Riata Resources Corp.

Riata Resources Corp.

April 14, 2011 16:29 ET

Riata Announces a Private Placement and Management Changes

CALGARY, ALBERTA--(Marketwire - April 14, 2011) - Riata Resources Corp. ("Riata" or the "Corporation") (TSX VENTURE:RTR) announces a private placement of up to 25,000,000 units at a price of $0.06 per unit, each unit consisting of one share of the Company and one warrant to buy one additional share of the Company for $0.10 for a period of two years from the closing of the placement. Proceeds of the private placement will be used to pay off existing debts, including bank indebtedness, and for general working capital. Finder's fee(s) will be payable equal to 10% of the units placed. The private placement is subject to regulatory approval.

In addition, management wishes to announce the appointment of Messrs. Robert McMorran, CA and Gunther Roehlig as directors of the Company, to replace Jacqueline M. Tucker and Jim D. Ford who have each resigned as directors. Management would like to thank Ms. Tucker and Mr. Ford for their contributions to the Company over the years. Mr. McMorran is a chartered accountant with over 25 years experience in the oil and gas industry. Mr. McMorran has held numerous board positions and senior officer appointments with various public companies. He has also been appointed as the Chief Financial Officer of the Company. Mr. Roehlig has more than 15 years experience in the financial and investment industry, with a strong background in managing and financing junior companies. He is currently the Director and Officer of a number of public companies listed on the TSX Venture Exchange.

On behalf of the Company,

James R. Breimayer, President & CEO

This news release is not an offer or a solicitation of an offer of securities for sale in the United States. The Units and the Common Shares and Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Riata Resources Corp.
    James R. Breimayer
    President & CEO
    403 693-8009