PETRO VERDE ANNOUNCES EQUITY RE-COMMITMENT
Calgary, Alberta, Canada – June 18, 2013 – Petro Verde Energy Inc. (“Petro Verde”) announces the re-commitment of Verde Energy Ltd. for a minimum Cdn. $15 million of equity financing.
The equity financing was originally part of a letter of intent signed by Petro Verde and Verde on January 26, 2012. The financing condition of Verde is now in the process of being met and closing is expected to occur by the end of July 2013. In addition to the equity injection, Verde proposes to originate a limited partnership structure to co-invest alongside Petro Verde in its oilfield acquisitions and enhanced oil recovery investments.
Jeff Arsenych, President & CEO or Petro Verde, stated “We are please that the long-awaited financing from Verde will soon be completed. We are also excited about the additional limited partnership structure, which will substantially expand our investment capacity.”
Petro Verde Energy Inc. is a private oil company based in Calgary, Alberta. Petro Verde’s corporate strategy is to develop established oil resources using successful risk management practices and proven new technologies. The property market in North America is currently very robust with many assets being offered for sale by their operators. Also, the specific targeting of mature waterfloods for acquisition, as well as international joint ventures, will also provide many transaction opportunities for production upside and cost mitigation. Jeff Arsenych, CEO, has co-founded four prior oil companies that were successful with oil development.
For more information please contact:
Jeff Arsenych Allan MacRae
President & CEO President & CEO – International
+1 403 807 8444 +1 403 875 4830