CALGARY, Feb. 13 /CNW/ - Black Mountain Energy Corporation ("Black
Mountain" or "Company") is pleased to announce that it has completed a
$27.2 million non-brokered private placement financing sourced from a
combination of Canadian and U.S. institutions and high net worth investors.
Combined with financings completed in 2007, Black Mountain has raised
approximately $32.76 million at $1.00 per share. Management, directors and
employees have acquired 6.415 million common shares at $1.00 per share to hold
approximately 19.6 percent of the outstanding common shares. All proceeds from
the financings will be used to fund Black Mountain's exploration, development
and acquisition programs.
Black Mountain's leadership team includes: Rick Hoath, President and CEO;
Kelly McDonald, Vice President Exploration; and Cheree Stephenson, Controller.
The Board of Directors is comprised of Rick Braund, Tyler Cran, Greg Fletcher,
Rick Hoath and Scott Inglis.
Black Mountain recently spud the first of two horizontal Jean Marie gas
wells planned for the first quarter of 2008 in the Ekwan N.E. B.C. region. The
Company participated in a large 40 square kilometer 3-D seismic program and,
upon drilling the two horizontals, will hold an 80 percent interest in
approximately 30,000 gross acres of land in Ekwan. The Company has also
entered into a farm-in agreement in the Cache B.C. area and expects to
commence drilling the commitment well in March 2008.
Black Mountain is an emerging, private Calgary-based junior energy
company focused on building shareholder value through (1) internally generated
exploration and development drilling opportunities, (2) through executing upon
quality, complimentary farm-in opportunities, and (3) through strategic,
accretive acquisitions. Black Mountain's long term objectives are to optimize
the Ekwan and Cache properties; the Company considers the Ekwan property to
have multi-year drilling potential. Black Mountain plans to develop a suite of
additional gas resource plays in B.C., W6M and W5M regions of Western Canada.
On behalf of the Board of Directors of Black Mountain Energy Corporation,
Richard (Rick) G. Hoath, President & CEO
Certain statements in this document are "forward-looking statements".
These statements are based on management's current expectations and beliefs
and are subject to a number of risks and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. Forward-looking statements are not guarantees of future
performance and Black Mountain cannot provide any assurance that these
expectations will prove to be correct. Any forward-looking statements are made
as of the date hereof and Black Mountain does not undertake any obligation,
except as required under applicable law, to publicly update or revise such
statements to reflect new information, subsequent or otherwise.
This news release shall not constitute an offer to sell, or the
solicitation of an offer to buy, securities in any province or territory of
Canada or securities in the United States, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. Black Mountain's securities will not be, and have
not been, registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of that Act.
For further information:
For further information: Rick Hoath, President & CEO, (403) 538-8460, F:
(403) 705-2660, email@example.com; Website: (under construction)