SAN CLEMENTE, CALIFORNIA, Jul 03 (MARKET WIRE) --
Petro Vista Energy Corp. (TSX VENTURE: PTV) ("Petro Vista" or the
"Company"), an independent oil and gas exploration and production
company, announces the completion of the first tranche of its
non-brokered private placement announced on June 19, 2009. The placement
consisted of the sale of 7,566,933 units ("Units") at a price of $0.12
per unit for gross proceeds to the Company of C$908,032. Each unit
consists of one common share and one common share purchase warrant.
Each common share purchase warrant is exercisable to purchase one
additional common share at a price of C$0.15 per common share until July
3, 2011, subject to the Company's right to accelerate the exercise of the
common share purchase warrant if the daily volume weighted average
trading price of the common shares of the Company on the TSX Venture
Exchange is equal to or exceeds C$0.25 per common share for a period of
20 consecutive trading days between November 4, 2009 and July 3, 2011.
Petro Vista paid commissions to finders under the placement consisting of
aggregate cash commissions of C$34,230 and the issue of an aggregate of
285,249 finder's warrants. Each finder's warrant entitles the holder to
purchase one common share of Petro Vista at a price of C$0.15 per common
share until July 3, 2011.
All securities issued in connection with this private placement are
subject to a hold period in Canada that expires on November 4, 2009.
The proceeds of the private placement will be used by the Company for
general working capital and to fund the Company's work program on its 4
well La Maye Project in the Magdalena Basin, Colombia, that is expected
to commence in late August 2009.
About Petro Vista Energy
Headquartered in San Clemente, California, USA, Petro Vista Energy Corp.,
is an independent exploration company engaged in the acquisition,
exploration and development of oil and natural gas properties located in
South America. The Company has exploration, development and production
rights to over 3,230,936 gross acres (930,629 net acres) in Colombia and
Brazil. The Company's website at www.pvecorp.com provides additional
information about the Company's plans, including photographs and other
information with respect to its operations and assets.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Read B. Taylor, President and CEO
This press release includes "forward-looking statements" including
forecasts, estimates, expectations and objectives for future operations
that subject to a number of assumptions, risks and uncertainties, many of
which are beyond the control of the Company. Statements regarding future
production, reserve additions and capital expenditures are subject to all
of the risks and uncertainties normally incident to the exploration for
and development and production of oil and gas. These risks include, but
are not limited to, inflation or lack of availability of goods and
services, environmental risks, drilling risks and regulatory changes.
Investors are cautioned that any such statements are not guarantees of
future performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. Such
forward-looking information represents management's best judgment based
on information currently available. No forward-looking statement can be
guaranteed and actual future results may vary materially. The Company
does not assume the obligation to update any forward-looking statement,
except as required by applicable law.
The TSX Venture Exchange nor
its Regulation Services Provider does not accept responsibility for the
adequacy or accuracy of this release.
Contacts:
Petro Vista Energy Corp.
Investor Relations
Toll Free: +1 (877) 427-3876
investor@pvecorp.com
www.pvecorp.com
Copyright 2009, Market Wire, All rights reserved.
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