Los Angeles, California, February 21, 2012—Proteus Energy Corporation (“Proteus Energy”), today announced the closing of a $10 million secured line of credit with Platinum Partners Credit Opportunities Fund (“PPCO”), a private investment fund managed by New York based Platinum Partners. Funds will be used for the drilling of new wells at Proteus’ Northwest Lost Hills oil and gas field in Kern County, California and for its share of the costs related to continued development of the Lynch Canyon heavy oil field in Monterey County, California. PPCO also received equity in Proteus in the form of preferred shares.
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Lehi, Utah, January 24, 2012—BayHill Capital Corporation (OTC Bulletin Board: BYHL), announced today their plans to acquire Canola Property Ghana Limited (CPGL) in a reverse merger transaction. CPGL is a private company incorporated in the Republic of Ghana West Africa to lease land and develop agricultural operations.
The share for share exchange will be treated as a reverse merger. Closing of the reverse merger is subject to certain and customary conditions, including the adoption of the merger agreement by both companies and the completion of the private placement of at least $600,000 of BayHill common stock under a planned private placement by BayHill. If consummated, the transaction will result in a change in control of BayHill. The parties may terminate the merger agreement if the merger is not completed by February 29, 2012. In connection with the change of control it is expected that there will also be a change to the board of directors and management of BayHill.
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