Invicta Oil & Gas Ltd.
TSX VENTURE : IGG

Invicta Oil & Gas Ltd.

November 16, 2007 19:30 ET

Invicta Oil & Gas Ltd.: Update Regarding Financing and Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Invicta Oil & Gas Ltd. ("Invicta" or the "Company") (TSX VENTURE:IGG) announces that it is progressing towards closing of previously announced transactions, namely its non-brokered private placement common share financing of up to $45 million, its purchase from Macquarie Bank of certain debt of Cheetah Oil & Gas Ltd. (Nevada) ("Cheetah"), and its purchase of 90% of the shares of Cheetah's subsidiary Cheetah Oil & Gas Ltd. (British Columbia).

The Company expects that these transactions will close prior to the end of next week.

Readers are cautioned that completion of the transactions discussed above is subject to a number of conditions, including but not limited to Exchange acceptance. There can be no assurance that these transactions will be completed as proposed or at all.

This news release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such statements and information are based on assumptions and judgments of management of Invicta regarding future events or results and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements and information. Such risks and uncertainties include Invicta's ability to close the transactions discussed herein. Invicta disclaims any intention or obligation to revise or update such statements except as may be required by law.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from registration.

Shares Outstanding: 56,728,875

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

Contact Information

  • Invicta Oil & Gas Ltd.
    Paul Larkin
    President
    (604) 687-7767
    (604) 688-9895 (FAX)
    or
    Invicta Oil & Gas Ltd.
    Arlen Hansen
    Investor Relations
    1-866-568-9528
    Email: info@newdawngroup.com