Spartan Oil Corp.

Spartan Oil Corp.

March 30, 2012 19:29 ET

Spartan Oil Corp. Announces Filing of Final Short Form Prospectus Qualifying Distribution of Common Shares

CALGARY, ALBERTA--(Marketwire - March 30, 2012) -


Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO) is pleased to announce that it has obtained the final receipt for the (final) short form prospectus in the provinces of British Columbia, Alberta, Saskatchewan, Ontario and Nova Scotia (the "Offering Jurisdictions") qualifying the distribution of 13,068,600 common shares (the "Qualified Shares") of the Company issuable pursuant to the deemed exercise of the 13,068,600 previously issued special warrants (the "Special Warrants").

The Company had agreed to use commercially reasonable efforts to file a (final) prospectus qualifying the issuance and distribution of the Qualified Shares issuable upon the deemed exercise of the Special Warrants in the Offering Jurisdictions and obtain a final passport decision document evidencing a receipt on behalf of each of the securities regulatory authorities in each of the Offering Jurisdictions no later than May 7, 2012.

The Special Warrants were issued on a private placement basis pursuant to prospectus exemptions under applicable securities laws in the Offering Jurisdictions on March 8, 2012 at an issue price of $4.40 per Special Warrant, including 1,704,600 Special Warrants pursuant to the fully exercised over-allotment option, for gross proceeds of $57,501,840 with a syndicate of underwriters led by Clarus Securities Inc. and including GMP Securities L.P., Peters & Co. Limited, AltaCorp Capital Inc. and Scotia Capital Inc. (the "Bought Deal Financing").

The certificate representing the Qualified Shares will be issued in book-entry only form and registered in the name of "CDS & Co." and deposited with CDS Clearing and Depositary Services Inc. ("CDS") or its nominee. Only with respect to holders of Qualified Shares resident in the United States will a certificate representing the Qualified Shares be issued. Holders of Qualified Shares, other than holders resident in the United States, will receive only a customer confirmation from the underwriter or other registered dealer who is a CDS participant and from or through whom a beneficial interest in the Qualified Shares is acquired.

Net proceeds of the Bought Deal Financing will be used to fund the Company's ongoing drilling operations and for general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

The Company is engaged in the business of acquiring crude oil and natural gas properties and exploring for, developing and producing oil and natural gas in western Canada. Spartan is uniquely positioned with a significant position in two of the leading oil resource plays in western Canada, being the Cardium light oil play in central Alberta and the Bakken light oil resource play in southeast Saskatchewan.


This press release contains certain forwardlooking statements (forecasts) under applicable securities laws relating to future events or future performance. Forwardlooking statements are necessarily based upon assumptions and judgements with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather, the regulatory and legal environment and other risks associated with oil and gas operations. In some cases, forwardlooking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of Spartan. Undue reliance should not be placed on these forwardlooking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forwardlooking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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