K2 has retained Peters & Co. Limited to act as soliciting dealer/dealer manager with respect to the solicitation of exercises of Rights in the Qualifying Jurisdictions. Peters & Co. Limited will receive a fee for its services, as described in the Circular. Computershare Trust Company of Canada is the subscription agent and custodian for the Offering.
Rights will be evidenced by fully transferable certificates (the "Rights Certificates") and will be listed for trading on the Toronto Stock Exchange (the "TSX") under the symbol "KTO.RT" from the Record Date until 12:00 p.m. (Toronto time) on May 20, 2004. A Rights Certificate evidencing the total number of Rights to which the holder is entitled, together with a copy of the Circular, will be mailed to each holder of record of Common Shares as of the Record Date with an address of record in one of the Qualifying Jurisdictions. The Rights of holders of record of Common Shares as of the Record Date with an address of record outside of the Qualifying Jurisdictions will be dealt with as described in the Circular.
K2 will use a portion of the net proceeds of the Offering towards the retirement of K2's remaining debenture, with any remaining proceeds to be added to K2's working capital and used to fund ongoing overhead and exploration and development costs, including a seismic acquisition program.
K2 also announced today that it has requested an extension of one month to its April 18, 2004 drilling obligation completion date from the Blackfeet tribe, as provided for under its Amended K2/Blackfeet IMDA. K2 is currently drilling its third of three obligation wells, with its industry partner currently drilling their first of two wells. Results from this drill program will be evaluated upon completion of the drilling operations.
Located in Calgary, Alberta, K2 Energy Corp. is an emerging junior oil and gas exploration company with a unique exploration opportunity in northern Montana. Bordering Alberta, K2's lands contain several prospects, which extend south from Alberta, including Bow Island natural gas, 'Triangle Zone' natural gas and thrusted Mississippian deep gas. The Common Shares trade on the TSX under the trading symbol "KTO".
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