CALGARY, May 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announced today that since March 31, 2007, the end of the last reporting period, 5,921,907 share purchase warrants, each of which entitled the holder to acquire one common share of Petrolifera from treasury at a price of $3.00 per common share, were exercised prior to expiry on May 8, 2007. Accordingly, a like number of common shares have been issued.
As a consequence, Petrolifera received a total of $17.8 million of additional funds and now has 50 million common shares outstanding (53.3 million fully-diluted). Petrolifera had $59.2 million of cash on hand and $58.8 million of working capital at the end of the first quarter 2007, so the receipt of the proceeds further enhanced the company's cash balances, working capital and liquidity.