Ridgeway Petroleum plans private placement of convertible preferreds for up to $20 million

By Sheri Kasprzak

New York, Nov. 9 - Ridgeway Petroleum Corp. said it intends to raise up to $20 million and at least $10 million in a private placement of convertible preferred stock.

Coker, Palmer, Phillips & Mullen is the placement agent for the offering.

The terms of the deal have not yet been finalized.

Proceeds will be used to boost the company's cash flow in 2006.

Based in Calgary, Alta., Ridgeway is a development-stage oil and natural gas exploration company.

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