CALGARY, Oct. 1 /CNW/ - PetroReal Energy Inc. (TSX-V: PNI) (the
"Corporation") is pleased to announce that it has completed its previously
announced private placement. The Corporation closed the private placement in
two tranches, issuing 1,562,500 units of the Corporation (the "Units") on
September 23, 2008 and 430,000 Units on October 1, 2008 at a price of $0.16
per Unit for aggregate proceeds of $318,800.
Each Unit consists of one common share in the capital of the Corporation
(a "Common Share") and one-half of one Common Share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase a Common Share at an
exercise price of $0.30 at the option of the holder at any time until the
second anniversary of its issue date. The Corporation will have the option to
force conversion of the Warrants if the Common Shares trade over $0.50 for
more than 20 consecutive trading days. The proceeds are being used to pay the
Energy Resources Conservation Board (ERCB) a deposit in connection with the
Corporation's purchase of certain assets from Milestone Exploration Inc. and
for general working capital purposes.
About PetroReal Energy Inc.
The Corporation is a Calgary-based, emerging, TSX Venture Exchange listed
company that is focused on exploration, development, and production of crude
oil and natural gas, primarily in North America. The Corporation's operations
are located in central and southern Alberta, southwestern Saskatchewan, and
Louisiana in the USA.
Statements in this release which describe the Corporation's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of the Corporation to be
materially different from any future results, performances or achievements
expressed in or implied by such forward-looking statements. The Corporation
may update or revise any forward-looking statements, whether as a result of
new information, future events or changing market and business conditions.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this press
For further information:
For further information: visit the Corporation's website at
www.petroreal.com or contact: Ernst Schlotter, President and Chief Executive
Officer, Email: email@example.com, Address: No. 444, 505 - 8th Avenue S.W.,
Calgary, Alberta, T2P 1G2, Tel: (403) 269-2044, Fax: (403) 269-2042