PanOcean Completes CDN$40,000,000 Offering of Class B Shares

Pan-Ocean Energy has closed its recently announced equity offering of 1,250,000 Class B Subordinate Voting Shares at CDN$32.00 per Class B Share for aggregate gross proceeds of CDN$40,000,000 ($33.7 million). The syndicate of underwriters was co-led by GMP Securities Ltd. and Haywood Securities Inc., and included Research Capital Corporation and Jennings Capital Inc.

PanOcean will use the net proceeds of the financing to fund ongoing exploration and development activities and for general corporate purposes.


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