SOURCE: Brighton Oil & Gas

October 23, 2007 09:00 ET

Brighton Oil & Gas, Inc. Announces a Reverse Split

DALLAS, TX--(Marketwire - October 23, 2007) - Brighton Oil & Gas, Inc. (OTCBB: BOGS) Brighton or ("The Company"), an oil and gas producer, announced today that the Board of Directors has approved a 1-for-10 ("Reverse Split"). Brighton common stock will begin trading on a reverse-split basis on November 12, 2007. As a result of the reverse stock split, every ten shares of Brighton common stock will be combined into one share of Brighton common stock. The Reverse Split affects all common stock, warrants and common stock underlying the warrants, outstanding immediately prior to the close of business on November 9, 2007 ("Effective Time").

The majority shareholder approved a proposal to authorize the Board, in its discretion, to affect a reverse split of Brighton's outstanding common stock at one for ten, at any time prior to the 2008 annual meeting, without further action by shareholders.

The Reverse Split will become effective on Monday, November 12, 2007 (the "Effective Date"). Commencing on the Effective Date our Common Stock will become eligible to trade on a post-Reverse Split basis. The ratio of the Reverse Split is one-for-ten. Accordingly, all shareholders holding more than one "old" share will receive one "new" share for every ten "old" shares held by them on the Effective Date. With the exception of persons who would receive less than one "new" share, all fractional shares will be rounded up and one whole share will be issued. As previously indicated, the Effective Date of the Reverse Split shall be November 12, 2007.

In connection with the reverse split, the total number of common shares authorized under our Certificate of Incorporation will be reduced from 300 million to 30 million shares. As of the end of Brighton's fiscal third quarter 2007, there were approximately 82.2 million shares of Brighton's common stock outstanding. After the 1-for-10 reverse split that total will be reduced to approximately 8.2 million shares.

About Brighton Oil & Gas, Inc.

Brighton Oil & Gas, Inc. is an oil and gas company with a focus on gulf coast oil and gas prospects and properties. Brighton is careful to develop a thorough drilling plan using advanced technologies in both mapping and the use of 3D seismic reports and information. Brighton trades under the ticker symbol BOGS. For more information on the Company, visit http://www.Brightonoil.com.

This Press Release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," intends," "projects," "plans," or similar phrases may be deemed "forward-looking statements." Although Brighton Oil & Gas, Inc. believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.

Contact Information

  • Contact:
    Michele Sheriff
    972-450-5995