PRD Energy Announces Completion of Insider Financing
28 3월 2014 - 9:03AM
Marketwired
PRD Energy Announces Completion of Insider Financing
CALGARY, ALBERTA--(Marketwired - Mar 27, 2014) - PRD Energy Inc.
("PRD" or the "Company") (TSX-VENTURE:PRD) announces that it has
completed the previously announced insider financing.
Insider financing
PRD announced that it has completed the sale of 1.85 million
common shares of the Company (the "Shares") to Mr. Michael
Greenwood, the Chairman and Chief Executive Officer, and other
directors and officers of the Company at a price of $1.00 per Share
for gross proceeds of $1.85 million. The Shares were sold on a
private placement basis and are subject to a four-month plus one
day resale restriction from the closing date.
The net proceeds of the offering are anticipated to be used to
fund the Company's working capital deficit of $1.0 million,
including payment of the costs and expenses to drill, complete and
test the Boerger 7A well in Germany, and for general corporate
purposes.
About PRD Energy
PRD Energy Inc. is a Calgary based oil and gas company engaged
in the exploration, development and acquisition of, natural gas and
crude oil, in Germany. All activities of the Company in Germany are
undertaken by its wholly-owned subsidiary, PRD Energy GmbH. PRD's
common shares are listed on the TSX Venture Exchange with the
symbol "PRD".
Forward looking information
This news release contains forward-looking information relating
to the use of proceeds of the offering, and other statements that
are not historical facts. Such forward-looking information is
subject to important risks, uncertainties and assumptions. The
results or events predicated in this forward-looking information
may differ materially from actual results or events. As a result,
you are cautioned not to place undue reliance on this
forward-looking information.
Forward-looking information is based on certain factors and
assumptions regarding, among other things, the future performance
of the Boerger 7A well; the success of future exploration and
development activities in the Boerger field; the impact of
increasing competition; the Company's need for future financing;
future issuances of equity to satisfy the Company's financial
needs; the ability of the Company to obtain financing to fund its
operations on acceptable terms; the general stability of the
economic and political environments in which the Company operates
or owns interests; 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 to operate in a safe, efficient and
effective manner; field production rates and decline rates; the
ability to replace and expand oil and natural gas reserves through
acquisition, development of 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 oil and natural gas 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, and other similar matters. While the
Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect.
Forward looking-information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks associated with the failure to identify economic
operations in the Boerger pool following the interpretation of
seismic data; declining production from the Boerger 7A well;
instability of the economic and political environments in which the
Company operates or owns interests; ability to manage water
production and disposal; oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations,
environmental risks; competition from other producers; inability to
retain drilling rigs and other services; incorrect assessment of
the value of acquisitions; the inability to settle the definitive
terms of the farmout arrangements; failure to realize the
anticipated benefits of acquisitions; delays resulting from or
inability to obtain required regulatory approvals; inability to
obtain approvals from the Company's partners in operations; and
ability to access sufficient capital from internal and external
sources; reliance on key personnel; regulatory risks and delays;
including risks relating to the acquisition of necessary licenses
and permits; and environmental risks and insurance risks.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
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 release.
PRD Energy Inc.Michael GreenwoodChairman and Chief Executive
Officer(403) 234-0501(403) 234-0511PRD Energy Inc.Mark
HornettPresident and Chief Operating Officer(403) 234-0501(403)
234-0511PRD Energy Inc.Jeff ScottVice President, Finance and Chief
Financial Officer(403) 234-0501(403) 234-0511
PRD Energy Inc. (TSXV:PRD)
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PRD Energy Inc. (TSXV:PRD)
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