Arctic Hunter Completes Private Plac Ement and Announces That It Was Unable to Conclude a Satisfactory Agreement in Principle for the Asset Purchase of Oil Interests Situated in Monterey County, California ____________________________________________________________________________________
ARCTIC HUNTER ENERGY INC.
Suite 1610 - 675 West Hastings Street · Vancouver · British Columbia · V6B 1N2 Telephone: (604) 681-3131
NEWS RELEASE
April 26, 2016 TSX-V Trading Symbol: AHU
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ARCTIC HUNTER COMPLETES PRIVATE PLACEMENT AND ANNOUNCES THAT IT WAS UNABLE TO CONCLUDE A SATISFACTORY AGREEMENT IN PRINCIPLE FOR THE ASSET PURCHASE OF OIL INTERESTS SITUATED IN MONTEREY COUNTY, CALIFORNIA ____________________________________________________________________________________
VANCOUVER, B.C. - Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”) announces that it has completed its previously announced non-brokered private placement. The Company placed 1,800,000 units (“units”) in the capital of the company, at a subscription price of 0.05 per unit for a total gross proceeds of $90,000. Each Unit will consist of one (1) common share and one (1) common share purchase warrant. Each warrant is exercisable at a price of 0.10 per share for a period of two (2) years from the date of issuance. The private placement is subject to approval from the TSX Venture Exchange and all of the securities issued pursuant to the private placement will be subject to a four month hold period from the date of issue in accordance with applicable securities laws.
After ten months of ongoing negotiation regarding several key oil & gas assets, management was unable to complete a satisfactory agreement in principle for an asset purchase with Genautica Oil & Gas LLP. The negotiations have concluded, and no terms that were satisfactory to the Company’s highly selective process of considering investment assets were finalized.
ABOUT ARCTIC HUNTER ENERGY
The Company is a Canadian Oil & Gas exploration and development Company that identifies, and finances the acquisition, exploration and development of oil and gas assets primarily situated in Western Canada. The Company is a junior heavy oil producer in the greater Lloydminster area of Alberta & Saskatchewan. The Company is constantly reviewing future production and exploration opportunities and selective property acquisitions and identifying low risk exploration drilling opportunities situated in Canada, the United States and abroad.
The Company has qualified management and has an Oil & Gas team of professionals seasoned in production, field exploration and drilling. The Company has the resources and necessary manpower to develop its natural resource and production properties. The Company is committed to minimizing risk through the selective acquisition, exploration and development of petroleum and natural gas resource assets. The Company intends to increase its oil production and reserves through its exploration activities and strategic property acquisitions.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO Arctic Hunter Energy Inc.
Tel: (604) 681-3131 [email protected]
or
Ted Burylo, Director Arctic Hunter Energy Inc.
Tel: (604) 764-9178
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.