CALGARY, May 7 /CNW/ - PanWestern Energy Inc. ("PanWestern" or the "Corporation") (TSX-V: "PW") announced today that it has filed its Annual Information Form ("AIF") for the year ended December 31, 2009 on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR").
The AIF includes the disclosure and reports related to reserves data and other oil and gas information as at December 31, 2009 as required pursuant to National Instrument 51-101 of the Canadian Securities Administrators. With this news release, PanWestern is reporting these filings as required by National Instrument 51-101.
The Corporation has also filed on SEDAR its preliminary short form prospectus relating to the qualification for distribution of 51,100,000 common shares of the Corporation in connection with the previously disclosed private placement of special warrants of the Corporation which closed on April 16, 2010. This private placement provided gross proceeds of $24.017 million (net proceeds of approximately $22.5 million after fees and expenses).
The Corporation is debt-free with a cash balance of approximately $28.0 million and is currently pursuing a number of potential acquisition opportunities in Latin America and North Africa to further a new international growth strategy. The Corporation is encouraged by the number of opportunities available to it, which in part is a reflection of the international track record of the management team and board and the success of the recent financing.
PanWestern Energy Inc. is a Calgary, Alberta based public company currently engaged in the exploitation, development and production of petroleum and natural gas in Western Canada. The Corporation is pursuing a new strategy to expand internationally to selected countries in Latin America, the Middle East and North Africa region, the Mediterranean basin, and in other regions on an opportunistic basis. The Corporation's common shares are listed on the TSXV under the trading symbol "PW".
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.
SOURCE PANWESTERN ENERGY INC.
For further information: For further information: Jim McFarland, President and CEO, PanWestern Energy Inc., (403) 237-7102, firstname.lastname@example.org; Steve Bjornson, CFO, PanWestern Energy Inc., (403) 237-7102, email@example.com, www.panwesternenergy.ca