RIMOUSKI, QUÉBEC--(Marketwired - May 21, 2013) - Pétrolia (TSX VENTURE:PEA) announces today that, due to prevailing market conditions, it has chosen to withdraw its previously announced marketed private placement of units.
Following this decision, Petrolia has taken steps to modify its balance sheet in order to meet its obligations and maintain current activities. At present, the Company has sufficient working capital to fund its operations for more than a year.
This flexibility will allow Petrolia to monitor market conditions going forward in anticipation of a more favorable financing environment in the future.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km² (3.5 million acres), which represents about 17% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 68 002 800 shares issued and outstanding.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.
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.