Alpetro Resources Ltd.
TSX VENTURE : ALF

Alpetro Resources Ltd.

November 06, 2007 17:45 ET

Alpetro Resources Ltd.: First Closing of Private Placement Correction

CALGARY, ALBERTA--(Marketwire - Nov. 6, 2007) - In its news release of November 5, 2007, Alpetro Resources Ltd. ("Alpetro")(TSX VENTURE:ALF) indicated that Robin Chan, Chief Financial Officer, Treasurer and Secretary of Alpetro, had subscribed for 150,000 Units ($37,500) of Alpetro's previously announced brokered private placement; in fact Mr. Chan subscribed for 100,000 Units ($25,000). With respect to the "related party" disclosure for the purposes of Policies 4.1 and 5.9 and Appendix 5B (being OSC Rule 61-501) of the TSX Venture Exchange, Alpetro indicated that Nazrul Islam, Chief Executive Officer and President of Alpetro, increased his Common Shares in Alpetro (assuming exercise of his warrants) from 5,325,770 shares (representing 61.3% of the outstanding voting interest before the private placement) to 5,773,770 shares (representing 48.3% of the outstanding voting interest after the private placement, assuming exercise of all warrants). Mr. Islam's resulting ownership is in fact 5,775,770 shares (representing 48.2% of the outstanding voting interest after the private placement, assuming exercise of all warrants). As a result of the first closing of the private placement, Alpetro has 10,887,700 (not 10,887,770) Common Shares issued and outstanding.

This release was prepared by Alpetro's management who take full responsibility for its contents. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Alpetro disclaims any obligation to update forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Alpetro Resources Ltd.
    Nazrul Islam
    President
    (403) 234-9006