2013-10-01 15:20:46 -
Calgary, 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.
Penco 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.
Penco'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.
The Acquisition remains subject to the final approval of TSX Venture Exchange.
The 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Standard Exploration Ltd.
Tom MacKay, CEO
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 terms 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 closing of the private placement including the Corporation's ability to close the acquisition of Penco and obtain necessary approvals from the TSX Venture Exchange. 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.
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Source: Standard Exploration Ltd. (TSX-V: SDE)
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