Royalite Petroleum Company Inc. Appoints Norris Harris as Chairman and CEO; Announces $2 Million Private Placement
March 31 2008 - 5:06PM
Marketwired
HENDERSON, NV ("Royalite") is pleased to announce that Mr.
Norris Harris has agreed to become Chairman of the Board and Chief
Executive Officer of Royalite. Mr. Harris has considerable
experience over the past 50 years in oil and gas exploration,
founding and restructuring of oil and gas companies, and in oil and
gas drilling and operations. He was founder and president of
Gulfport Oil & Gas Inc., Texas Arkansas Petroleum Company,
Centex Oil & Gas Inc., and Basin Exploration Corporation. He
has considerable international oil and gas exploration experience
as a geophysicist with Mobil Oil Corporation where he worked in
Turkey, Austria, Holland, England (North Sea) and Nigeria.
Mr. Harris has an extensive base of contacts in the oil and gas
industry and Royalite believes his appointment will provide the
expertise required for the Company to properly evaluate and exploit
its existing oil and gas properties and to seek other opportunities
in the oil and gas industry.
Private Placement
Royalite also announces that its Board of Directors has approved
a private placement of up to 8,000,000 shares of its common stock
at a price of $0.25 per share for aggregate gross proceeds of
$2,000,000 (the "Offering"). The purchase price represents a
discount of approximately 8% from the average closing price of
Royalite's common stock for the last ten trading days. The proceeds
of the Offering will be used to fund Royalite's business and for
working capital purposes. The Offering is intended to be made to
accredited investors pursuant to Rule 506 of Regulation D
promulgated under the United States Securities Act of 1933. There
is no assurance that the Offering will be completed on the above
terms or at all.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been registered under the United
States Securities Act of 1933, as amended and may not be offered or
sold within the United States or to U.S. persons unless an
exemption from such registration is available.
Forward-Looking Statements
This Press Release may contain, in addition to historical
information, forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Statements
in this news release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors disclosed under the heading "Risk Factors" and elsewhere in
the Company's periodic filings with the U.S. Securities and
Exchange Commission. When used in this news release, the words such
as "could," "plan," "estimate," "believe," "expect," "intend,"
"may," "potential," "should," and similar expressions, are
forward-looking statements. The risk factors that could cause
actual results to differ from these forward-looking statements
include, but are not restricted to the Company's limited operating
history, uncertainties about the availability of additional
financing, geological or mechanical difficulties affecting
geological work programs, uncertainty of estimates, operational
risk, environmental risk, financial risk, currency risk, dependence
on third parties and other statements that are not historical facts
as disclosed under the heading "Risk Factors" and elsewhere in the
Company's periodic filings with securities regulators in the United
States. In particular, there is no assurance that the Company will
complete its proposed private placement or be successful in
acquiring any additional oil and gas properties.
For more information contact: Royalite Petroleum Company Inc.
Logan B. Anderson President (360) 201-0400
Royalite Petroleum (CE) (USOTC:RYPE)
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