Petrogen Announces That Its Securities Will Be Settled Through the Depository Trust Corporation
HOUSTON, May 6, 2004 /PRNewswire-FirstCall via COMTEX/ -- Petrogen Corp., (OTC
Bulletin Board: PTGC; Frankfurt: PTD) today announced that following the
appointment of Transfer Online Inc. as its new transfer agent, the Company has
now re-entered the Depository Trust Company's ("DTC") electronic trading system.
Previously, the Company traded as "Certificate Transfer Only", and most share
certificates were stamped with the following legend: "Not to be registered in
Cede & Co. or any depository nominee", effectively rendering the certificates
ineligible for electronic trading. As a result of the Company's re-entry into
the DTC electronic trading system, brokers and the DTC will no longer accept the
current share certificates with the legend as noted.
All of Petrogen's current share certificates and share certificates of its
predecessor company, Hadro Resources, Inc., whether or not stamped with the
above noted legend, must be exchanged for new DTC eligible share certificates,
which will display the prefix designation of "P" in front of the share
certificate number in order to qualify for transfer. New DTC eligible share
certificates will be issued upon the surrender of current validly issued share
certificates to Transfer Online Inc. Shareholders are required to obtain new
share certificates and surrender their old share certificates by close of the
market on June 15th, 2004. After June 15th, 2004, any remaining non-DTC eligible
share certificates will not be accepted for transfer by the Company's transfer
agent.
Petrogen's CEO, Sacha H. Spindler commented, "Entering back into the DTC system
is another measure the Company is undertaking as part of its ongoing initiatives
to improve and strengthen Petrogen's corporate structure. In light of new
regulations from the NASD and the SEC, as well as trends within the brokerage
industry, certificate transfer only has become antiquated. With electronic
certificate transfer within the DTC system, shareholders can anticipate a
greater flexibility in the transfer of their Petrogen shares."
Detailed information, along with exchange instructions are being forwarded to
every shareholder of record. Included in the package is a Letter of Transmittal
to be completed and forwarded to the Company's new Transfer Agent, Transfer
Online Inc. Both the Shareholder Letter and Letter of Transmittal can be viewed
and downloaded from www.petrogencorp.com All communications relating to
shareholder matters, such as transfer of shares, stock transfer requirements,
missing stock certificates and changes of address, should be directed to
Transfer Online Inc. at the following address and telephone number:
Transfer Online Inc.
317 S.W. Alder St.,
2nd Floor,
Portland, OR 97204
Phone: 503.227.2950
Fax: 503.227.6874
www.transferonline.com
The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve
System, a limited-purpose trust company under New York State banking law and a
registered clearing agency with the Securities and Exchange Commission. The
depository brings efficiency to the securities industry by retaining custody of
some 2 million securities issues, effectively "dematerializing" most of them so
that they exist only as electronic files rather than as countless pieces of
paper. The depository also provides the services necessary for the maintenance
of the securities it has in custody.
Petrogen Corp. is an oil and natural gas development and production company with
operations based in Houston, Texas. It is engaged in the acquisition of oil and
natural gas properties throughout the continental US that possess proven
reserves representing significant upside development potential. The Company
specializes in the development and expansion of proven producing, non-producing,
undeveloped and behind pipe reserves while maintaining a financially stable
fiscal strategy. Petrogen aggressively approaches its acquisitions strategy with
a specific emphasis placed upon the expansion of its natural gas reserves. For
further information, please visit the Company's website at www.petrogencorp.com
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION
21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH
RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT
INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND
DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE
STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.
Contact:
Sacha H. Spindler, CEO
Petrogen Corp.
888-875-1155