Flair Petroleum Corporation Cancels 45 Million Shares
November 08 2007 - 7:02AM
Marketwired
CALGARY, ALBERTA reports that further to the previous resolution
of the Company's Board of Directors canceling 60 million common
shares previously issued to Flair Petroleum Ltd. (UK) and
Credifinance Inc., under an agreement to convey to the Company
heavy oil deposits in the Uinta Basin of the State of Utah, but
failed to do so, the Company is pleased to report Flair Petroleum
Ltd. (UK) has voluntarily agreed to surrender its 45 million
shares, and the shares are in the process of being cancelled.
Credifinance Inc. until now has refused to surrender its shares (15
million), and the company is considering legal action to resolve
this outstanding issue. The share cancellation will reduce by
nearly 40% Flair's total outstanding shares from approximately
121.3 million to 76.3 million.
This news release includes forward-looking statements that
reflect Flair Petroleum Corporation's current expectations about
its future results, performance, prospects and opportunities. Flair
Petroleum Corporation has tried to identify these forward-looking
statements by using words and phrases such as "may", "will",
"expects", "anticipates", "believes", "intends", "estimates",
"should", "typical", "we are confident" or similar expressions.
These forward- looking statements are based on information
currently available to Flair Petroleum Corporation and are subject
to a number of risks, uncertainties and other factors that could
cause the corporation's actual results, performance, prospects of
opportunities in the remainder of 2007 and beyond, to differ
materially from those expressed in, or implied by, these
forward-looking statements.
Contacts: Flair Petroleum Corporation (604) 328-6355 Email:
info@flairpetroleum.com