Detector Exploration Ltd.
TSX VENTURE :
DEX
August 10, 2012 09:00 ET
Detector Announces Sale of Oil Property
CALGARY, ALBERTA--(Marketwire - Aug. 10, 2012) - Detector Exploration Ltd. (TSX VENTURE:DEX) (the "Corporation") was unsuccessful at raising funds through the private placement announced May 14, 2012 for the drilling of an oil well at Redwater, Alberta.
On August 9, 2012 the Corporation sold all of its Redwater properties to a private Alberta oil corporation. Funds from the sale of the property will be used for accounts payable as well as reducing existing promissory notes.
Following the transaction, Detector Exploration Ltd. production will be approximately 50 BOEPD of which 95% is gas production.
As of August 10, 2012 Detector has outstanding 11,918,701 Common Shares. Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 5,589,752 based on information provided to Detector by its insiders.