CALGARY, Alberta, Dec. 5, 2012 (GLOBE NEWSWIRE) -- Richfield Oils Inc. ("Richfield") announces that it has sold an aggregate of 2,000,0000 common shares (the "Shares") in the capital of Petrox Resources Corp. (TSXV:PTC) ("Petrox" or the "Corporation") to certain insiders of the Corporation at a price of CA$0.125 per Share. The Shares are and will remain subject to escrow under the Escrow Agreement dated May 31, 2012 among Petrox, Richfield and Olympia Trust Company.
Prior to the share sale, Richfield held an aggregate of 4,052,000 common shares of Petrox (21.9%). As a result of the share sale, Richfield now holds an aggregate of 2,052,000 common shares of Petrox (11.1%).
This press release is issued by Richfield pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Richfield sold the Shares for commercial gain. Richfield has no present intention to acquire additional securities of Petrox.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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CONTACT: Richfield Oils Inc. Richard Boswell, President Telephone: (403) 510-2957 Facsimile: (403) 255-3182 Email: firstname.lastname@example.orgSource:Richfield Oils Inc.