Petro Matad has raised $5 million before expenses through the issue of 90,612,540 ordinary shares (the "New Shares") of US$0.01 each to its largest shareholder Petrovis Matad Inc.. The New Shares have been issued to Petrovis at an issue price of 3.56 pence per ordinary share.

The net proceeds of the Funding, along with the Company's existing cash reserves of approximately US$2.1 million will enable Petro Matad to undertake field operations during the current 2013 field season. As previously notified to the market, Petro Matad is in the process of conducting a farm-out. The Company has had a number of international companies visit the farm-out data room, the data room is now closed and Petro Matad is continuing discussions with interested parties. It is anticipated that the Company will be in a position to make a further statement on the progress with this transaction during the third quarter.

Tags: Petro Matad