LEVITTOWN, NY, Nov. 5, 2013 /CNW/ - Far Vista Petroleum Corp (FVSTA, PinkSheets)
The president, Alexander Plekhanov, is pleased to announce to its shareholders that an offer of purchase was presented by a financial institution to Far vista Petroleum Corp. The amount of $35 million was offered for the purchase of the Class B shares and $0.45 for all the outstanding shares of the Company.
The Board has advised Mr Plekhanov that the offer is insufficient for its shareholders and to immediately forward a proposal stating that the Board is willing to accept an offer of $35 million for the Class B stock and $0.62 per common share on condition that it is not a mandatory sale but is open to the individual shareholder's discretion to sell or refuse the offer. This counter offer is open for acceptance until 12:00 November 7, 2013.
Upon acceptance, the Mr Plekhanov will release to the shareholders the name of the financial institution (Bank) that has made the offer.
About Far Vista Petroleum Corp
Far Vista Petroleum Corp has business objectives of interacting with Russian operators in the oil/gas industry with the goal of building a vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
SOURCE: Far Vista Petroleum Corp.
For further information:
Contact: Alexander Plekhanov