Southern Energy Corp (SOUTF)

[Luckypennyman]

12-07-2011 Standard Exploration Ltd. Announces Update to Flow Through Financing
copied from: http://finance.yahoo.com/news/standard-exploration-ltd-announces-flow-140000288.html


CALGARY, ALBERTA--(Marketwire - Dec. 7, 2011) - Standard Exploration Ltd. (the "Corporation") (TSX VENTURE:SDE), is pleased to announce an update to its press release of November 30, 2011. The Corporation previously announced that it has entered into an engagement agreement with Emerging Equities Inc. (the "Agent") in connection with a proposed private placement financing (the "Financing") for maximum gross proceeds of $5,000,000. The Financing will be comprised of a combination of common shares in the capital of the Corporation ("Common Shares") issued at a price of $0.15 per Common Share and Common Shares issued on a "flow-through" basis for the purposes of the Income Tax Act (Canada) ("Flow-Through Shares") at a price of $0.17 per Flow-Through Share. The maximum subscription amount of Flow-Through Shares that will be issued is $3,000,000.

The closing of the Financing is expected to occur on or about December 29, 2011 and is subject to, among other things, entering into a formal agency agreement and receipt of all necessary regulatory approvals, including approval from the TSX Venture Exchange.

The Common Shares and the Flow-Through Common Shares issued pursuant to the Financing will be subject to a four month hold from the date of closing of the Financing.

The Corporation intends to use the proceeds of the Financing for the drilling and completion of an exploratory Montney horizontal well, developing its exploration areas and for general corporate purposes. The gross proceeds from the issuance of Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses which is an amendment from the previously disclosed press release of Canadian Development Expenses (all as such terms are defined in the Income Tax Act (Canada)).

The Corporation is a Canadian based oil and gas corporation with operations in Alberta, Canada and is traded on TSX Venture Exchange. The Corporation's public filings may be found at www.sedar.com.