Richards Oil & Gas Closes Private Placement
Richards Oil & Gas Limited has closed its previously announced private placement, flow through share offering, for $4 million. The proceeds of the offering will be used by the Corporation to aggressively pursue its drilling program in the Ardley coals.
The Corporation has started its testing program on its first horizontal Ardley coal well drilled earlier in the month and expects to have results within 3 to 4 weeks.
Mr. Thomas added that "The continued thrust to accelerate and broaden the horizontal exploration and testing of the Ardley coals, is a key component of the Corporation's resource to reserves strategy."
The securities referenced herein have not and will not be registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless the securities have been registered under the 1933 Act, or are otherwise exempt from such registration.
Richards Oil & Gas Limited is a Calgary-based exploration company, involved in the development of crude oil and natural gas, with an emphasis on the exploitation of coal bed methane (CBM). With a significant land base and industry-leading experience in the development of CBM projects, the company is at the forefront of the CBM industry in Western Canada. The company is able to capitalize on opportunities that create both short-term cash flow and long-term value for its shareholders.
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