Samoth Oilfield Inc.

December 07, 2006 17:05 ET

Samoth Oilfield Inc. Completes Initial Public Offering

ST. ALBERT, ALBERTA--(CCNMatthews - Dec. 7, 2006) - Samoth Oilfield Inc. (the "Corporation") is pleased to announce that it successfully completed its initial public offering of 3,000,000 common shares (the "Common Shares") at $0.25 per share for gross proceeds of $750,000 (the "Offering") on December 6, 2006. As a result of this issuance, the Corporation has 10,000,000 Common Shares issued and outstanding.

The Corporation has also granted options to acquire an aggregate of 1,000,000 Common Shares at an exercise price of $0.25 per share to the directors and officers of the Corporation, which expire 5 years from the date of grant. In addition, the Corporation granted an option to acquire an aggregate of 300,000 Common Shares (the "Agent's Option") at an exercise price of $0.25 per share to Blackmont Capital Inc., which acted as agent for the Offering. The Agent's Option will expire 24 months from the date the Corporation's Common Shares are listed on the TSX Venture Exchange (the "Exchange"). The Corporation is a capital pool company pursuant to Policy 2.4 of the Exchange.

The Exchange has conditionally approved the listing of the Corporation's Common Shares on the Exchange and the Corporation now intends to make application for final approval. It is expected that the Corporation's trading symbol will be "SCD.P".

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

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

Contact Information

  • Samoth Oilfield Inc.
    Leonard D. Jaroszuk
    President and Chief Executive Officer
    (780) 418-4400