Editor
Petroforte to Complete Private Placement for Up to $15 Million
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Petroforte International Ltd. ("Petroforte" or the "Corporation") (TSX VENTURE:PFI) reports that it has agreed to terms for a non-brokered private placement ("the Offering") of up to 75,000,000 common shares at $0.20 per share for gross proceeds of up to $15,000,000. The Corporation has engaged certain financial institutions as financial advisors ("the Advisory Group") in connection with the Offering. The Corporation has agreed to pay the Advisory Group cash fees of 7% of the gross proceeds of the Offering in accordance with the policies of the TSX Venture Exchange.
The net proceeds from the Offering are intended to be used to: fund drilling of the Corporation's earning farm-in Cardium horizontal well at Wapiti which is expected to cost 3.0MM; re-complete the 2-5 well and install gas compression at its Brazeau River property for $0.75MM; drill, equip and tie in three producing wells and one water disposal well plus re-activate three productive Montney wells at its Flood property at an anticipated cost of $4.0MM and for general working capital purposes.
Closing of the Offering will occur on or before December 15, 2013. The Offering is subject to the approval of the TSX Venture Exchange and the common shares issued pursuant to the Offering will be subject to a four month hold period.
About Petroforte
Petroforte is a junior oil and gas company headquartered in Calgary, Alberta engaged in the exploration, development and production of hydrocarbons within Alberta and Saskatchewan.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information relating to Petro Forte's intentions to develop its Brazeau River Flood and Wapiti oil and gas properties and subsequent drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. In making such forward-looking statements, Petro Forte has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies, the availability of capital, and Petro Forte's ability to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Petro Forte may elect to, Petro Forte is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
Harry Knutson
Lead Board Member
(604) 724-3212
Petroforte International Ltd.
Allan King
President, CEO & Director
(587) 779 4259
