Petro Vista Energy cancels private placementNot good news. I could swear IR told me a week and a half ago that the PP was over subscribed. As for the statement that they have
"reviewed its cash positionand its upcoming commitments and is in a position to continue with itsbusiness activities as planned", I find that extremely difficult to believe. If they had sufficient cash, then why the PP in the first place? Somebody is blowing smoke...
Petro Vista Energy Corp(C:PTV)
Shares Issued 44,664,160
Last Close8/13/2008 $0.70
Thursday August 14 2008 - News Release
Mr. Read Taylor reports
PETRO VISTA CANCELS EQUITY FINANCING
PetroVista Energy Corp. has elected, due to adverse market conditions, towithdraw its private placement equity financing that was announced inStockwatch on July 4, 2008. Petro Vista does not feel that the currentshare price accurately reflects the value of the company.
Giventhe current circumstances, the company has reviewed its cash positionand its upcoming commitments and is in a position to continue with itsbusiness activities as planned.
The Company estimates it hassufficient funds to pay all costs associated with drilling andcompleting up to four wells on its La Maye Project in the MagdelenaBasin, Colombia; completing the drilled and logged well #2 (with paydetermined from petrophysical analysis) on its Morchito Project in theLlanos Basin; and completing the acquisition of a 30% interest in theproducing Tartaruga Block, offshore Brazil.
© 2008 Canjex Publishing Ltd.