Seaview Energy Inc.

Seaview Energy Inc.

October 18, 2007 11:10 ET

Seaview Energy Inc. Announces Closing of Intial Public Offering and Acquisition of 1276921 Alberta Ltd.

CALGARY, ALBERTA--(Marketwire - Oct. 18, 2007) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Seaview Energy Inc. ("Seaview" or the "Company") is pleased to announce that it has closed its initial public offering ("IPO"), raising gross proceeds of $11,706,000. The IPO was completed by a syndicate of investment dealers led by Orion Securities Inc. and including Blackmont Capital Inc., FirstEnergy Capital Corp. and Canaccord Capital Corporation.

A total of 11,706 units at a price of $1,000 per unit were sold, each unit consisting of 400 "flow through" Class A Shares at $0.25 per share and 90 "flow through" Class B Shares at $10.00 per share, which amounts in the aggregate constitute flow-though funds. The proceeds of the IPO will be used to fund the Company's exploration and development program. Seaview will incur qualifying expenditures in the amount of the IPO proceeds raised which will be renounced to subscribers for the Class A Shares and Class B Shares on a "flow-through" basis effective on or before December 31, 2007. In addition to the successful closing of the IPO, Seaview has also closed the amalgamation of Seaview Exploration Ltd., a wholly-owned subsidiary of Seaview, and 1276921 Alberta Ltd.

Following the closing of the IPO and the issuance of shares in conjunction with the amalgamation, Seaview has 19,072,907 Class A Shares and 1,053,540 Class B Shares outstanding. The TSX Venture Exchange has conditionally approved the listing of the Class A Shares and the Class B Shares, subject to Seaview fulfilling the requirements of such exchange, including the distribution of the Class A Shares and the Class B Shares to a minimum number of public shareholders. Seaview anticipates that the Class A Shares and Class B Shares will commence trading on or about October 22, 2007 under the trading symbols CVU.A and CVU.B, respectively.

The Board of Directors of the Company is composed of, Paul Colborne (Chairman), Daryl Gilbert, James Howe, Scott Oldale, Greg Turnbull, Steven VanSickle and Michael Wuetherick. Seaview's experienced management team includes Michael Wuetherick (President and Chief Executive Officer, Stephanie Bunch (Vice President, Finance and Chief Financial Officer), Scott Oldale (Vice President, Exploration and Chief Operating Officer), Tim Campbell (Vice President, Land), Davin Chandler (Vice President, Engineering) and Sanjib Gill (Corporate Secretary). All members of the management team have experience in successfully initiating and growing junior oil and gas companies.

Seaview is a Calgary, Alberta based company engaged in the exploration, development and production of conventional crude oil and natural gas reserves in Canada. The Company's strategy is to build shareholder value through a balance of exploration and development drilling complimented by a focused acquisition program. Seaview's initial core focus area will be the Peace River area of northwest Alberta.

Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction.

The Class A shares and Class B shares offered pursuant to the initial public offering will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

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

Contact Information

  • Seaview Energy Inc.
    Michael Wuetherick
    President & CEO
    (403) 770-2961
    or
    Seaview Energy Inc.
    Stephanie Bunch
    VP - Finance & CFO
    (403) 770-9503
    or
    Seaview Energy Inc.
    Teresa Beets
    Investor Relations
    (403) 668-4492
    Email: info@seaviewenergy.com
    Website: www.seaviewenergy.com