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Heritage Oil Announces Acquisition of Common Shares of PetroFrontier Corp.
06 Dec 2012 08:46 ET
Marketwire Canada - NFD
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, today announces that the Company acquired 1,800,000 common shares ("Shares") of PetroFrontier Corp. ("PetroFrontier") representing 2.27% of the outstanding Shares. Together with Shares already held by Heritage, the Company now holds 13,960,467 Shares, representing approximately 17.58% of the outstanding Shares of PetroFrontier. Heritage also holds 2,311,767 warrants of PetroFrontier ("Warrants") which are convertible into 2,311,767 Shares upon due exercise thereof. If these Warrants were duly exercised, Heritage would hold approximately 19.91% of the outstanding Shares of PetroFrontier.
The Shares were acquired through the facilities of the TSX Venture Exchange for an aggregate price equal to CDN$166,320. Heritage may increase or decrease its ownership of securities of PetroFrontier depending upon future market conditions.
All Shares acquired and/or held by Heritage in PetroFrontier were acquired for investment purposes.

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