Xcite Energy Placing of Ordinary Shares
Xcite Energy (TSX-V: XEL) (AIM: XEL) (LSE: XEL), a developer of heavy oil assets in the UK North Sea, reported an offering of new ordinary shares of the Company which will be offered for sale pursuant to a short form prospectus filed in all of the provinces of Canada except Québec.
The press release is quoted as saying:
The net proceeds from the Offering will be used primarily to fund the drilling and flow testing of a pre-development well on the Company’s Bentley oil field, which the Company currently estimates will cost approximately C$40 million, for early production system planning and engineering (approximately C$5 million) and for general working capital purposes (approximately C$5 million).
Click here to access the entire press release
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Mon, Feb 8, 2010
Post by Melissa Pistilli, Heavy Oil Senior Reporter