Condor Petroleum Inc.

Condor Petroleum Inc.

March 31, 2011 21:27 ET

Condor Petroleum Inc. Announces Pricing of Its Initial Public Offering

CALGARY, ALBERTA--(Marketwire - March 31, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS

Condor Petroleum Inc. ("Condor" or the "Corporation") is pleased to announce that it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces of Canada in connection with the initial public offering of up to 57,142,857 common shares at a price of CDN$1.40 per common share for total gross proceeds of up to CDN$80,000,000. The Corporation has granted to the Agents an option, exercisable in whole or in part from time to time, for up to 30 days following closing, to offer for sale up to an additional 8,571,428 common shares at a price of CDN$1.40 per common share to cover over-allotments, if any, and for market stabilization purposes. If the over-allotment option is exercised in full, gross proceeds of the offering will be CDN$92,000,000.

The offering was carried out by a syndicate of investment dealers led by FirstEnergy Capital Corp., and including UBS Securities Canada Inc., Raymond James Ltd., Dundee Securities Ltd., Haywood Securities Inc., and Jennings Capital Inc. (collectively, the "Agents").

Condor has received conditional approval for the listing of its common shares on the Toronto Stock Exchange ("TSX") under the symbol "CPI", subject to Condor fulfilling all of the listing requirements of the TSX on or before June 7, 2011. Closing of the offering and commencement of trading of the common shares on the TSX is scheduled for April 12, 2011, subject to customary closing conditions and the fulfillment of the TSX listing conditions.

The final prospectus filed in connection with the initial public offering also qualifies for distribution up to 36,000,000 common shares issuable on the deemed exercise of special warrants issued by the Corporation pursuant to a special warrant offering by the Corporation that was completed on December 15, 2010 and December 20, 2010.

An electronic copy of the final prospectus will be available on the SEDAR website at www.sedar.com.

United States Advisory

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

This offering is made only by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the final prospectus can be obtained from FirstEnergy Capital Corp., c/o Bridget G. Mahoney, Vice President, Syndication, telephone (403) 262-0627 or from any of the other Agents noted above. Investors should read the prospectus before making an investment decision. 

About Condor Petroleum Inc.

Condor is a junior oil and natural gas corporation engaged in the exploration for, and the acquisition, development and production of oil and natural gas resources in Kazakhstan and Canada.

Forward-Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Condor, including, without limitation, those listed under the headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in Condor's final prospectus. Forward-looking information in this press release includes, but is not limited to, information concerning the proposed initial public offering and TSX listing. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, Condor does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Condor Petroleum Inc.
    Don Streu
    President & Chief Executive Officer
    (403) 201-9694
    or
    Condor Petroleum Inc.
    Sandy Quilty
    Vice President, Finance & Chief Financial Officer
    (403) 201-9694