COLORADO SPRINGS, Colo., July 7, 2015 /PRNewswire/ -- PetroTerra Corp. (OTCQB: PTRA; PTRAD) ("PetroTerra" or the "Company"), an independent oil and gas exploration company, announced today that on July 1, 2015 it effected a 1:2.5 reverse split of its common stock. PetroTerra's common stock is trading on a split-adjusted basis under a new CUSIP number 71676F308 and temporary symbol "PTRAD," with the "D" appended to signify that the reverse stock split has occurred. PetroTerra's trading symbol will revert to "PTRA" after 20 trading days on or about July 30, 2015.
The reverse stock split is intended to consolidate the number of shares outstanding to reflect a more streamlined capital structure for future capital raising opportunities.
As a result of the reverse stock split, every 2.5 shares of authorized, issued and outstanding common stock were converted into 1 share of common stock. As a result of the reverse stock split the number of shares of the Company's common stock outstanding was reduced from approximately 65.8 million to approximately 26.3 million. Additionally, the number of authorized shares of the Company's common stock was reduced from 100 million to 40 million. Any fractional shares resulting from the reverse stock split have been rounded up to the nearest whole share.
Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split as of the effective date. Stockholders with existing stock certificates who have questions regarding the split may call the Company's transfer agent, Island Stock Transfer, at 727-289-0010.
About PetroTerra Corp.
PetroTerra Corp. (OTCQB: PTRA; PTRAD) is an independent oil and gas exploration company based in Colorado Springs, Colo. The Company is engaged in identifying, evaluating and developing early stage onshore oil and gas opportunities in the domestic U.S. The Company's strategy is to focus on a step-by-step approach to evaluate assets that are located in high potential, proven basins and to prudently develop and manage those assets to create maximum value for shareholders. The Company's current focus is on the Sevier and Beaver Oil Project in west central Utah. The Company owns a 100% working interest and 80% net revenue interest in the project.
To learn more about PetroTerra Corp., please visit http://www.petroterracorp.com/.
Cautionary Statement Regarding Forward Looking Information
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by PetroTerra and its management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
PetroTerra Corp. (OTCQB: PTRA; PTRAD)
422 East Vermijo Avenue
Colorado Springs, Colo. 80903
Investor Relations Contact
KCSA Strategic Communications
880 Third Avenue
New York, NY 10022
Toll Free: 1-800-787-2062
SOURCE PetroTerra Corp.