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CALGARY, Dec. 19, 2018 /CNW/ - Standard Exploration
Ltd. ("Standard" or the "Corporation") (SDE:
TSXV) is pleased to announce that it has filed a filing
statement (the "Filing Statement") under the Corporation's
profile on SEDAR at www.sedar.com in respect of the
non-brokered private placement of common shares ("Common
Shares") and units of the Corporation; (ii) the appointment of
a new management team and board of directors; and (iii) the
acquisition by the Corporation of all of the limited partnership
units of Gulf Pine Energy Partners, LP (collectively, the
"Transaction").
Name Change and Consolidation
Subsequent to the completion of the Transaction, the Corporation
intends to (i) complete a change of name of the Corporation from
"Standard Exploration Ltd." to "Southern Energy Corp." (the
"Name Change"); and (ii) complete a consolidation of the
Common Shares on the basis of one post-consolidation Common Share
for up to every 5 pre-consolidation Common Shares (the
"Consolidation"). The Name Change and the Consolidation have
each received the approval of the shareholders and is subject to
the approval of the TSX Venture Exchange (the "TSXV").
Trading Halt
The Common Shares of the Corporation have been halted from
trading in accordance with the policies of the TSXV. The
Corporation anticipates the halt to be lifted on January 2, 2019.
Reader Advisory
Completion of the Transaction is subject to a number of
conditions, including but not limited to, final TSXV
acceptance. There can be no assurance that the Transaction
will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing
Statement, any information released or received with respect to the
Transaction may not be accurate or complete and should not be
relied upon. Trading in the securities of the Corporation
should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Transaction
and has neither approved nor disapproved of the contents of this
news release.
Neither the TSXV nor its regulation services provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Standard Exploration Ltd.