Albion Petroleum Ltd.

September 30, 2005 13:23 ET

Albion Petroleum Ltd. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(CCNMatthews - Sept. 30, 2005) - ALBION PETROLEUM LTD. ("Albion") is pleased to announce that it has completed its initial public offering of 5,000,000 common shares at the price of $0.10 per common share pursuant to its prospectus dated August 2, 2005 and will be filing all final listing documents with the TSX Venture Exchange Inc. (the "TSX Venture"). As a result of this issuance, the Corporation has 7,000,000 common shares issued and outstanding. The Corporation also granted options to acquire an aggregate of 700,000 common shares at an exercise price of $0.10 per share to directors of Albion and an agent's option to acquire an aggregate of 500,000 shares at an exercise price of $0.10 per share to Canaccord Capital Corporation and its sub-agents. There has been no material change in the business and affairs of Albion other than the foregoing.

Albion is a Capital Pool Company as defined in Policy 2.4 of the TSX Venture and is therefore subject to and governed by the restrictions of TSX Venture Policy 2.4. To date, Albion has not conducted operations of any kind. Albion proposes to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and, once identified and evaluated, to negotiate an acquisition or participation subject to regulatory approval. Albion's present intention is to pursue business opportunities in the natural resources sector. Albion does not own any assets, other than cash, and has not entered into an "Agreement in Principle", as such phrase is defined in Policy 2.4 of the TSX Venture, with respect to any acquisition.

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

Contact Information

  • Albion Petroleum Ltd.
    Colin B. Christensen
    (403) 410-1303
    (403) 266-4124 (FAX)
    Albion Petroleum Ltd.
    Suite 900, 639 - 5 Ave. S.W.
    Calgary, Alberta, Canada T2P 0M9