VANCOUVER, British Columbia, Aug. 5 /PRNewswire/ -- The following is being
issued by Gary R. Schell, President of Continental Energy Corporation, on
behalf of the Board of Directors:
Continental Energy Corporation (OTC Bulletin Board: CPPXF;
Vancouver: KK) announced today that it has filed a preliminary prospectus with
securities regulatory authorities in Ontario and British Columbia in
conjunction with a planned securities offering to raise up to $5 million.
Agents for the offering are Anchor Securities Ltd. in Ontario and Dominick
and Dominick Securities Inc. in British Columbia. The best efforts offering
shall consist of the sale of "units" to raise a minimum of $1.5 million and a
maximum of $5 million. Each unit consists of one common share and a common
share purchase warrant. The warrants will have a two year term and two
warrants are required to purchase one additional common share. Pricing of the
units and warrants will be set when the final prospectus is receipted by
regulatory authorities.
Proceeds of the offering will be used in part to fund exploration and
development of the company's Bengara-II oil concession. Thru Apex (Bengara-II)
Ltd. the company owns and operates a 100% interest in a Production Sharing
Contract (PSC) with Pertamina, the state oil company of Indonesia, for oil and
gas exploration and production rights for 30 years for the 1.2 million acres
Bengara-II Contract Area located mostly onshore but partially offshore, East
Kalimantan, Indonesia on the island of Borneo.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Although Continental believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Factors that could cause
actual results to differ materially from expectations include financial
performance, oil and gas prices, drilling program results, regulatory changes,
changes in local or national economic conditions and other risks detailed from
time to time in the Company's Form 20-F reports filed with the S.E.C.
NOTE: The Vancouver Stock Exchange has neither approved nor disapproved
the contents of this news release.
CONTACT: Mr. Gary R. Schell or Mr. Craig Doctor, both of Continental
Energy Corporation, 604-687-3434 or 888-556-3213, fax, 604-687-3073, or
cenergy@istar.ca.
SOURCE Continental Energy Corporation
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Related links:
http://www.continentalenergy.com
CONTACT:
Mr. Gary R. Schell or Mr. Craig Doctor, both
of Continental Energy Corporation, 604-687-3434, or 888-556-3213,
or fax, 604-687-3073, or cenergy@istar.ca
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