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| | Mon Nov 22, 2010
Derek Announces Funding and Share for Debt Settlements
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| | The Company is pleased to announce a private placement of up to 20,000,000 units at $0.05 per unit to raise gross proceeds of up to $1,000,000. Each unit shall consist of one share and one warrant. Each warrant will entitle the holder to purchase a further common share in the Company at a price of $0.10 for a period of 12 months from the closing of the placement.
Additionally, the Company reports the settlement of trade payables, loan interest and wages of up to $530,000 by the issuance of up to 10,600,000 units in the Company. Each unit consists of one share and one share purchase warrant. Each warrant will entitle the holder to purchase a further common share at a price of $0.10 for a period of 12 months from the closing of this share for debt funding. Insiders are taking up to $193,500 of the funding. By Exchange policy these insider debt settlements will be for common shares only at a price of $0.05 per share.
Both these transactions are subject to regulatory approval.
Derek Oil & Gas Corporation is a Canadian based, publicly traded oil exploration and production company that utilizes enhanced oil recovery (EOR) techniques to develop new production from reservoirs in North America. Derek's current focus is on the further development and increasing production from their prime property located in NE Wyoming's prolific Powder River Basin.
Derek Oil & Gas Corporation is trading in Canada on the TSX Venture Exchange with the symbol DRK
ON BEHALF OF THE BOARD
Mr. Barry C.J. Ehrl,
President and C.E.O.
For further information please contact Derek's Corporate Communications Department at:
Telephone: 1-888-756-0066 or (604)-331-1757
Corporate E-Mail: info@derekoilandgas.com
Website: http://www.derekoilandgas.com
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
This document includes forward- looking statements. Forward-looking statements include, but are not limited to, the continued advancement of Derek Oil & Gas Corporation's LAK Ranch project. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although Derek believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that Derek's LAK Ranch project will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, and other risks.
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