SAN CLEMENTE, CALIFORNIA -- 07/03/09 --
Petro Vista Energy Corp. (TSX VENTURE: PTV) ("Petro Vista" or the "Company"), an independent oil and gas exploration and production company, announces the completion of the first tranche of its non-brokered private placement announced on June 19, 2009. The placement consisted of the sale of 7,566,933 units ("Units") at a price of $0.12 per unit for gross proceeds to the Company of C$908,032. Each unit consists of one common share and one common share purchase warrant.
Each common share purchase warrant is exercisable to purchase one additional common share at a price of C$0.15 per common share until July 3, 2011, subject to the Company's right to accelerate the exercise of the common share purchase warrant if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds C$0.25 per common share for a period of 20 consecutive trading days between November 4, 2009 and July 3, 2011.
Petro Vista paid commissions to finders under the placement consisting of aggregate cash commissions of C$34,230 and the issue of an aggregate of 285,249 finder's warrants. Each finder's warrant entitles the holder to purchase one common share of Petro Vista at a price of C$0.15 per common share until July 3, 2011.
All securities issued in connection with this private placement are subject to a hold period in Canada that expires on November 4, 2009.
The proceeds of the private placement will be used by the Company for general working capital and to fund the Company's work program on its 4 well La Maye Project in the Magdalena Basin, Colombia, that is expected to commence in late August 2009.
About Petro Vista Energy
Headquartered in San Clemente, California, USA, Petro Vista Energy Corp., is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 3,230,936 gross acres (930,629 net acres) in Colombia and Brazil. The Company's website at www.pvecorp.com provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Read B. Taylor, President and CEO
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
The TSX Venture Exchange nor its Regulation Services Provider does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Petro Vista Energy Corp.
Investor Relations
Toll Free: +1 (877) 427-3876
investor@pvecorp.com
www.pvecorp.com
