News Column

Super Nova Announces the Offering of the Convertible Note Which Converts Into Direct Ownership of Company Oil and Gas Wells or Common Stock

May 16, 2014



By a News Reporter-Staff News Editor at Energy Weekly News -- Super Nova Petroleum Corp. (CSE:SNP)(PINKSHEETS:SNOVF) (the "Company" or "Super Nova" or "SNP") announces the offering of the convertible note.

Investment Units: $13,636 Total amount: up to $450,000 = up to 33 units, investment minimum 1 unit Maturity:12 months from date of closing Interest rate (coupon): 10% payable in advance in $0.06 common shares of SNP = 750,000 common shares issued upon closing of the financing to the investor or 22,726 common shares per unit of $13,636.

Convertibility of Note (dual conversion feature): Each unit of $13,636 for a total of 33 units = $450,000. Each unit of $13,636 is convertible into 1% of the gas well's net revenue interest. Alternatively, each unit of $13,636 can be converted into common shares of SNP at a conversion price of $0.15, or 90,906 common shares and 3,000,000 common shares for the entire $450,000 offering. As a second alternative the investor is entitled to his investment returned of $13,636, provided the well to be drilled is a producer of natural gas. In the event of a dry hole, the investment of $13,636 will be automatically converted into $0.05 common stock of the Company totaling 272,720 common shares per unit, and potentially up to 9,000,000 common shares for the entire $450,000 offering.

The investors who participate in this offering will have first right at additional potential future offerings in offsetting wells, up to 48 in total.

The Company will be drilling gas wells on its 17000+ acres in the Bakken Fairway in Northwest Montana. The Company has received a N.I. 51- 101 report on this property with a prospective resource for gas in the Eagle Sands at 3000ft. of worst case 2 BCF expected case 18 BCF and high case 90 BCF of gas.

The property has a well (The Milford Colony Well) which has been permitted, drilled and cased to 880 ft. The Company intends to re-enter this well and drill to 3,000 ft. to the perspective resource of natural gas in the Eagle Sands. The Company may decide to drill further to the 8,800 ft. level to the Bakken formation to test for a possible oil reservoir.

The resource may not be discovered and if discovered may not be economical viable.

On behalf of the Board of Directors:

SUPER NOVA PETROLEUM CORP.

Wolf Wiese, President

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER CSE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.

Keywords for this news article include: Energy, Oil & Gas, Utilities, Natural Gas, Oil And Gas.

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Source: Energy Weekly News