TUSK Energy Corporation

TUSK Energy Corporation

December 21, 2007 08:30 ET

TUSK Energy Corporation: $2.5 Million Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2007) - TUSK Energy Corporation ("TUSK") (TSX:TSK) is pleased to announce that it has completed a non-brokered private placement of 1,562,500 flow-through common shares at a price of $1.60 per share for proceeds of $2.5 million. The shares were issued to subscribers in British Columbia, Alberta, Ontario and Nova Scotia and represent 1.8% of the number of TUSK common shares currently outstanding. Directors, officers and employees of TUSK subscribed for approximately 38% of the total number of shares offered. The TSX has provided approval of the listing of these shares subject to customary conditions.

TUSK is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in four focus areas in the north-western part of the Western Canadian Sedimentary Basin. TUSK is developing natural gas production in the Elleh and Conroy areas of north-eastern British Columbia and light oil and natural gas in the Mega-Gutah and Peace River Arch areas of northern Alberta. TUSK has 90,442,222 common shares outstanding, which includes the shares issued pursuant to the private placement described above.

Contact Information

  • TUSK Energy Corporation
    John Rooney
    Chief Executive Officer
    (403) 264-8875
    TUSK Energy Corporation
    Michael Makinson
    VP Finance and Chief Financial Officer
    (403) 264-8875
    Website: www.tusk-energy.com