VANCOUVER, British Columbia, Nov. 14, 2017 (GLOBE NEWSWIRE) — Park Place Energy Inc. (OTCQB:PKPL) (“The Company”) intends to complete a private placement offering of common shares for proceeds up to US $1,000,000 at a price of US$0.10 per share for a total of 10,000,000 shares “the Financing”.
The financing was approved by the Company and will close on November 30, 2017. The financing is only available to qualified investors in accordance with applicable securities laws and regulation.
The net proceeds from the Financing will be used for working capital purposes and applying for a listing on a Canadian stock exchange. Any future anticipated stock exchange listing is subject to regulatory requirements and stock exchange approval.
The Company is also planning a subsequent financing in early 2018 to fund development and exploration expenditures related to its oil and gas assets in Turkey and Bulgaria, which are described below.
About the Company
Park Place has several oil and gas assets in Turkey and Bulgaria. In Turkey, these include an 19.6 % interest in the Cendere oil field, a 37.25% interest in the SASB offshore gas field (together which net Park Place about 180 bopd.), a 100% interest in 42,833 hectares of exploration blocks (Derecik Exploration Licences) covering the northern extension of the prolific Iraq/Kurdistan Zagros Basin, and the Vranino 1-11 block, Bulgaria, a prospective coal bed methane property.
See our news release date October 25, 2017 for further details on our oil and gas assets.
Park Place Energy Inc. is an energy company engaged in oil and natural gas exploration and production. For further information, please see our website: www.parkplaceenergy.com or email us: firstname.lastname@example.org or contact Arthur Halleran at email@example.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s expansion and business strategies and anticipated growth opportunities and the amount of fundraising necessary to achieve it. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include operational and geological risks, the ability of the Company to raise necessary funds for exploration; the fact that the Company does not operate all its properties; changes in law or governmental regulations, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K.
Note on Boe: Barrels of oil equivalent or Boe, are derived by converting natural gas to oil at the ratio of six thousand cubic feet (“Mcf”) of natural gas equals one barrel of oil. This conversion is derived from energy equivalency and does not represent a value equivalency and therefore may be misleading if used in isolation.