TSX Venture Exchange
Trading Symbol: KIR
CALGARY, Nov. 22 /CNW/ - Kierland Resources Ltd. ("Kierland" or the "Company") announced today that the Annual & Special Meeting of the Shareholders of the Company (the "Meeting") was held on Tuesday, November 16, 2010. All matters brought before the meetings were approved, the election and appointment of Malvin Spooner, Brian Prokop, Alan Cruickshank, Chad Dust, and Neil Burwash as directors; the consolidation of the Common Shares of the Company on the basis of one (1) new common share for every ten (10) outstanding common shares; the change of name of the Company to PetroSands Resources Canada Inc. and confirmation and ratification of the Company's stock option plan and Mackay LLP as auditors of the Company.
On November 3, 2010 Kierland announced a private placement offering (the"Offering"). Kierland announces today that due to investor demand it increased the size of the Offering to total gross proceeds of $250,000 and that it has completed the Offering. The private placement was for 5,000,000 "flow-through" Common Shares of the Company on the basis that for each "flow-through" Common Share the subscriber received one Common Share purchase warrant. Each warrant entitles the holder to acquire one Common Share at an exercise price of $0.10 per share until November 22, 2013. A commission of $1,500 was paid by the Company with respect to the private placement. The shares issued pursuant to the private placements are subject to a four-month hold period. The proceeds from the Offering will be utilized by the Company and are required for an active drilling program and to conduct additional three-dimensional (3D) seismic programs. The proceeds of the Offering will be used to incur eligible Canadian exploration expenses for the purposes of the Income Tax Act (Canada), and will be renounced to the subscribers.
About Kierland Resources Ltd.
Kierland Resources Ltd. is a publicly traded junior oil and gas company focused on exploration and development of oil and natural gas including Saskatchewan and Alberta. The Company remains focused on strategic acquisitions and aggressively expanding production, reserves and opportunistic transactions in this sector.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements and Information: The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kierland, including: (i) with respect to the anticipated closing dates of the transactions and financing, expectations and assumptions concerning timing of receipt of required shareholder, court and regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the transactions and financing and (ii) with respect to the anticipated exploration and development opportunities, anticipated recovery factors, anticipated 2010 capital expenditures and the anticipated 2010 average and exit rates of production, expectations and assumptions concerning the success of future exploration and development activities, the performance of existing wells, the performance of new wells and prevailing commodity prices.
Although Kierland believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Kierland can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the transactions and financing, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in Kierland's Management Discussion and Analysis which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this document are made as of the date hereof and Kierland undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
MEANING OF BOE
When used in this press release, boe means a barrel of oil equivalent on the basis of 1 boe to 6 thousand cubic feet of natural gas. Boepd means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6 thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this RELEASE.
%SEDAR: 00021452E
For further information: For further information:
Chad Dust
Telephone: (403) 608 6505
Telephone: (403) 975 6505
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