Sunridge Energy Corp.

Sunridge Energy Corp.

July 06, 2012 19:13 ET

Sunridge Announces Corporate Update

CALGARY, ALBERTA--(Marketwire - July 6, 2012) - Sunridge Energy Corp. (TSX VENTURE:SRG) ("Sunridge" or the "Company") is pleased to report that the Company has appointed Mr. Scott Alanen as Chief Financial Officer. Mr. Alanen, a Chartered Accountant, has significant finance and accounting experience in the oil and gas industry. Through his career he has served in various managerial and financial accounting positions, most recently Canexus Corporation and prior thereto Ember Resources Inc. He has extensive knowledge of International Financial Reporting Standards, raising public market equity and financial management and has worked as an auditor with a national accounting firm. Mr. Alanen holds a Bachelor of Commerce Degree (Accounting Major) from the University of Alberta - School of Business and is a member in good standing with the Institute of Chartered Accountants of Alberta and the Canadian Institute of Chartered Accountants.

Sunridge would like to thank Mr. Jerry Bella for all his tremendous efforts and stewardship as a past director and officer of the Company.

Sunridge also confirms that it has accepted subscriptions for and is closing its previously announced private placement financing, through the issuance of an aggregate of 4,235,000 common shares, for gross proceeds of $847,000. One-half of the issued shares (2,117,500 shares) were issued on a flow-through basis. A 7% finder's fee was paid to registered dealers on the offering. The proceeds of the offering will be used to drill the second well at the Company's North Central oil discovery. The common shares issued under the private placement are subject to a four-month hold period - a portion of the shares become free-trading on October 30th, 2012 and the remaining shares become free trading on November 5, 2012.

This press release is not an offering of securities for sale in the United States. The common shares have not been 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 exemption from the registration requirements of that Act.

Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval.


Sunridge Energy is an exploration and production company focused on sustainable oil developments that are highly economic and decrease costs.

On behalf of the board,

Dwayne Tyrkalo, Chief Executive Officer

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sunridge's ability to complete the drilling of its second well, or that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.

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

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