WCSB GORR Oil & Gas Income Participation Limited 2008-I Limited Partnership

WCSB GORR Oil & Gas Income Participation Limited 2008-I Limited Partnership

July 31, 2008 14:43 ET

WCSB GORR Oil & Gas Income Participation 2008-I Limited Partnership 1st Closing Completed July 30, 2008-$5,923,600 Raised

CALGARY, ALBERTA--(Marketwire - July 31, 2008) - WCSB GORR Oil & Gas Income Participation Limited 2008-I Limited Partnership ("the Partnership") is pleased to announce that it has completed the first closing of its initial public offering of Partnership Units on July 30, 2008. The Partnership issued 59,236 Partnership Units for gross proceeds of $5,923,600. The book is now re-opened for a second closing expected to occur on August 28, 2008 at noon EST.

Partnership Objectives.

The Partnership will aim to provide Limited Partners with income, capital appreciation, and tax deductions through the direct participation in the production of and exploration for oil and natural gas while avoiding exposure to the market volatility associated with securities of public energy issues.

The Partnership will invest in flow-through shares of subsidiary companies formed to enter into joint ventures with established oil & gas companies that will, in turn, provide the subsidiary companies with a Gross Over-Riding Royalty from the investment.

The Partnership will provide investors with direct exposure to the oil & gas sector through flow-through shares, free of premiums, as compared to traditional flow-through limited partnerships.

The Syndicate.

The syndicate of agents for the offering is co-led by Canaccord Adams and HSBC Securities and includes Dundee Securities Corporation, Manulife Securities Incorporated, Raymond James Ltd., Wellington West Capital Inc., Blackmont Capital Inc., Research Capital Corporation, Burgeonvest Securities Ltd., Industrial Alliance Securities Inc. and IPC Securities Corporation.

Tax Benefits.

Investors will be able to receive tax deductions of approximately 100% of the amount of their investment based on completion of the maximum offering and certain other assumptions as set forth in the final prospectus.

Oil & Gas Management Team.

William D.B. Koenig, CFA, CMA President, Director & Portfolio Manager

Mr. Koenig is a Partner and portfolio manager with Brickburn Asset Management Inc. He is also former CIO and portfolio manager for Hesperian Capital Management and former Investment Advisor to the NORREP flow-through funds.

Peter M.K. Bolton, P.Geol.

Vice President, Technical Operations

Mr. Bolton was recently, President, Director, CEO and founder of Rolling Thunder Exploration Ltd. He also spent 17 years at Mobil Oil Canada gaining firsthand experience and relationships with oil and gas companies.

Technical Advisors.

Formed in 1987, Canadian Discovery, led by Kaush Rakhit M.Sc., P.Geol., has a team of 10 Geologists including geotechnical engineers, exploration analysts and geological technicians who are experienced in the evaluation of low to medium risk exploration opportunities. Canadian Discovery offers consultancy services to assist energy companies to analyze current exploration activity, production results, and industry trends throughout Canada, the United Kingdom, and the Arctic frontiers.

Investment Guidelines.

The Partnership has developed investment guidelines and restrictions which govern the Partnership's overall investment activities. To view these guidelines please see refer to the final prospectus dated July 14, 2008.

A final prospectus dated July 14, 2008 relating to these securities has been filed with the securities commissions or similar authorities in each of the offering jurisdictions. Please read the prospectus before investing. This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities. This release is provided for information purposes only.

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