posted Jan 31, 2012 7:49 AM by David Long
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updated Jan 31, 2012 8:47 AM
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TYLER, Texas, Jan. 30, 2012 (GLOBE NEWSWIRE) -- Pegasi Energy Resources Corp. (OTCBB:PGSI.OB - News) (the "Company"), an East Texas based oil and gas exploration and production company headquartered in Tyler, Texas, today announced the commencement of drilling on January 28th of its Morse Unit #1 well in Cass County, Texas.The Morse Unit #1 well will target oil bearing sands and limestones using horizontal drilling and dynamic fracturing techniques. It is the first horizontal well in the drilling program of the Company's Cornerstone project. About Pegasi Energy Resources Corporation Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company, headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at www.pegasienergy.com. Cautionary Note to U.S. Investors Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in the Company's Annual Report on Form 10-K available from the Company at 218 N. Broadway, Suite 204, Tyler, Texas 75702 (attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
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posted Oct 14, 2009 11:16 PM by David Long
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updated Aug 3, 2011 1:27 PM
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Tyler, Texas, July 28, 2011/PrimeNewswire/ - Pegasi Energy Resources Corp. (OTCBB: PGSI) (the “Company”), an East Texas based oil and gas exploration and production company headquartered in Tyler, Texas, today announced the closing of its private placement to non-U.S. investors of $5,388,900 in gross proceeds. Investors purchased units priced at $1.00. Each unit consisted of two shares of the Company’s common stock and a warrant to purchase one share of the Company’s common stock, exercisable for three years at a price of $0.60 per share. Beaufort International Associates Limited, a UK registered broker-dealer, acted as the placement agent for this offering. The proceeds from the offering will be used to drill horizontal oil wells, to acquire additional oil and gas leases and to cover general operating costs for the Company’s Cornerstone Project. Affiliates of the Company, who hold all the Company’s senior debt, have agreed to a four year stand still on the debt as a condition of the private placement. The area of the Cornerstone Project has produced over 400 million barrels of oil and more than 2.3 trillion cubic feet of gas to date. Pegasi will now apply proven horizontal drilling and multistage frac technology for the first time in the Cornerstone Project area, which it believes will result in substantial additional oil and gas reserves from relatively untapped shale formations. Mr. Michael Neufeld, President and CEO of Pegasi said; “We are pleased with the success of this offering. These funds will help us to fulfill the Company’s drilling plans and realize the potential of the significant oil resources in the Cornerstone Project Area where we now hold approximately 26,617 gross acres. We believe that our drilling program will enhance the stock value by both adding to our existing reserve base and proving the viability of the significant resources identified by the Company on its Cornerstone acreage.” About Pegasi Energy Resources Corporation Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company, Headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company’s strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at www.pegasienergy.com.
Contact information Richard Lindermanis Pegasi Energy Resources Corp. 218 N. Broadway, Suite 204 Tyler, TX 75702 903-595-4139 |
posted Oct 14, 2009 11:11 PM by David Long
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updated Aug 3, 2011 1:27 PM
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Montreal, Quebec, CANADA, June 28, 2011: Maudore Minerals Ltd. (the “Company”) (MAO: TSXVenture; MAOMF: OTC; M6L: Frankfurt Exchange) is pleased to announce the arrangement of a private placement financing on a bought-deal basis of 348,837 units (“Units”) @ $8.60 per Unit for gross proceeds of $3,000,000, with an overallotment option to purchase a further 116,279 Units at the same price for potential added proceeds of $1,000,000.
CEO Ronald Shorr stated this financing is but “another example of something only available in Quebec.The funds bring us back to one year’s worth of funds for aggressive exploration and cause very minimal dilution.”
Each Unit is comprised of one common share of the Company, issued as a flow-through share (“FlowThrough Share”) and one-half of one common share purchase warrant, with each whole common share purchase warrant, (“Warrant”) exercisable at $8.60 per share for a period of 18 months. The price per Unit of $8.60 represented a premium of approximately 58% to Maudore’s closing price on June 27, 2011 on the TSX Venture Exchange. The Company will pay a finder’s fee of approximately 5% of the gross proceeds of the Offering to Oberon Capital Corporation. The Flow-Through Shares and Warrants will be subject to a four-month hold period.
After this private placement, Maudore will have 24,847,044 shares outstanding (24,963,323 if
overallotment is used), or 27,869,892 fully diluted (27,928,032 if overallotment is used). Proceeds from
the sale of these Units will be used for exploration on the Company’s Comtois Gold Project and the
associated land area with a recent emphasis on expanding the resource in various directions.
About Maudore Minerals Ltd.
Maudore owns 100% of the Comtois Gold Project in Quebec. Infrastructure is excellent: a highway; accessibility to North America’s lowest cost power; plenty of nearby water and a mining-oriented local workforce. Quebec is consistently ranked among the best locations worldwide for mineral exploration. Maudore also owns a large land area west of Comtois with volcanogenic gold/massive sulphide (VMS) potential. VMS gold deposits are more common in Quebec than anywhere else in the world. Maudore’s total land package, now over 90,000 hectares (223,000 acres or 349 sq. mi), is larger than New York City. Four drill rigs are working 24 hours a day, 7 days a week on the project.
The current Inferred Mineral Resource at Comtois (reported Aug 15, 2010) is 8,126,000 tons grading 4.6 g/t Au, totaling 1,212,000 Oz Gold, divided into a potential open pit resource grading 3.2 g/t Au to a 150m depth and an underground resource grading 6.8 g/t Au. The resource used a capping value of 65 g/t Au; for comparative purposes, the uncut resource is 1.4 million oz. gold.
On behalf of the Board of Directors of Maudore Minerals Ltd.: Ronald Shorr, Chief Executive Officer Telephone: 514-761-1415 Email info@maudore.com Website: www.maudore.com. |
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