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Standard Exploration Ltd. Announces Closing of Acquisition of Penco Oil and Gas Ltd.
Standard Exploration Ltd. Announces Closing of Acquisition of Penco Oil and Gas Ltd. Calgary...
About this update from Southern Energy Corp.
[{"type":"text","content":"Standard Exploration Ltd. Announces Closing of Acquisition of Penco Oil and Gas Ltd.Standard Exploration Ltd. Announces Closing of Acquisition of Penco Oil and Gas Ltd.\nCalgary, Alberta CANADA, October 01, 2013 /FSC/ - Standard Exploration Ltd.  (SDE - TSX Venture), is pleased to announce that it has completed its previously announced purchase (the \"Acquisition\") of all of the issued and outstanding shares of Penco Oil and Gas Ltd. (\"Penco\") in exchange for 6,153,947 common shares in the capital of the Corporation (\"Common Shares\"). The number of Common Shares was determined based on the calculation of the net asset value for each of the Corporation and Penco and was reviewed and approved by the non-conflicted directors of the Corporation. Although the number of Common Shares to be issued is reflective of management's view of the relative net asset value of the two companies, in order to comply with the requirements of the TSX Venture Exchange the Common Shares will be issued at a deemed price of $0.05 per Common Share.\nPenco is actively engaged in the exploration for and production of oil and gas in Alberta. Penco is a privately-held corporation incorporated and domiciled in Alberta.\nPenco's oil and gas assets consist of a producing oil property and undeveloped mineral leases in southern Alberta. As well, Penco has a farm-in agreement with an unrelated oil and gas company to drill on lands under a mineral lease held by that company.\nThe Acquisition remains subject to the final approval of TSX Venture Exchange.\nThe Acquisition is a non-arm's length transaction as three of the directors and/or officers of the Corporation are also directors, officers and/or shareholders of Penco.\nFOR FURTHER INFORMATION PLEASE CONTACT:\nStandard Exploration Ltd.\nTom MacKay, CEO\nOffice: (403) 262-4450\nwww.standardexploration.com\nThe Corporation is a Canadian based oil and gas corporation with operations in Alberta, Canada and is traded on TSX Venture Exchange. The Corporation's public filings may be found at www.sedar.com.\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that terms is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\nThis news release may contain certain forward-looking information and statements, including w...