ARAPAHOE ENERGY CORPORATION
TSX VENTURE : AAO

ARAPAHOE ENERGY CORPORATION

August 30, 2005 13:14 ET

Arapahoe Energy Corporation Announces Closing of Shares for Debt Settlement

CALGARY, ALBERTA--(CCNMatthews - Aug. 30, 2005) - Arapahoe Energy Corporation (TSX VENTURE:AAO) (the "Corporation") is pleased to announce that the debt settlement through the issuance of common shares of the Corporation previously announced on June 10, 2005 has closed, subject to TSX Venture Exchange final approval.

The Corporation issued 289,910 common shares at a price of $0.30 per share to directors for full satisfaction of indebtedness owed in the amount of $86,973 and issued 100,000 common shares at a price of $0.40 per share to an outside creditor for full satisfaction of indebtedness owed in the amount of $40,000. All of the common shares issued in connection with this debt settlement are subject to a four month hold.

After giving effect to the debt settlement, the Corporation has 22,707,849 common shares issued and outstanding.

The Corporation is a publicly traded junior oil and natural gas exploration company with its shares listed on the TSX Venture Exchange under the trading symbol "AAO". The Corporation is engaged in the exploration, development and production of oil and natural gas in Western Canada.

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

Contact Information

  • Arapahoe Energy Corporation
    Jeffrey L. Standen
    Chief Executive Officer and President
    (403) 920-0040 (ext. 1)
    Website: www.arapahoe-energy.com