Norrep Performance 2009 Flow-Through Limited Partnership

Hesperian Capital Management Ltd.

Hesperian Capital Management Ltd.

October 15, 2009 18:02 ET

Norrep Performance 2009 Flow-Through Limited Partnership Raises $5,400,000 in First Closing

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2009) - Norrep 2009 Management Inc. announced today that Norrep Performance 2009 Flow-Through Limited Partnership (the "Partnership") has completed the first closing of its initial public offering of limited partnership units ("Partnership Units"). The Partnership issued 540,000 Partnership Units at $10.00 per Partnership Unit for gross proceeds of $5,400,000. The offering was led by BMO Capital Markets and included CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Blackmont Capital Inc., Canaccord Capital Corporation, Haywood Securities Inc., Raymond James Ltd. and Wellington West Capital Markets Inc. The maximum amount of the offering is $30,000,000 and remains open to investors.

About the Partnership

The Partnership has been organized to invest in flow-through shares of resource companies whose principal business is (i) oil and gas exploration, development and production, (ii) mineral exploration, development and production, or (iii) renewable energy development and production in Canada.

The Partnership will have a greater focus on Canadian Development Expense (CDE) expenditures over Canadian Exploration Expense (CEE) expenditures, which shifts the nature of the underlying activities from exploration activities and adding prospects to development drilling and other activities for adding production.

Management of Norrep 2009 Management Inc., the general partner, has managed or manages ten other flow-through limited partnerships that were formed to invest in flow-through shares of resource companies. Including the Partnership, these partnerships have raised total gross proceeds of approximately $400 million.

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