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.
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".
For further information:
Chief Financial Officer and Secretary
SOURCE Longreach Oil and Gas Limited