Over 36% of outstanding shares back to the company.
Salt Lake City, UT (PRWeb) March 27, 2007 -- Granite Energy, Inc. (OTC: GNGI) (the Company), today announced it had reacquired 23,215,537 shares of stock from a number of individual shareholders, including former officers, director, and legal counsel. The shares will be forwarded to Interwest Transfer Company to be returned to the treasury of the Company. The current number of shares outstanding in Granite Energy, Inc., has been reduced to 40,125,549. The Company also announced its intention to meet the qualifications for the OTCQX exchange in the near future.
“We have aggressively sought to reacquire as many shares of the company as was fiscally responsible, reducing the dilution for the remaining shareholders as we continue to execute our business plan,” stated Bruce Lybbert, Granite Energy’s Chairman, continuing: “Granite has grown through direct participation on its multiple well drilling programs, and through 1031 exchanges from other ‘real estate’ based assets. As we continue to acquire leases in Texas, drill wells in Oklahoma, and move towards exploration on our Escavada prospect in New Mexico, we wanted to keep the company properly structured to deliver the most value to our shareholders.”
For additional information about Granite Energy, Inc., go to www.graniteenergy.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
SOURCE: Granite Energy, Inc.
CONTACT:
Granite Energy, Inc.
Aaron Bringhurst
801-532-6800
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