Stonefire Energy Corp.
TSX VENTURE : SFE.A
TSX VENTURE : SFE.B

Stonefire Energy Corp.

October 31, 2007 16:01 ET

Stonefire Energy Corp. Announces Non-Brokered Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2007) -

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

Stonefire Energy Corp. (TSX VENTURE:SFE.A) (TSX VENTURE:SFE.B) ("Stonefire" or the "Company") announces that it intends to complete a non-brokered private placement of up to 3,000,000 Class A shares at a price of $0.80 per share.

It is expected that management, directors, employees and consultants of Stonefire will subscribe for approximately 67% or 2.0 million shares of the private placement. Stonefire intends to use the proceeds of this private placement to fund its exploration and development drilling program and for general working capital purposes. Closing of this financing is expected to occur on or about November 14, 2007, subject to TSX Venture Exchange approval.

Stonefire Energy Corp. is an Alberta-based company formed to participate in oil and gas exploration, development and acquisitions focusing in the West Central region of Alberta. The Company's shares trade on the TSX Venture exchange under the symbols SFE.A and SFE.B. The Company currently has 15,265,000 Class A shares and 1,012,000 Class B shares outstanding.

Reader Advisory

This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates or expectations of management.

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

Contact Information

  • Stonefire Energy Corp.
    Mr. Richard Dahl
    President & Chief Executive Officer
    (403) 262-9885 ext 222
    (403) 262-9887 (FAX)
    or
    Stonefire Energy Corp.
    Mr. Ronald Williams
    Vice President Finance and CFO
    (403) 262-9885 ext 228
    (403) 262-9887 (FAX)
    or
    Stonefire Energy Corp.
    Suite 320, 333 - 5th Avenue SW
    Calgary, Alberta T2P 3B6