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| | Thu May 5, 2011
Derek Files Second Tranche of Private Placement
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| | The Company is pleased to announce the filing of the second tranche private placement documents with the Exchange whereby the Company, subject to regulatory approval, will raise gross proceeds of $442,067 through the placement of 8,841,353 units at a price of $0.05 per unit. Each unit consists of one share and one share purchase warrant. Each warrant entitles the holder to purchase a further common share of the Company at a price of $0.10 per share for a term of 12 months from closing. The shares issued pursuant to this placement, as well as any shares attained through warrant conversion, will have a 120 day hold period. Finder fees of up to 8% in cash or units may be paid to qualified persons in accordance with Exchange policies.
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://wwww.derekoilandgas.com
"Neither TSX Venture Exchange nor its Reregulation 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 LAAK 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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