Private Placement, Petrolifera now has 121,758,510 Common Shares

Petrolifera Petroleum announces closing of private placement

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CALGARY, Sept. 15 /CNW/ - Petrolifera Petroleum Limited ("Petrolifera" or the "Corporation") (PDP - TSX) announces that it has closed a non-brokered private placement of 1,137,500 units ("Units") at a price of $0.88 per Unit to directors and officers of the Corporation for gross proceeds of $1,001,000 (the "Private Placement"). Each Unit consists of one common share in the capital of the Corporation (each, a "Common Share") and one-half of one Common Share purchase warrant of the Corporation (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (each a "Warrant Share") at an exercise price of $1.20 per Warrant Share at any time up to 5:00 pm (Calgary time) on August 28, 2011. In the event that the 20-day volume weighted average price of the Common Shares on the Toronto Stock Exchange (or such other stock exchange or quotation system on which the Common Shares are listed and where a majority of the trading volume occurs), exceeds $2.50, the Corporation may, within five business days after such an event, provide notice to the holders of Warrants ("Warrantholders") of early expiry and thereafter the Warrants will expire on the date which is 30 days after the date of the notice to the Warrantholders.


The Units offered pursuant to the Private Placement were issued on the same terms as those offered pursuant to the recent public offering (the "Public Offering") by the Corporation of 56,820,000 Units and 8,523,000 Units upon the exercise of the underwriters' over-allotment option, as previously announced on August 28, 2009 and September 4, 2009, respectively.


The net proceeds of the Private Placement will be added to the proceeds from the Public Offering and will be used to fund a portion of the Corporation's exploration capital expenditure program, primarily in Colombia during the balance of 2009 and into 2010, to reduce indebtedness relating to the Corporation's reserve-backed credit facility and for working capital.


After giving effect to the Private Placement, Petrolifera now has 121,758,510 Common Shares and 33,240,250 Warrants outstanding.

Pescod sees this Nat Gas Rally As Buyer Beware

We wrote just last week about what next for natural gas, according to Bob Hoye and his team at Chart Works that had predicted a natural gas rally on September 2nd,and they’ve certainly gotten it.

However, they are look-ing for a ten to 12 day event, followed by something that might not be a lot of joy in the natural gas sector.

We caught up with Bobby Lamond, the Calgary vet-eran and long-time player in the natural gas sector whohas spent much of the last year sending people chartsand warning everyone about how ugly it could get in thissector.

When we caught up with him on Friday, he says,“it’s been the perfect storm for natural gas” over the lastyear. “Anything that could go wrong” he says, “hadgone wrong” and he has never seen a worse time for the natural gas sector.

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QEC Running Up In Nat Gas Pump Up By Brokerages

Questerre's Utica has up to 4.28 tcf, says NSAI report

2009-09-01 06:19 ET - News Release

Mr. Anela Dido reports

QUESTERRE UTICA SHALE DISCOVERY ASSESSED AT OVER 4 TCF

Netherland, Sewell & Associates Inc. (NSAI), an independent reservoir engineering firm based in Texas, has estimated the prospective original gas in place for Questerre Energy Corp.'s Utica shale in the deep fairway in the St. Lawrence Lowlands at 150 billion cubic feet per square mile, which is 66 per cent higher than earlier industry figures. NSAI has further estimated Questerre's prospective recoverable resources to range between 2.2 trillion cubic feet to eight trillion cubic feet with a best estimate of 4.28 trillion cubic feet, equivalent to 360 million to 1.3 billion barrels of oil equivalent.

Michael Binnion, president and chief executive officer of Questerre, commented: "We are very pleased the report confirms the significance of our discovery in Quebec. This is the first time we have released estimates of our Utica gas discovery.

"We took time to ensure there is significant and material technical data to support them and we have had them independently verified by a highly reputable engineering firm. The estimates relate only to our lands that have geology validated by successful wells. The independent estimates are materially higher than past industry figures which we believe reflects the additional data, technical work and advancement on the learning curve."

The company commissioned NSAI to complete an evaluation of the resource potential of the Utica shale. Using its extensive expertise evaluating other established and emerging shale plays, the evaluation includes detailed petrophysical and geologic analysis, including a review of the available core and lab analysis data. Preliminary results have been prepared in accordance with the regulations pursuant to National Instrument 51-101, standards for disclosure for oil and gas activities of the Canadian securities administrators.

The evaluation is focused on the acreage between the two main geological features, the Yamaska growth fault and Logan's Line, where Questerre holds approximately 833,000 gross acres in the deep fairway. Preliminary results include:

• Prospective original gas-in-place (OGIP) volumes for the Utica shale range between 96 billion cubic feet to 210 billion cubic feet per square mile with a best estimate of 150 billion cubic feet per square mile.
• Total prospective OGIP volumes for Questerre's gross acreage are between a low estimate of 82.7 trillion cubic feet to a high estimate of 180.5 trillion cubic feet with a best estimate of 129.2 trillion cubic feet.
• Prospective resources estimated to be recoverable for Questerre's interest range from 2.18 trillion cubic feet to eight trillion cubic feet with a best estimate of 4.28 trillion cubic feet.

The assessment is being updated to include results from the recently completed St. Edouard No. 1 well that tested at rates of 700,000 cubic feet per day from the target middle Utica interval. A final report is expected this fall. The estimates do not include the gross overriding royalty held by Questerre nor an assessment of the shallower Lorraine interval.

OGIP is not a defined term within National Instrument 51-101 and is considered equivalent to petroleum initially in place (PIIP).

We seek Safe Harbor.

Brokers Running Dee Up During Financing- Sucker Rally

Delphi Energy arranges $15-million financing

2009-09-09 17:33 ET - News Release

Mr. David Reid reports

DELPHI ENERGY ANNOUNCES FINANCING

Delphi Energy Corp. has entered into a financing agreement with a syndicate of underwriters, led by National Bank Financial, to issue and sell, on a bought-deal basis, 12 million common shares of Delphi at an issue price of $1.25 each, resulting in gross proceeds of $15-million. The underwriters will have the option to acquire up to an additional 1.2 million common shares at an issue price of $1.25 per common share for additional gross proceeds of up to $1.5-million for total gross proceeds of up to $16.5-million. Proceeds of the offering will be used to finance Delphi's continuing light oil development program in Hythe and additional potential acquisition opportunities. The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. Closing is expected to occur on or before Sept. 30, 2009.

We seek Safe Harbor.