Replies to post #1223 on Rolling Thunder Exploration Ltd (fka RTHXF)

[Bobwins]

This is the one I was referring to. Not sure if this would increase diluted share count because there isn't any exercise price mentioned so don't know if they are in the money or vested. Bobwins

VANCOUVER, B.C., MAY 17, 2004 – San Telmo Energy Ltd. (OTCBB: STUOF; TSX-V: STU) announces a non-brokered private placement for proceeds of CDN $2,800,000. The placement is for 4,000,000 units at a price of $0.70 per unit. Each private placement unit will consist of one common share and one common share purchase warrant. The warrants will be exercisable at a price of $0.82 for a period of two years. 700,000 of the private placement units will consist of one flow-through share and one common share purchase warrant.




The private placement is subject to approval by the TSX Venture Exchange.




The proceeds of this placement will be used to tie-in production at San Telmo’s recently announced gas discovery at Teepee Creek, Alberta and to drill an additional exploration well at Teepee Creek and for general corporate purposes.




Granting of Options




San Telmo has granted 1,900,000 director and employee options exercisable at a price of $0.82 for five years. These options will vest over time in accordance with the company’s stock option plan, which has been approved by the shareholders. In addition, the Company wishes to amend 1,100,000 director and employee options granted October 31, 2003 from an exercise price of $1.95 to $0.82.




The granting of stock options is subject to approval of the TSX Venture Exchange.