SAINT HELIER, Jersey, April 30,
2014 /PRNewswire/ - LONGREACH OIL AND GAS LIMITED (TSXV:
LOI) (the ''Company'' or ''Longreach'') announces today (the
"Grant Date") that the Board of Directors has issued an
aggregate of 4,130,000 stock options to members of management,
directors and consultants of the Company at an exercise price of
C$0.30 each. These options will vest
in thirds, with one third vesting on the first anniversary of the
Grant Date, one third vesting on the second anniversary of the
Grant Date and one third vesting on the third anniversary of the
Grant Date.
Under the terms of the Company's stock option
plan, the number of shares reserved for issuance will not exceed 10
percent of the issued and outstanding shares of Longreach. The
options issued today represent approximately 5.09 percent of the
undiluted share capital of Longreach. The options will be
exercisable for a period of up to five years from the Grant
Date.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
About Longreach
Longreach is an independent Canadian oil and gas company focused on
its significant land position in Morocco. The Company has a 50 percent operated
interest in the Sidi Moktar licence area covering 2,683 square
kilometres and is working closely with ONHYM as a committed
long-term partner to unlock the hydrocarbon potential of the
region. Morocco offers a
politically stable environment to work within and has favourable
fiscal terms to energy producers. Longreach is a public company
listed on the TSX Venture Exchange under the symbol "LOI".
Additional information about the Company can be
found at www.longreachoilandgas.com and under the Company's SEDAR
profile at www.sedar.com.
SOURCE Longreach Oil and Gas Limited