Blue Ridge Energy, Inc. $2.5 Million Regulation S Equity Offering Completion Announcement

Summary

Blue Ridge Energy, Inc. has completed a $2.5 million equity offering to investors outside the United States under Regulation S. The offering consisted of 12,500,000 units, each including one share of common stock and two non-transferable warrants with specific exercise terms and prices. The funds raised will be used to generate new prospects and purchase leases using advanced geophysical data. The offering is part of the company's strategy to expand its exploration activities.

EX-10.3 4 l11344aexv10w3.txt EXHIBIT 10.3 Exhibit 10.3 BLUE RIDGE ENERGY, INC. ANNOUNCES COMPLETION OF $2.5 MILLION EQUITY OFFERING HOUSTON, Texas., January 6, 2005 [ PRNewswire ] -- Blue Ridge Energy, Inc. (OTC Bulletin Board: BREY) announces that at year end it completed an offering of 12,500,000 units to eligible investors outside the United States pursuant to Regulation S for a purchase price of $2,500,000. Each unit consists of one share of common stock, one non-transferable warrant, exercisable through December 31, 2005, to purchase one share of common stock for a purchase price of $.50 per share and one non-transferable "piggy back" warrant, exercisable through December 31, 2006, to purchase an additional share of common stock for $1 per share, exercisable only if the prior warrant has been fully exercised. Pat Kelleher, President, indicated that the proceeds of the offering are being used for the generation of prospects and purchase of leases within focused geologic trends utilizing a 6,500 square mile geophysical 3-D seismic data base and newly reprocessed 3-D data. He stated that the Company anticipates that the future purchase of additional 3-D data sets will be the basis for additional prospect generation.