Storm Ventures International Inc.

Storm Ventures International Inc.

April 01, 2010 15:18 ET

Storm Ventures International Inc.'s Indirect Wholly Owned Subsidiary, Silverstone Energy Limited, Combines With Bridge Energy AS

CALGARY, ALBERTA--(Marketwire - April 1, 2010) - Storm Ventures International Inc. ("SVI") announced today that it's indirect wholly owned subsidiary, Silverstone Energy Limited ("Silverstone"), has combined (the "Combination") with Bridge Energy Norge AS whereby each of the companies have become subsidiaries of a holding company, Bridge Energy ASA ("Bridge Energy"). Storm Ventures International (BVI) Limited (SVI's wholly owned subsidiary) ("SVI (BVI)") formerly owned all of the shares of Silverstone which contained SVI's North Sea business. Pursuant to the Combination, SVI (BVI) received 28,776,000 shares of Bridge Energy which represented 80% of the 35,970,000 shares of Bridge Energy which were outstanding immediately following the Combination. The Combination paves the way for a publicly listed E&P company with activities in both the United Kingdom and Norway. Bridge Energy will have a strong platform for growth with production from Silverstone's license portfolio and substantial exploration potential in both Norway and the United Kingdom. 

Following the Combination, Bridge Energy secured a private placement (the "Private Placement") of 16,225,000 shares at a price of NOK 20 per share (or approximately U.S.$3.33 per share), for gross proceeds of NOK 324.5 million (or approximately U.S.$54.1 million), directed towards Norwegian and international institutional investors. The Private Placement is expected to be completed on or about April 6, 2010. The subscription price of the shares to be issued pursuant to the Private Placement implies a market capitalization of Bridge Energy of NOK 1.04 billion (or approximately U.S.$173.3 million).

On March 26, 2010, Bridge Energy ASA applied for listing on Oslo Bors. When approved, Bridge Energy will trade under the name Bridge Energy ASA, ticker: BRIDGE. Expected time of listing is mid May 2010.

In connection with the listing, Bridge Energy is considering offering additional new shares through a public offering directed at Norwegian and International institutional investors, and the retail segment in Norway, in order to expand the shareholder base and raise additional growth capital. The size and price of the offering will be determined in the context of the market.

About SVI

Storm Ventures International Inc. is a private Alberta oil and gas exploration and production company with operations focused in west central Alberta and North Africa managed from offices in Calgary and Tunis.

Contact Information

  • Storm Ventures International Inc.
    Matthew J. Brister
    President and Chief Executive Officer
    (403) 471-7288
    (403) 265-2746 (FAX)
    or
    Storm Ventures International Inc.
    L. Geoffrey Barlow
    Vice President, Finance and Chief Financial Officer
    (403) 265-1619
    (403) 265-2746 (FAX)
    www.stormventuresinc.com