International PetroReal Oil Corporation

International PetroReal Oil Corporation

October 12, 2007 19:11 ET

International PetroReal Announces Debt Settlement Agreement With Debentureholders and New Director

CALGARY, ALBERTA--(Marketwire - Oct. 12, 2007) - International PetroReal Oil Corporation (TSX VENTURE:IPO) (the "Corporation") is pleased to announce that it has entered or intends to enter into agreements with holders of outstanding convertible debentures of the Corporation (the "Convertible Debentures") in the aggregate principal amount of $3,390,000. The Corporation has or will agree to issue an aggregate of up to 11,600,000 common shares of the Corporation (the "Common Shares") in satisfaction of the amounts owing pursuant to the convertible debentures, such Common Shares to be issued at a deemed price of $0.30 per share.

The Convertible Debentures were issued on June 1, 2004 and are 9% convertible debentures that were due on April 30, 2007. To date, none of these Convertible Debentures have been redeemed or converted.

The debt settlement is subject to regulatory acceptance and may be subject to shareholder approval and the Common Shares when issued will be subject to a four month hold period from the date of issue.

The Corporation is also pleased to announce that Ernest Schlotter of Zurich, Switzerland has joined the board of directors of the Corporation effective October 11, 2007. Mr. Schlotter is an experienced fund manager and has been the President and Chief Executive Officer of SISM Investment & Services in Switzerland for the past 12 years. This appointment is subject to usual regulatory approvals.

The Corporation is an oil and gas exploration and development company whose primary focus is on the acquisition of producing properties with the aim of building a premier upstream production corporation.

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

Contact Information

  • International PetroReal Oil Corporation
    Mark Hlady
    (403) 262-8073