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Company Press Release
SOURCE: Continental Energy Corporation
Continental Energy Corporation: Preliminary Prospectus Filed for a Maximum Public Offering of 5,000,000
VANCOUVER, British Columbia, Aug. 5 /PRNewswire/ -- The following is being issued by Gary R. Schell, President of Continental Energy Corporation, on behalf of the Board of Directors:
Continental Energy Corporation (OTC Bulletin Board: CPPXF - news; Vancouver: KK - news) announced today that it has filed a preliminary prospectus with securities regulatory authorities in Ontario and British Columbia in conjunction with a planned securities offering to raise up to $5 million.
Agents for the offering are Anchor Securities Ltd. in Ontario and Dominick and Dominick Securities Inc. in British Columbia. The best efforts offering shall consist of the sale of ''units'' to raise a minimum of $1.5 million and a maximum of $5 million. Each unit consists of one common share and a common share purchase warrant. The warrants will have a two year term and two warrants are required to purchase one additional common share. Pricing of the units and warrants will be set when the final prospectus is receipted by regulatory authorities.
Proceeds of the offering will be used in part to fund exploration and development of the company's Bengara-II oil concession. Thru Apex (Bengara-II) Ltd. the company owns and operates a 100% interest in a Production Sharing Contract (PSC) with Pertamina, the state oil company of Indonesia, for oil and gas exploration and production rights for 30 years for the 1.2 million acres Bengara-II Contract Area located mostly onshore but partially offshore, East Kalimantan, Indonesia on the island of Borneo.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Continental believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's Form 20-F reports filed with the S.E.C.
NOTE: The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.
CONTACT: Mr. Gary R. Schell or Mr. Craig Doctor, both of Continental Energy Corporation, 604-687-3434 or 888-556-3213, fax, 604-687-3073, or cenergy@istar.ca.
SOURCE: Continental Energy Corporation |
