Prairie Schooner Petroleum Ltd.
TSX : PSL

Prairie Schooner Petroleum Ltd.

August 23, 2005 10:39 ET

Prairie Schooner Petroleum Ltd. Announces Closing of the $41,000,000 Million Equity Financing

CALGARY, ALBERTA--(CCNMatthews - Aug. 23, 2005) - Prairie Schooner Petroleum Ltd. (TSX:PSL) ("Prairie Schooner") is pleased to announce the closing of the equity financing that was previously announced on August 2, 2005. Prairie Schooner has issued 2,700,000 subscription receipts at $15.30 per subscription receipt for total gross proceeds of $41,310,000. The proceeds of the issue will be used to fund Prairie Schooner's previously announced asset acquisition. The private placement was completed through a syndicate of underwriters led by GMP Securities Ltd., including Peters & Co. Limited, Tristone Capital Inc. and FirstEnergy Capital Corp.

This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Prairie Schooner's control, including: the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Prairie Schooner's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Prairie Schooner will derive therefrom.

Contact Information

  • Prairie Schooner Petroleum Ltd.
    Mr. Jim Saunders
    Chief Executive Officer and Chairman
    (403) 303-3750
    or
    Prairie Schooner Petroleum Ltd.
    Mr. Jerry Saphiea, CA
    Vice President, Finance and Chief Financial Officer
    (403) 303-3762