Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas company with
activities in Albania and the United Arab Emirates, announced today that
it is issuing 2,000,000 Class A Units (the 'Class A Units?) at a price
of US $0.25 per Unit for total proceeds of $500,000 (the 'Offering?).
The Class A Units are being issued on terms similar to the Class A Unit
offering closed by Sky Petroleum earlier in 2012. Each Class A Unit
consists of one share of common stock of the Company, par value
US$0.001, and one Class A Warrant (each, a 'Class A Warrant?). Each
Class A Warrant is exercisable to acquire one Class B Unit of the
Company (a 'Class B Unit?), at an exercise price of US$0.35 per Class B
Unit for a period of one (1) year. Each Class B Unit consists of one
share of common share and one Class B Warrant (each, a 'Class B
Warrant?). Each Class B Warrant is exercisable to acquire one Common
Share of the Corporation, par value US$0.001 at an exercise price of
US$0.60 for a period of two (2) years.
'This investment, with the assistance of Mr. Karim Jobanputra,
demonstrates the confidence that investors have in Sky Petroleum and our
business prospects,? commented Michael Noonan, CFO of Sky Petroleum. 'We
anticipate that the $500,000 in proceeds from the Offering will be used
for general working capital. We also have a $1,500,000 deposit with
Texas Citizen Bank, N.A. that is pledged to support our bank guarantee
for the work that we plan to undertake on our concessions on Blocks 4, 5
and Dumre in Albania.?
The securities offered by Sky Petroleum have not been registered under
the Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold absent applicable exemptions from such
registration requirements. The Class A Units were offered and sold
outside the United States to non-U.S. persons in reliance upon
exemptions from the registration requirements of the Securities Act.
This press release does not constitute an offer to sell or solicitation
to buy securities.
About Sky Petroleum
Sky Petroleum (OTCBB: SKPI) is an oil and gas exploration company. Sky
Petroleum's primary focus is to seek opportunities where discoveries can
be appraised rapidly, and developments can be advanced either by
accessing existing infrastructure, or by applying the extensive
experience of established joint-venture partners. In addition, the
company also plans some higher risk, higher reward exploration
prospects. For additional information please visit
Safe Harbor
Except for historical information, the matters set forth herein, which
are forward-looking statements, including the use of proceeds of the
Offering and Sky Petroleum′s assessment of investor confidence in its
business. Forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ. Potential risks
and uncertainties include, but are not limited to, the current
arbitration related to Sky Petroleum′s Production Sharing Contract, the
status of the concessions on Blocks 4, 5 and Dumre in Albania,
government regulation, enforceability of contractual rights, the
competitive environment within the oil and gas industry, the extent and
cost effectiveness with which Sky Petroleum is able to implement
exploration and development programs in the oil and gas industry,
obtaining drilling equipment on a timely fashion, commodity price risk,
and the market acceptance and successful technical and economic
implementation of Sky Petroleum's intended plan. Additional discussion
of these and other risk factors affecting the company's business and
prospects is contained in the company's periodic filings with the SEC.
