WaveForm Energy Ltd.

WaveForm Energy Ltd.

January 05, 2005 12:42 ET

Waveform Energy Completes Second Closing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WAVEFORM ENERGY LTD.

TSX VENTURE SYMBOL: WE.A
TSX VENTURE SYMBOL: WE.B

JANUARY 5, 2005 - 12:42 ET

Waveform Energy Completes Second Closing

CALGARY, ALBERTA--(CCNMatthews - Jan. 5, 2005) - WaveForm Energy Ltd.
("WaveForm") is pleased to announce that it has successfully raised an
additional $175,000 on a second closing of its initial public offering
which was completed on December 31, 2004. A total of 175 Units were
subscribed for at a price of $1000 per Unit in the second closing. Gross
proceeds of $10,622,000 was raised in the two closings. First Associates
Investments Inc. acted as agent for the offering. Each Unit consists of
600 flow-through Class A Shares at a price of $0.20 per share and 88
flow-through Class B Shares at a price of $10.00 per share. Following
the second closing, WaveForm has 18,801,667 Class A Shares and 934,736
Class B Shares issued and outstanding.

The Class A Shares and Class B Shares of WaveForm were conditionally
accepted for listing on the TSX Venture Exchange under the symbols WE.A
and WE.B, respectively. Closing documents for the initial public
offering were filed yesterday with the TSX Venture Exchange and it is
expected that the shares of the company will commence trading on the TSX
Venture Exchange on or before January 7, 2005.

WaveForm Energy is a junior oil and gas company focused on the
acquisition, exploration, exploitation and development of oil and
natural gas in western Canada with a particular emphasis on exploration
in the Bakken Formation in the Torquay-Tableland area of southeastern
Saskatchewan.

ADVISORY: Certain information regarding WaveForm Energy Ltd. including
management's assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with oil and gas exploration,
production, marketing and transportation such as loss of market,
volatility of prices, currency fluctuations, imprecision of reserve
estimates, environment risks, competition from other producers and
ability to assess sufficient capital from internal and external source.
As a consequence, actual results may differ materially from those
anticipated in the forward-looking statements.

18,801,667 Class A Shares

934,736 Class B Shares

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    WaveForm Energy Ltd.
    Donald K. Rae
    President and Chief Executive Officer
    (403) 538-2121
    (403) 538-2122 (FAX)
    Email: don@waveformenergy.com
    or
    WaveForm Energy Ltd.
    Michael V. Little
    Manager of Business Development
    (403) 538-2121 or Cellular: (403) 990-3685
    (403) 538-2122 (FAX)
    Email: mike@waveformenergy.com
    or
    WaveForm Energy Ltd.
    Petro Canada Tower
    Suite 3000, 150 - 6th Avenue S.W.
    Calgary, Alberta T2P 3Y7
    Website: www.waveformenergy.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.