Kierland Resources Ltd.
TSX VENTURE : KIR

August 28, 2009 13:33 ET

Kierland Resources Releases Second Quarter 2009 Results

CALGARY, ALBERTA--(Marketwire - Aug. 28, 2009) - Kierland Resources Ltd. ("Kierland" or the "Company") (TSX VENTURE:KIR) announces its second quarter results for the six month period ending June 30, 2009. The Unaudited Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter should be read in conjunction with the Audited Financial Statements and the MD&A for the year ended December 31, 2008, all of which are filed and now available for viewing on the System for Electronic Disclosure and Analysis ("SEDAR") at www.sedar.com.

The Company also announces that it closed a private placement of 5,250,000 Units ("Units") of the Company, with each Unit being comprised of one (1) Common Share of the Company issued on a flow-through basis ("Flow-Through Share") at a price of $0.10 per share, one (1) Common Share of the Company ("Common Share") issued at a price of $0.10 per share and one (1) Common Share Purchase Warrant ("Warrant"). Each whole Warrant is exercisable into one Common Share at a price of $0.15 per share until January 31, 2011. The closing resulted in the receipt by the Company of gross proceeds of $1,071,000 and the Company issued 10,710,000 Common Shares 5,250,000 Warrants. The Units were sold to fund the acquisition of oil and gas producing properties and to perform exploratory, development drilling and seismic surveys on the Company's properties. The Company paid Finder's Fees of 2% cash and 2% Common Shares. All securities issued pursuant to the Private Placement are subject to final approval from the TSXV and subject to a four month hold pursuant to applicable securities legislation. The Company also announces that further to the Company's press release issued on July 3, 2009 with respect to the closing of a previous private placement on July 2, 2009, the Company advises that an additional 500,000 Common Shares were subscribed for on July 9, 2009, bringing the aggregate gross proceeds raised pursuant to the earlier private placement to $181,000.

The Company also announces that Directors Ross Drysdale and Ty Pfeifer have resigned from the Board of the Company and Alan Cruickshank and Neil Burwash were appointed to replace Messrs. Drysdale and Pfeifer. Mr. Drysdale will continue as Corporate Secretary of the Company. The Company's Board of Directors is now comprised of Richard Boswell, President and Chief Executive Officer and independent Directors Paul Patton, Alan Cruickshank and Neil Burwash. The Company wishes to thank Mr. Pfeifer for his contributions to the Company as a Director.

About Kierland Resources

Kierland Resources is a publicly traded, junior oil and gas company focused on exploration and development of oil and natural gas in Alberta. The Company remains focused on organic growth through the drill bit on its existing acreage while continuing a process of adding accretive acquisitions in 2009.

READER ADVISORY

This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Issued Common Shares: 57,752,307

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kierland Resources Ltd.
    Richard J. Boswell
    President and Chief Executive Officer
    (403) 510-2957
    Email: rchfield@shaw.ca
    or
    Kierland Resources Ltd.
    750, 630 - 6th Avenue SW
    Calgary, Alberta T2P 0S8