Condor Petroleum Inc.

Condor Petroleum Inc.

February 24, 2011 16:41 ET

Condor Petroleum Inc. Files Preliminary Prospectus in Connection With Its Proposed Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Feb. 24, 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 filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of Canada, in connection with the proposed initial public offering of the Corporation's common shares, for gross proceeds of up to CDN$80 million.

The preliminary prospectus is also being filed in connection with the qualification for distribution of 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.

The syndicate of agents for the offering is led by FirstEnergy Capital Corp., and includes UBS Securities Canada Inc., Raymond James Ltd., Dundee Securities Ltd., Haywood Securities Inc., and Jennings Capital Inc.

An electronic copy of the preliminary 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.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary 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. There will not be any sale or acceptance of an offer to buy the securities until a receipt for a final prospectus has been issued.

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.

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