Accrete Energy Inc.
TSX : GZ

Accrete Energy Inc.

November 16, 2006 09:08 ET

Accrete Energy Inc. Announces Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 16, 2006) -

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

Accrete Energy Inc. ("Accrete") (TSX:GZ) announces today that it has entered into a bought-deal financing agreement with an underwriting syndicate led by MGI Securities Inc., and including GMP Securities L.P., Dundee Securities Corporation, Fraser Mackenzie Limited, Haywood Securities Inc. and Maison Placements Canada Inc. to issue 835,000 flow-through common shares (the "Shares") at $8.40 each. The financing will be completed on a private placement basis, resulting in gross proceeds to Accrete of $7,014,000.00

The issue is subject to normal regulatory approvals and closing is expected on or about December 7, 2006.

Proceeds from the issuance will be used to fund increased capital expenditures and for general corporate purposes.

Accrete trades on the TSX Exchange under the symbol "GZ".

Accrete is a junior oil and gas company focused on the exploration and development of oil and natural gas in western Canada.

The Shares to be issued have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

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