Prairie West Oil and Gas effects 10:1 reverse stock split
(firmenpresse) -
Prairie West Oil and Gas effects 10:1 reverse stock split
Goal is to meet price per share requirements
CALGARY, Alberta Canada/August 28th, 2012 -- Prairie West Oil and Gas is today pleased to announce that it has effected a 10:1 reverse stock split as part of the company's overall market strategy moving forward . As a result of this reverse stock split, every ten shares of Prairie West’s issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock.
Vice President Anthony Sarvucci: "Prairie West has stated numerous times that the company has a strong desire to increase transparency and become a fully reporting company on a larger exchange. The Team believes that having a smaller float is a step in the right direction towards the end goal of having the market related activity that revolves around Prairie West's publically trade stock better reflect the operational success the company has realized on the ground. "
No fractional shares will be issued in connection with the reverse split of the issued and outstanding common stock. Stockholders who would otherwise hold a fractional share of the Company's common stock will receive a cash payment in lieu of such fractional share based on the average closing price of the common stock on the Frankfurt stock exchange for the five trading days prior to the effective date of the reverse stock split.
About Prairie West Ltd.:
Prairie West Oil & Gas is a producing energy company with both established production and assets within the center of Canada's highest reserve epicenters; the oil boom provinces of Alberta and now Saskatchewan. Prairie West operates under the notion that now is the time to take advantage of favorability priced acquisitions and joint ventures while constantly striving to reduce the cost of doing business. The goal is to build for the future while remaining focused on the short term profitability that rewards early shareholders.
The experienced team at Prairie West has the expertise and proven execution required for success in today's rapidly changing energy sector. This has been clearly demonstrated with the Maidstone acquisition, the more recent eleven well expansion located in close proximity to current production and a 27 well producing gas play in Saskatchewan Canada.
Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent.
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
Datum: 28.08.2012 - 16:47 Uhr
Sprache: Deutsch
News-ID 178318
Anzahl Zeichen: 2856
contact information:
Town:
Wien
Kategorie:
Business News
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