EDMONTON, July 2 /CNW/ - PetroCorp Group Inc. ("PetroCorp") is issuing this press release pursuant to Section 3.1 of National Instrument 62-103 in respect of an acquisition of certain securities of Petrowest Energy Services Trust (the "Issuer").
Pursuant to the recently completed rights offering of the Issuer qualified by a prospectus dated May 26, 2010, PetroCorp acquired ownership of 17,857,143 trust units ("Units") of the Issuer pursuant to PetroCorp's stand-by commitment at a price of $0.14 per Unit for a total consideration of $2,500,000. In addition, pursuant to the terms of the stand-by commitment, the Issuer issued to PetroCorp 1,903,452 warrants ("Warrants"), each Warrant entitling the holder thereof to purchase one additional Unit for $0.1879 per Unit expiring June 29, 2011.
Following the issuance of the Units pursuant to the rights offering, the Units owned by PetroCorp represent 20.9% of the issued and outstanding Units of the Issuer, not including any Units that may be issued pursuant to the exercise of the Warrants. PetroCorp owns 33.3% of the outstanding Warrants.
Larry Patriquin, who indirectly controls PetroCorp through AWG Ventures Inc. ("AWG"), was also issued 382,976 Warrants pursuant to the stand-by commitment provided by him to the Issuer. AWG and Larry Patriquin may be considered to be acting jointly and in concert with PetroCorp, but the filing of this press release is not an admission that either party is a joint actor with PetroCorp.
The securities were acquired for investment purposes. While PetroCorp, Larry Patriquin and AWG do not intend to acquire further securities of the Issuer at this time, they may in the future acquire or dispose of securities of the Issuer, through the market or otherwise, as circumstances or market conditions warrant.
Neither NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PETROCORP GROUP INC.
For further information: For further information: or for a copy of the early warning report filed in respect of the above transaction, please contact Ian Hogg, at (780) 822-6753 or Randy Fries, Interim Chief Financial Officer at (780) 822-6752 or by mail at 2532 Ellwood Drive S.W., Edmonton, Alberta, T6X 0A9