Sunrise Energy Resources, Inc. - Operational Update
Thursday July 27, 1:13 pm ET
NEW YORK--(BUSINESS WIRE)--July 27, 2006--Sunrise Energy Resources, Inc. (OTCBB:SEYR - News), updates on the status of its fund raising activities.
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Effective July 26, 2006, Sunrise Energy Resources, Inc. (the "Company") executed a Convertible Note Agreement to complete a $1,000,000 private placement financing in the form of 6% notes convertible into the Company's common stock at the conversion price of $1.40 per share. The placement proceeds are expected to be made available to the Company in several tranches until September 30th, 2006. The proceeds shall be used to finance the completion of drilling of the Well #21 in the proven area of the Company's Karaikozovsk property, drilling of the exploration Well #1 on the Company's Peremyshlyansk property as well as the construction of access roads and other infrastructure on the Company's Chukvinsk property.
Since April 1, 2006 to date the Company has raised $1,845,000 from convertible note placements. The Company also reports that on its Karaikozovsk property 3428 m (11,246 ft) of the Well #21 has been drilled. Well #1 on Peremyshlyansk property has been drilled to the depth of 783 m (2,569 ft).
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
Contact:
Sunrise Energy Resources, Inc., New York
Investor Relations
Konstantin Tsiryulnikov, 212-973-0063
AI
