Accrete Energy Inc.
TSX : GZ

Accrete Energy Inc.

December 07, 2006 12:49 ET

Accrete Energy Inc. Completes Financing

CALGARY, ALBERTA--(CCNMatthews - Dec. 7, 2006) -

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

Accrete Energy Inc. ("Accrete") (TSX:GZ) is pleased to announce that it has completed a previously announced private placement of common shares on a "flow-through" basis for gross proceeds of $9,156,000 through a syndicate of investment dealers led by MGI Securities Inc. and including GMP Securities Ltd., Dundee Securities Corporation, Fraser McKenzie Ltd., Haywood Securities Inc. and Maison Placements Canada Inc. Pursuant to the private placement, Accrete issued 1,090,000 common shares on a "flow-through" basis at a price of $8.40 per share. In addition, Accrete completed a non-brokered private placement to insiders of a further 158,300common shares on a flow-through basis at $8.40 per share for additional proceeds of $1,329,720.

Proceeds from the financing will be used for general operating purposes and to fund capital expenditures.

Accrete is a junior oil and gas company focused on the acquisition, exploration, exploitation and development of oil and natural gas in western Canada that trades under the symbol "GZ" on the Toronto Stock Exchange.

The Shares 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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