Petroleum Corp. (TSX VENTURE:VPC) has
agreed to sell, on a non-brokered, private placement basis, up to an
aggregate of 6 million shares of the Company at a price of $3.00 per
share for gross proceeds of $18 million. A 5% finders fee will paid in
connection with the private placement. Net proceeds of the private
placement will be used to finance the acquisition of a producing asset
in southern Russia and for general corporate purposes. The private
placement is subject to regulatory approval.
Valkyries Petroleum Corp. is an upstream oil and gas company with
exploration and producing interests in Russia and the United States and
is currently in advanced stages of evaluation and negotiation on several
projects in the Former Soviet Union.