Galt Petroleum cuts secondary offering of its common stock to $328,000

Company conducts sale at same price as IPO of shares: $1.00 per share

By Devika Patel

Knoxville, Tenn., Aug. 13 - Galt Petroleum, Inc. decreased a secondary offering of common shares to $328,000 from $1.3 million, according to a Form S-1/A filed Monday with the Securities and Exchange Commission. The deal priced at $1.00 on July 10 and is being conducted alongside the company's $1 million from an initial public offering of stock.

As previously reported, the company will sell 1 million shares at $1.00 each on a best-efforts basis for two years in the public sale.

The company will not receive any proceeds from the secondary sale.

Proceeds from the IPO will be used to retire debt, increase development of existing wells, invest in further wells, increase publicity efforts, increase salaries and pay consulting fees for engineering and other services, initiate the process of taking the company public via the Over-the-Counter Bulletin Board and pay other general administrative expenses.

The development-stage company, based in Salt Lake City, was created to capitalize on the ever-growing demand for domestic oil sources and production.

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