Exall Energy Corporation

Exall Energy Corporation

April 05, 2010 17:01 ET

Exall Energy Completes Second Tranche of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - April 5, 2010) - Exall Energy Corporation ("Exall") (TSX:EE) announced today that further to its press release of March 22, 2010, it has raised additional gross proceeds of $500,500 by way of a second tranche of the private placement financing complete on a non-brokered basis. As a result of the closing of the two tranches, Exall has raised gross proceeds of $3,704,903.

The second tranche of the private placement consisted of 770,000 units of Exall (the "Units") priced at $0.65 per Unit and consisting of one common share of Exall and one-half of one share purchase warrant. Each whole share purchase warrant may be exercised to acquire one common share of Exall at a price of $0.80 for a period of 12 months.

Exall intends to use the net proceeds from the sale of the Units to fund its drilling programs and for working capital and general corporate purposes.

About Exall

Exall is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas. Exall Energy is currently developing a new oil discovery in north-central Alberta.

After closing of the financing announced herein, Exall Energy has 51,912,745 common shares outstanding. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

Please visit Exall Energy's website at: www.exall.com

Contact Information

  • Exall Energy Corporation
    Frank S. Rebeyka
    Vice Chairman & CEO
    Exall Energy Corporation
    Roger N. Dueck
    President & COO
    403-237-7820 x 223