LONDON, UNITED KINGDOM--(Marketwire - Dec. 6, 2012) -
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$166,320. Heritage may increase or decrease its ownership of securities of PetroFrontier depending upon future market conditions.
All Shares acquired and/or held by Heritage in PetroFrontier were acquired for investment purposes.
Notes to Editors
- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC).
- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia.
- Heritage has producing assets in Nigeria and Russia, exploration assets in Malta, Tanzania, Pakistan, Libya and the Democratic Republic of Congo and an exploration, appraisal and development asset in Kurdistan.
- All dollars are US$ unless otherwise stated.
- For further information please refer to our website, www.heritageoilplc.com.
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Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.