Not for dissemination to U.S. newswire services
TORONTO, Feb. 20, 2013 /CNW/ - Rift Energy Corp. ("Rift Energy" or "the
Company") is pleased to announce the issuance of 2,500,000 common
shares of the Company for gross proceeds of C$10,000,000 to Dhabi One Investment Services LLC, a private investment vehicle of a family office in Abu Dhabi, through
a brokered Private Placement arranged by Hampton Securities Limited in Toronto.
The proceeds of this placement will be utilized to further Rift Energy's
business development activities in east and central Africa, including
the exploration program currently underway on Block L19 in Kenya.
Governor John H. Sununu, Chairman of Rift Energy, stated, "We are delighted to have completed
this transaction which brings old friends to the table as new partners
with whom we hope to work closely in developing further initiatives in
east and central Africa. As part of our pan-African strategy we are
also reviewing projects in a number of other east and central African
countries, some of which are in an advanced stage of discussion."
Fred Zaziski, President and CEO of Rift Energy, stated, "We continue to make
progress on our exploration program covering Block L19. The field work
part of our Aerial Gravity and Magnetic Survey was recently completed
and the data is now being processed. Once that is complete, we will
embark on a significant 2D seismic program over Block L19 in order to
determine the optimum location to drill an exploratory well."
About Block L19
As previously announced, Rift Energy acquired the oil and gas
exploration rights to Block L19 on June 21, 2012. Block L19 encompasses
approximately 12,000 KM2 (2.9 million acres) onshore in southern Kenya beginning at the Tanzania
border and flanked by the Indian Ocean to the east and extends
approximately 160 km to the north. There has been only one well drilled
on this block to date, the Ria Kaluli 1 well, which was drilled off
structure to a depth of 1,538 meters in 1962 and was plugged after
encountering oil shows in the Karoo formation.
About Rift Energy
Rift Energy is a privately owned early-stage Canadian oil and gas
exploration company that is focused on acquiring oil and gas projects
in east and central Africa. Our management team has a proven track
record with regards to starting up successful international oil and gas
projects. Rift Energy's strategy is to identify under-explored assets
with high upside that, when exploited, will yield substantial value for
About Hampton Securities Limited
Hampton Securities Limited is a full service Canadian investment dealer
with offices in Toronto, Hong Kong and Dubai. The firm's capital
markets group is focused on the financing of international oil, gas and
coal exploration companies, both private and publicly traded.
Hampton Securities contact information:
Michael B. Ligeti
Senior Vice President – Corporate Finance
The common shares of Rift Energy have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), or the securities laws of any state, and may not be
offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption
from the registration requirements of the U.S. Securities Act and all
applicable state securities laws. This press release does not
constitute an offer to sell or the solicitation of an offer to buy the
common shares in the United States or to, or for the account or benefit
of, U.S. persons.
SOURCE: Rift Energy Corp.
For further information: