Mr. M. Bruce Chernoff

March 12, 2012 22:04 ET

M. Bruce Chernoff Acquires Securities of PetroShale Inc.

CALGARY, ALBERTA--(Marketwire - March 12, 2012) - M. Bruce Chernoff ("Chernoff"), through an entity substantially owned by him ("Chernoffco"), has acquired ownership and control of 10,000,000 common voting shares ("Common Shares") of PetroShale Inc. (formerly, Algonquin Oil & Gas Limited) ("PetroShale") and 5,000,000 common share purchase warrants (the "Warrants" and collectively with the Common Shares, the "securities"), on a post-consolidation basis, with such Common Shares representing approximately 45% of the total issued and outstanding Common Shares.

The securities were acquired by Chernoffco pursuant to a private placement of units of Mondak Petroleum Inc. ("Mondak") and a related business combination involving Mondak and PetroShale (the "Transaction"), as previously announced by PetroShale. Pursuant to the private placement of units by Mondak, Chernoffco acquired units at a price of $0.15 per unit, with each unit consisting of one common share of Mondak and one half of one common share purchase warrant of Mondak. Pursuant to the terms of the Transaction, each common share of Mondak was exchanged for one Common Share and each whole common share purchase warrant of Mondak was exchanged for one Warrant and the Common Shares and Warrants were consolidated on a 10 for 1 basis. Further securities may be acquired by Chernoff and/or Chernoffco, subject to applicable laws.

An early warning report for Chernoff will be filed on SEDAR at www.sedar.com.

Contact Information

  • Mr. M. Bruce Chernoff
    3900, 350 7th Avenue SW
    Calgary, Alberta T2P 3N9