Avanti Energy Begins Driiling VUA; Miller #1 Well; Announces Financingadmin
Vancouver, British Columbia, January 14, 2014 – Avanti Energy Inc. (TSX Venture: AVN) (the "Company") is pleased to announce that drilling of the VUA; Miller #1 has commenced.
The VUA; Miller #1 well will be directionally drilled to 9003 feet to test 7-8 reservoir targets within a high side closure. The company has a 25% working interest in the well and expects that drilling will take approximately two weeks to complete.
Avanti president John McIntyre commented, "We are excited to be underway with drilling this highly prospective well. The Cowpen Creek field has produced over 5,000,000 barrels of oil and 7 billion cubic feet of gas since it was discovered in the early 1950’s and we believe we have an excellent target to test."
Additionally, the Company announces that it will undertake a non-brokered private placement to issue up to 6,900,000 common shares of the Company at a price of US$0.145 per share for gross proceeds of approximately US$1,000,000 and/or the Canadian dollar equivalent.
The placement is expected to be completed on or before February 7, 2014. The private placement is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Securities issued under the placement will be subject to a four month hold period which will expire four months from the date of closing. The proceeds from the placement will be used for general working capital purposes.
For more information please contact Karl Kottmeier, director, at 604 689 7422. Please visit our website at www.avantienergy.com.
"John F. McIntyre"
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Posted: January 14th, 2014 under ACCESSWIRE.