2013-08-30 00:07:34 -
Calgary, Alberta CANADA, August 29, 2013 /FSC/ - Passport Energy Ltd. (PPO - TSX Venture), ("Passport" or the "Company") announces that it has entered into shares for debt agreements with various creditors, to settle an aggregate of approximately $300,950 of debt through the issuance of 6,019,000 common shares ("Common Shares") of Passport at a deemed price of $0.05 (the "Transaction"). The Transaction is subject to TSX Venture Exchange approval.
The Transaction is being completed to reduce the accounts payable resulting from cost overruns on the drilling of the Company's last well, which was the direct result of the frac tools becoming lodged in the well bore and having to be milled out.
All of the Common Shares of the Company
issuable in connection with the Transaction will be subject to a four month "hold period" and the resale rules of applicable securities legislation.
Upon completion of the Transaction, the Company will have 111,548,780 common shares issued and outstanding.
Passport is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a focus on Bakken oil projects.
The Company trades on the TSX Venture Exchange under the trading symbol "PPO".
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's public documents available on SEDAR (www.sedar.com).
For further information contact:
President & CEO
Christopher Gulka, CA CFA
Chief Financial Officer
To view the press release as a PDF file, please click on the following link:
Source: Passport Energy Ltd. (PPO - TSX-V)
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