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Monday, 16 September 2013
Big Sky Petroleum to extend term of warrants
Big Sky Petroleum (CVE:BSP) says it is now seeking approval from the TSX Venture Exchange to extend the term on some previous warrants, which otherwise would expire at the end of the month.
In a statement released Monday, the junior oil and gas company said it would extend the expiry date by two years of 25.7 million warrants that were granted on September 30, 2011, at an exercise price of 80 cents. The initial expiry date of these warrants was September 30, 2013.
Each warrant allows the holder to buy an additional share of the company at a price of 25 cents apiece. The warrants will have an accelerated term and will expire within 30 days if the closing price exceeds $0.3125 for 10 trading days.
The Canadian company, with U.S. operations in Texas and Montana, is currently focused on the development of unconventional tight oil reservoirs in the Southern Midland Basin of West Texas, and the Southern Alberta Basin of Montana.