Petro Viking Energy Inc.

June 11, 2010 12:07 ET

Petro Viking Energy Inc.: Press Release

ARMSTRONG, BRITISH COLUMBIA--(Marketwire - June 11, 2010) - Mr. Irvin Eisler, President of Petro Viking Energy Inc. (TSX VENTURE:VIK) (the "Corporation") announces the Corporation, a Capital Pool Company, has raised $1,000,000 by an initial public offering of 5,000,000 common shares which closed on June 3, 2010. The Corporation's common shares will be listed and posted for trading on the TSX Venture Exchange on Friday, June 11, 2010 under the symbol "VIK". Wolverton Securities Ltd. acted as agent for the Corporation's offering. The Corporation has granted an aggregate of 949,000 stock options to directors and officers of the Corporation and which are exercisable on or before June 3, 2020 at an exercise price of $0.20 per common share. In addition, warrants to acquire an aggregate of 420,000 Shares at an exercise price of $0.20 per share were granted to Wolverton Securities Ltd. and 80,000 Shares to PI Financial Corp.

The Corporation is a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "Exchange"). Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative. Pursuant to Exchange policies the Corporation has 24 months to identify and close a qualifying transaction.

Forward-Looking Statements

Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Petro Viking. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues", or similar words and include but are not limited to, statements regarding the accretive effects of the acquisition and the anticipated results and expected benefits of the acquisition upon closing thereof. Petro Viking believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Petro Viking's continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Petro Viking's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Petro Viking. Any forward-looking statements are made as of the date hereof and Petro Viking does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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

  • Petro Viking Energy Inc.
    David D. Heighington
    Suite 730, 1015 - 4th Street SW
    Calgary, Alberta T2R 1J4
    (403) 237-0018