Vanoil Closes Private Placement
January 31, 2011
Vancouver, British Columbia – Vanoil Energy ("Vanoil”) is pleased to announce that it has closed its non-brokered private placement announced on December 30th, 2010 issuing 5,248,000 common shares at a price of $0.50 per share for gross proceeds of $2,624,000.
The securities issued pursuant to the private placement are subject to a four month hold period expiring May 28, 2011. A finders fee was payable to Power One Capital Markets for $157,500.
The proceeds will be used to continue the development of Vanoil's projects in Alberta, Kenya and Rwanda and for general working capital.
About Vanoil Energy
Based in Vancouver, Canada, Vanoil Energy Ltd. is an internationally diversified Oil and Gas company that has a comprehensive portfolio of oil and gas assets in the African countries of Kenya and Rwanda, and in the Province of Alberta, Canada. In Kenya, Blocks 3A and 3B were acquired in October 2007 through the signing of a Production Sharing Contract with the Government of the Republic of Kenya. Blocks 3A and 3B, which cover 24,912 square kilometres, are part of the vastly under-explored Cretaceous Central African Rift Basin System, an area that may possibly hold the next major sub-Saharan discovery. Vanoil's 1,631 square kilometres of oil and gas concession in the East Kivu Graben in Rwanda is on the same rift trend with the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda. Vanoil also owns a 42% working interest in the Sarcee 12-13 gas well and the surrounding four sections (2,560 acres) of land in the Turner Valley Area in South-western Alberta.
To find out more about Vanoil Energy Ltd. please visit our website at www.vanoil.ca or contact Dal Brynelsen at 604-684-1974 or by email email@example.com.
On Behalf of the Board of
VANOIL ENERGY LTD.
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Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.