/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, April 14 /CNW/ - Petrolifera Petroleum Limited ("Petrolifera" or the "Corporation") (PDP - TSX) advises that it has closed its previously announced public offering of 23,678,500 common shares ("Common Shares") at a price of $0.85 per Common Share (the "Offering Price") for gross proceeds of $20,126,725 (the "Offering"), which amount includes the proceeds from the exercise in full by the underwriters of an over-allotment option to purchase an additional 3,088,500 Common Shares at the Offering Price.
The Offering was underwritten by a syndicate of underwriters led by RBC Capital Markets and including Cormark Securities Inc. and Thomas Weisel Partners Canada Inc. The net proceeds of the Offering will be used by Petrolifera to fund a portion of its exploration capital expenditure program, primarily in Colombia, to reduce indebtedness relating to the Corporation's credit facility and for working capital.
After giving effect to the Offering, Petrolifera now has 145,477,010 Common Shares outstanding on a basic basis and 186,615,327 Common Shares issued and outstanding on a fully diluted basis (inclusive of (i) 33,240,250 Common Share purchase warrants, with each Warrant allowing the holder thereof to purchase one Common Share at a price of $1.20 per Common Share and which entitlement expires on August 28, 2011, and (ii) stock options to purchase 7,898,067 Common Shares, outstanding as of the date hereof).
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares offered have not been, and will not be, registered under the 1933 Act, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas and natural gas liquids exploration, development and production company with interests in eleven concessions or licenses in Argentina, Colombia and Peru.
Forward-Looking Information: This news release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the proposed use of proceeds of the Offering. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of oil and natural gas properties and the possibility of unanticipated costs and expenses. For a description of the risks and uncertainties facing Petrolifera and its business and affairs, readers should refer to Petrolifera's Annual Information Form for the year ended December 31, 2009. Petrolifera undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE PETROLIFERA PETROLEUM LIMITED
For further information: For further information: Richard A. Gusella, Executive Chairman, (403) 538-6201 or Gary D. Wine, President and Chief Operating Officer, (403) 539-8450 or Kristen Bibby, Vice-President, Finance and Chief Financial Officer, (403) 539-8450, firstname.lastname@example.org, www.petrolifera.ca