PA RESOURCES: PA RESOURCES ANNOUNCES THE FINAL OUTCOME OF THE FULLY SUBSCRIBED ISSUE OF CONVERTIBLE BONDS

PA RESOURCES: PA RESOURCES ANNOUNCES THE FINAL OUTCOME OF THE FULLY SUBSCRIBED ISSUE OF CONVERTIBLE BONDS
The oil and gas company PA Resources AB has now completed the calculation of subscriptions for the issue of convertible bonds with preferential rights for the company's shareholders. As previously announced the issue of convertible bonds was fully subscribed.
Of the total issue approximately 44 per cent was subscribed for with preferential rights and approximately 56 per cent without preferential rights. The guarantee consortium of investors committed to guarantee part of the new issue subscribed for approximately 53 per cent.

A total of 72,757,002 convertible bonds, corresponding to a nominal amount of SEK 1,164,112,032, were subscribed for in the issue. The issue will generate approximately SEK 1,090 million after deduction of issue costs. In the event that all convertible bonds would be converted to shares, the number of shares in the company would increase to 218,271,006, corresponding to a dilution of approximately 33 per cent.

The convertible bonds are expected to be traded on the NASDAQ OMX Nordic Exchange Stockholm from 15 January 2009. Since 1 January 2009, Oslo Stock Exchange allows for dual listings of convertible bonds. PA Resources will therefore also apply for such listing of the convertible bonds on Oslo Stock Exchange within short.

- I'm pleased to announce that the issue of convertible bonds has been successfully completed and fully subscribed. The proceeds from the issue of convertible bonds will create a strong long-term financing for the company, says Ulrik Jansson, President and CEO at PA Resources. 

Terms and conditions for the convertible bonds in brief
The convertible bonds carry interest at an annual rate of 11 percent from 15 January 2009. Interest is paid to the holder on 15 January each year, starting on 15 January 2010 and the last time on 15 January 2014. The convertible bonds fall due for payment of the nominal amount on 15 January 2014 unless conversion or repayment has occurred prior to this date. Conversion to shares may be requested during the period 1 - 30 September annually. 
The conversion price is SEK 16 per share.

Carnegie has acted as financial advisor to PA Resources.

Stockholm, 8 January, 2009
PA Resources AB (publ)

For further information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Mobile: +46 70 751 41 84
E-mail: info@paresources.se
or 
Bo Askvik
CFO, PA Resources AB
Mobile phone: +46 708 19 59 18 


PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Greenland, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.

PA Resources AB's net sales amounted to SEK 2,794 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.

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