CALGARY, Sept. 19 /CNW/ - Richards Oil & Gas Limited (the "Company"),
(TSX Venture: RIX) announces that the Board of Directors of the Company have
granted 1,400,000 stock options to officers and directors plus an additional
310,000 stock options granted to non-executive staff. All of these option
grants have an exercise price of $0.24 per common share, and they all expire
on September 19, 2012. With the addition of these grants announced today the
Company currently has 5,385,000 stock options outstanding.
Other than this option grant, the exercise prices of outstanding stock
options range from $0.40 per share to $2.32 per share. The average exercise
price for all current stock options is $0.90 per share.
Richards Oil & Gas Limited (www.richardsoilandgas.com) is a Calgary-based
exploration company, involved in the development of crude oil and natural gas,
with an emphasis on the exploitation of coal bed methane (CBM). With a
significant land base and industry-leading experience in the development of
CBM projects, the Company is at the forefront of the CBM industry in Western
Canada. The Company is able to capitalize on opportunities that create both
short-term cash flow and long-term value for its shareholders.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Brad Turner, President & CEO, Richards Oil &
Gas Limited, Tel: (403) 265-8444, E-Mail: email@example.com; Lonn
Bate, CFO, Richards Oil & Gas Limited, Tel: (403) 265-8444, E-Mail: