Avatar Energy Ltd.

December 03, 2010 00:08 ET

Avatar Energy Ltd. Announces Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - Dec. 3, 2010) - Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG), today announces that it has granted options to purchase an aggregate of 1,400,000 common shares of the Corporation at an exercise price of $0.50 per share to certain directors, officers and consultants of the Corporation. The options vest at the rate of one-third on each of the first, second and third anniversaries of the date of grant and expire five years from the date of grant.

There are currently 1,855,195 common shares of Avatar reserved for issuance under the Corporation's stock option plan.

The grant of the stock options is subject to TSX Venture Exchange approval.

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

  • Avatar Energy Ltd.
    Alan D. Jack, P. Eng
    President & Chief Executive Officer
    (403) 517-8818
    (403) 517-8815 (FAX)
    Avatar Energy Ltd.
    Lorie J Hynes, CA
    Chief Financial Officer
    (403) 517-8818
    (403) 517-8815 (FAX)