SAINT HELIER, Jersey, April 30,
2014 /PRNewswire/ --
LONGREACH OIL AND GAS LIMITED (TSXV: LOI) (the ''Company'' or
''Longreach'') announces today (the "Grant Date") that the
Board of Directors has issued an aggregate of 4,130,000 stock
options to members of management, directors and consultants of the
Company at an exercise price of C$0.30 each. These options will vest in thirds,
with one third vesting on the first anniversary of the Grant Date,
one third vesting on the second anniversary of the Grant Date and
one third vesting on the third anniversary of the Grant Date.
Under the terms of the Company's stock option plan, the number
of shares reserved for issuance will not exceed 10 percent of the
issued and outstanding shares of Longreach. The options issued
today represent approximately 5.09 percent of the undiluted share
capital of Longreach. The options will be exercisable for a period
of up to five years from the Grant Date.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Longreach
Longreach is an independent Canadian oil and gas company focused
on its significant land position in Morocco. The Company has a 50 percent operated
interest in the Sidi Moktar licence area covering 2,683 square
kilometres and is working closely with ONHYM as a committed
long-term partner to unlock the hydrocarbon potential of the
region. Morocco offers a
politically stable environment to work within and has favourable
fiscal terms to energy producers. Longreach is a public company
listed on the TSX Venture Exchange under the symbol "LOI".
Additional information about the Company can be found at
http://www.longreachoilandgas.com and under the Company's SEDAR
profile at http://www.sedar.com.
For further information:
Martin Arch
Chief Financial Officer and Secretary
Tel: +44-203-137-7756