Exceed Energy Inc.

Exceed Energy Inc.

December 06, 2007 16:37 ET

Exceed Suspends Previously Announced Financing

CALGARY, ALBERTA--(Marketwire - Dec. 6, 2007) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) ("Exceed" or the "Company") announced today that it has suspended its intent to complete a brokered private placement of up to 8,000,000 Class A common shares of the Company as previously announced on September 7, 2007 (the "Offering").

"The Company has been delaying marketing the financing," stated Mr. Richard Wolfli, President and CEO of Exceed, "and given the fact that the Company is debt free and had cash flows in excess of $500,000 last quarter, we have determined that it is not in the shareholder's best interest to issue shares at current undervalued levels. The Company will continue to grow, drill, and create shareholder value in the coming quarters from internally generated funds."

Exceed's Class A and Class B shares trade on the TSX Venture Exchange under the symbols "EX.A" and "EX.B" respectively.

Forward Looking Statements

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1853
    (403) 508-1781 (FAX)