Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Pyramid Petroleum Inc. today annouced that it is offering a covertible debenture with an interest rate starting at 12% convertible at $0.85 per share. Research Capital Corp. has been named the lead agent and will be targeting to raise between $15 and $20 million.
The petroleum ministry is planning to auction over 100 prospective areas for oil and gas exploration by March 2009 under the eighth round of New Exploration Licensing Policy (Nelp-VIII). For full story, click here
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