Attention Financial/Oil & Gas Editors:
Solana Finalizes Private Placement
CALGARY, Feb. 17 /CNW/ - Solana Petroleum Corp. announced today it has
completed a private placement involving 1,800,000 units at a price of $0.50
per unit, realizing gross proceeds of $900,000. Solana will receive net
proceeds of approximately $830,000.
The private placement, announced February 3, was made through
StephenAvenue Securities Inc. of Calgary. Under the terms of the placement,
each unit consisted of one common share and one-half common share purchase
warrant, and entitles the holder to buy a common share at $0.75 by May 31,
1999. StephenAvenue Securities is to receive a commission of 7 percent of the
gross proceeds and an option to buy up to 5 percent of the units.
James B. Taylor, Solana chairman, said that the rig is mobilized to drill
Caporal no.1, the Company's second exploration well in the Tapir Block of the
Llanos Basin in northeastern Colombia. Solana and two partners hold
association contracts with Ecopetrol, Colombia's state-owned oil company, in
the Tapir Block.
Mr. Taylor also stated that testing is proceeding on the Mateguafa no.1
exploration well, drilled last year. Log analysis indicated at least four
zones potentially capable of oil production. Testing was delayed several
months by an extended rainy season.
Solana Petroleum is a Calgary-based international oil and gas exploration
company currently focusing on its interests in Colombia. The Company's common
shares are listed on the Alberta Stock Exchange and trade under the symbol
SOP.
The Alberta Stock Exchange has neither approved nor disapproved of
information contained herein.
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For further information: James B. Taylor, Chairman, (505) 983-7591, or
Wayne Stromme, Vice President, Canadian Operations, (403) 261-9019, Toll Free:
1-877-261-9019, Website: www.solanapetroleum.com |
