VANCOUVER, March 12 /PRNewswire-FirstCall/ -- Park Place Energy Corp. ("Park Place" or "the Company") announces that the Company's board of directors has approved a consolidation of the Company's common stock to be effected in the form of a reverse split, which is to be effective as of March 24, 2010, subject to authorization from the Financial Industry Regulatory Authority (FINRA).
As a result of the reverse stock split, the shareholders at the effective time of the reverse split will receive one new share of the Company's common stock in exchange for every three hundred shares held.
The reverse split has been filed and accepted by the Nevada Secretary of State and has been filed with FINRA.
The Company also announces that on January 15, 2010 and March 9, 2010 the Company completed debt settlement agreements with a total of 10 debt holders whereby the Company issued an aggregate of 419,448,910 shares in settlement of debt totaling US$419,448.91.
About Park Place
Park Place Energy Corp. is a North American oil and gas exploration company that is participating in high impact shale gas opportunities. The Company has assets in North Western Alberta and Saskatchewan that it is committed to developing. As well, Park Place is committed to the acquisition of additional blue-sky shale gas opportunities. Park Place's management is focused on optimizing profitability and enhancing shareholder value.
Certain information regarding the Corporation contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied. The Corporation is under no obligation to update or alter any forward-looking statement. These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties. Park Place's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Park Place Energy Corp.
CONTACT: Investor Relations: 1-877-685-0076, Email:
info@parkplaceenergy.com, Website: http://www.parkplaceenergy.com/
