Albion Petroleum Ltd.

October 11, 2005 12:19 ET

Albion Petroleum Ltd. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(CCNMatthews - Oct. 11, 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. As a result of this issuance, the Corporation has 7,000,000 common shares issued and outstanding (see news release of September 30, 2005 for full details).

Albion is a Capital Pool Company as defined in Policy 2.4 of the TSX Venture Exchange and is therefore subject to and governed by the restrictions under this policy. 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 resource sector, specifically oriented towards oil and gas projects in Europe and Asia. Albion does not own any assets, other than cash, and has not entered into an "Agreement in Principle" with respect to any acquisition; however, the Corporation is reviewing information pertaining to opportunities in these two areas of interest.

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