Sentinel Rock Oil Corporation
TSX VENTURE : SEN

Sentinel Rock Oil Corporation

February 18, 2009 15:24 ET

Sentinel Rock Oil Corporation: Acquisition of Shares by Director

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Sentinel Rock Oil Corporation (TSX VENTURE:SEN) ("Sentinel" or the "Corporation") announces that Mr. Al Kroontje of Calgary, Alberta, a director of Sentinel Rock Oil Corporation has acquired control of 5,800,000 common shares of Sentinel ("Common Shares").

The acquisition is the result of Mr. Kroontje's participation in a private placement conducted by the Corporation ("Sentinel Private Placement") previously disclosed in a news release dated January 29, 2009.

Mr. Kroontje now beneficially owns, controls or has direction over, directly or indirectly, an aggregate of 6,670,588 Common Shares, representing 17.93% of the Corporation's outstanding voting securities.

Mr. Kroontje acquired the Common Shares pursuant to the Sentinel Private Placement, and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over Common Shares, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

The Sentinel Private Placement is a "related party transaction" within the meaning of TSX Venture Policy 5.9 (which incorporates Multilateral Instrument 61-101) ("Policy 5.9") as certain of the subscribers are related parties.

As a result, Multi-lateral Instrument 61-101 ("MI 61-101") provides that a "related party transaction", such as the Sentinel Private Placement, must be approved by a majority of the votes cast by holders of securities, excluding holders of securities whose votes cannot be included for the purposes of minority approval, as that term is defined in MI 61-101. However, the Sentinel Private Placement is exempt from the minority shareholder approval requirement pursuant to Section 5(c) of MI 61-101 since it is a distribution of securities of an issuer to a related party for cash consideration, and neither the issuer nor, to the knowledge of the issuer after reasonable inquiry, the related party, has knowledge of any material information concerning the issuer or its securities that has not been generally disclosed.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Sentinel Rock Oil Corporation
    Bryce Bonneville
    Vice-President, Business Development
    (403) 668-0427