Standard Exploration Ltd. Announces a Proposed Private Placement and an Update with Respect to a Farmin Agreement
Calgary, Alberta (FSCwire) - Standard Exploration Ltd. ("Standard" or the "Corporation") (TSX Venture: SDE) announces that it plans to complete a non-brokered private placement of up to 40,000,000 common shares of Standard issued on a flow-through basis ("Flow-Through Shares") at a price of $0.05 per Flow-Through Share for aggregate gross proceeds of up to $2,000,000 (the "Offering"). Standard shall incur Canadian Exploration Expense ("CEE") in an amount equal to the gross proceeds of the Offering and renounce the CEE to the subscribers for the Flow-Through Shares effective for the 2014 taxation year.
Standard may pay a commission or finder's fee to qualified non-related parties of up to 6.5% of the gross proceeds of the Offering (up to $130,000). The proceeds of the Offering will be used to drill two wells on its "Farm-in Lands" as described below. It is expected that insiders of the Corporation will participate in the Offering. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Flow-Through Shares issued will be subject to a four month hold period from the date of the closing of the Offering.
Standard also announces that further to its press release dated July 2, 2014, the Corporation is providing an update with respect to operations relating to the Farm-in Agreement with a large oil company. The Farm-in Lands are located in southern Alberta in Townships 1 & 2, Ranges 18 & 19 W4M and the prospective zone is the lower Mississippian at depths ranging up to 1,400 metres. This fall Standard conducted a 3-D seismic survey over a portion of the Farm-in lands. Based on geologic mapping and a thorough interpretation of the 3-D seismic data, Standard plans to drill two vertical wells prior to March 15, 2015. With positive results, Standard plans to drill a horizontal leg of at least 500 metres for each of the vertical well(s). The Farm-in Lands are located 15 kilometres southwest of the Ferguson Oil Field currently being developed in the Lower Mississippian.
FOR FURTHER INFORMATION PLEASE CONTACT:
Standard Exploration Ltd.
Tom MacKay, CEO or Vince Ghazar, CFO
Office: (403) 262-4450
The 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.
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.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the completion of the Offering and to operations on the Farmout Lands. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/standard12152014.pdf
Source: Standard Exploration Ltd. (TSX Venture:SDE) http://www.standardexploration.com/
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