Sahara Energy Ltd.
TSX VENTURE : SAH
PINK SHEETS : SAHRF

Sahara Energy Ltd.

December 28, 2007 12:01 ET

Sahara Energy Announces Closing of Non-Brokered Flow-Through Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 28, 2007) -

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

Sahara Energy Ltd. ("Sahara" or the "Company") (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) is pleased to announce that it closed its previously announced non-brokered private placement (the "Private Placement") of flow-through shares renounced to subscribers as Canadian Development Expenses. Pursuant to the Private Placement an aggregate of 1,718,689 flow-through shares at a price of $0.13 per flow-through share were sold for aggregate proceeds of $223,429.57.

Proceeds of the private placement will be used to fund development operations on the Company's oil and gas properties.

The securities issued pursuant to the Private Placement are subject to a hold period of 4 months and one day from closing of the Private Placement.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Sahara is a junior oil and gas company focused on the exploration and development of oil and gas in western Canada.

READER ADVISORY

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

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

Contact Information

  • Sahara Energy Ltd.
    Peter J. Boswell
    President
    (403) 232-1359
    Email: pete@saharaenergy.ca
    or
    Sahara Energy Ltd.
    Quentin C. Enns
    VP-Exploration
    (403) 232-1359
    Email: quentin@saharaenergy.ca
    or
    Sahara Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2