Pangea Petroleum Reduces Shares Outstanding
2006-10-10 09:00 ET - News Release
HOUSTON -- (Business Wire)
Pangea Petroleum Corporation (OTCBB:PAPO) announced that it has cancelled 11,653,998 common shares or approximately 4% of the shares outstanding. These shares were part of the shares included in the stock issuances for the year ended December 31, 2001 under a Securities Purchase Agreement whereby the Company issued 16,149,998 shares of restricted common stock to an escrow agent for the benefit of four investor groups in exchange for $1,300,000 in cash.
As mentioned in prior filings, including the 10-KSB for the periods ended December 31, 2004 and 2005, 14,049,998 warrants would expire in early 2006. The 11,653,998 shares of Pangea’s common stock were held by an escrow agent to be used if the warrants were exercised. The expiration date for the warrants expired, thus, the 11,653,998 shares were returned by the escrow agent on September 16, 2006. These shares were cancelled by the stock transfer agent soon thereafter. As of September 30, 2006, Pangea had 279,929,804 shares outstanding.
Pangea Petroleum Corporation (www.pangeapetroleum.com) is a Texas-based independent diversified crude oil and natural gas exploration and production company. Pangea’s primary focus is to explore for, produce and sell oil and natural gas by establishing production reserves through exploration and acquisitions. Pangea’s niche or specialty is the small or moderate operations that do not fit the strategy of the larger oil and gas producers, but are none-the-less contributors to the US energy supply.
Special Note: Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the company's performance anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
Contacts:
Pangea Petroleum Corporation, Houston
Charles B. Pollock, 713-706-6350
Source: Pangea Petroleum Corporation
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