VANCOUVER, BC, December 03, 2010
/24-7PressRelease/ -- Stealth Energy Inc. (the "Company") is pleased to announce that, further to its news release of 8 Oct. 2010, it has amended certain terms of its non-brokered private placement (the "Offering"). The Offering will now consist of up to 25 million units (previously 20 million) at a price of $0.20 per unit (previously $0.25) to raise gross proceeds of up to $5,000,000. As previously announced, each unit will continue to consist of one common share and one common share purchase warrant entitling the holder to purchase an additional common share at a price of $0.25 per share (previously $0.30) for a period of 2 years from the date of issuance. All other terms of the Offering remain the same.
The Company is also pleased to announce that it has entered into a non-arm's length purchase agreement wherein for the consideration of $2.5 U.S. million, the Company will acquire all rights, title and interests held, directly or indirectly, legally or beneficially in and to the Broadview Property from Antelope Resources Inc., a private company which has common owners and insiders of the Company. The acquisition was approved by other Company directors whom are at arm's length to the acquisition.
The Broadview Dome geological structure is located in the west half of Township 3 North Range 23 East and the eastern half of township 3 North Range 22 East. It is a relatively large structure with surface expression and has approximately 250 feet of structural closure on the Dakota Formation and an aerial extent of approximately 3,460 acres. The Broadview Property includes 5,900 acres, which includes 660 acres within the estimated structural closure. Early exploration in the 1920's confirmed gas from the Frontier Formation (approx. 1500 feet) and drilling in the 1940's (total depth of approx. 5000 feet) confirmed oil in several formations (Frontier, Dakota, Morrison, Swift, Amsden, and the Upper Mississippian).
Stealth Energy Inc. is a producing oil & gas company with its field office in Billings, Montana, USA. The company develops its own properties and continues to seek and make acquisitions, primarily within Montana and Wyoming. For further information please contact Carlo Nigro at (604) 662-7831 or
office@stealthenergy.ca.
Website:
http://www.stealthenergy.ca---
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Press Release Keywords:- petroleum, oil, gas, natgas, "natural gas", "nat gas", heath formation, ngl, "broadview dome", "dakota formation", "frontier formation"
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