CALGARY, Alberta, Feb. 1 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Tracer Petroleum Corporation, by David
Robinson, President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company")
(OTC Bulletin Board: TCXX) reports that it has arranged a private placement
consisting of 400,000 Units at US$0.25 per Unit, for proceeds of US$100,000.
Each Unit consists of one share plus one two-year share-purchase warrant,
exercisable at US$0.30 in the first year, and US$0.35 in the second year. The
proceeds of the private placement will be used for working capital.
Tracer continues to focus its efforts on securing a significant petroleum
project or projects in the Islamic Republic of Iran, with the assistance of
its financial backer and strategic partner, Roc Oil Company Limited of
Australia. The Company is in discussions with a number of potential partners
regarding joining Tracer in a joint venture to develop a number of significant
oil fields in Iran that have been offered to the Company.
This release contains "forward looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there
is no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations.
For investor information please contact Janus Investor Relations, at
(403) 863-2496, or the Company headquarters:
TRACER PETROLEUM CORPORATION, Suite #910, 441 - 5th Ave. S.W.,
Calgary, AB, T2P 2V1
Canada Phone: (403) 290-1676 or Fax: (403) 264-5285,
"e-mail" tracerinfo@tracerpetroleum.com or
web site, http://www.tracerpetroleum.com
SOURCE Tracer Petroleum Corporation
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Related links:
http://www.tracerpetroleum.com
Company News On-Call:
http://www.prnewswire.com/comp/121391.html
CONTACT:
Janus Investor Relations, +1-403-863-2496, or
Tracer Petroleum Corporation, +1-403-290-1676, or fax,
+1-403-264-5285, or tracerinfo@tracerpetroleum.com
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