Stream Announces the Withdrawal of Equity OfferingStream Oil & Gas Ltd.
TSX VENTURE :
SKO
June 23, 2011 12:12 ET
Stream Announces the Withdrawal of Equity Offering
CALGARY, ALBERTA--(Marketwire - June 23, 2011) -
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StreamOil & Gas Ltd. (TSX VENTURE:SKO) ("Stream" or the "Company")announced that due to market conditions, it has elected to withdraw theproposed public equity offering pursuant to the preliminary short formprospectus filed on June 22, 2011.
"We do not believe that currentshareholders are best served by issuing equity in the current market,"said Sotirios Kapotas, President and Chief Executive Officer. "While itis disappointing that we do not have the additional funds to accelerateour growth plans at this time, our 2011 ongoing production anddevelopment growth initiatives are moving forward as planned to increaseproduction and cash flow. In addition, we continue to advancediscussions with prospective lenders regarding long-term debtfacilities, which would be used to fund a portion of the Company'sinitiatives focused on incremental exploitation and explorationactivities in Albania."