Accrete Energy Inc.
TSX : GZ

Accrete Energy Inc.

November 16, 2006 19:23 ET

Accrete Energy Inc. Announces Over Subscription to Previously Announced 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. (TSX:GZ) ("Accrete") is pleased to announce that the previously announced bought-deal financing has been over subscribed and that the Company will now issue 1,090,000 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 $9,156,000.

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.

The underwriting syndicate will be led by MGI Securities Inc., and will include GMP Securities L.P., Dundee Securities Corporation, Fraser Mackenzie Limited, Haywood Securities Inc. and Maison Placements Canada Inc.

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.

Contact Information

  • Accrete Energy Inc.
    Mr. Peter Salamon
    President and CEO
    (403) 269-8846
    or
    Accrete Energy Inc.
    Mr. Tom Dalton
    Vice President Finance and CFO
    (403) 269-8846
    or
    Accrete Energy Inc.
    2100, 500 4th Avenue S.W.
    Calgary, Alberta
    T2P 2V6
    Email: investorrelations@accrete-energy.com
    Website: www.accrete-energy.com