Petro-Reef Resources Ltd., Calgary, (Toronto Venture: PER) has terminated its plans to acquire certain heavy oil properties in Canada from an undisclosed private company for C$25 million.
Petro-Reef announces that the letter of intent has terminated due to the failure a private company to secure financing to fund a purchase of C$40 million in Petro-Reef shares. The placement would have funded the acquisition.
Petro-Reef has decided to continue with its review of strategic alternatives. Emerging Equities Inc. will continue as exclusive financial advisor to Petro-Reef. Concurrent with this course of action Petro-Reef shall pursue the opportunities identified in the recent reinterpretation of 36 sections of 3-D seismic in Alberta.
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