Anglo Canadian Oil Corp.
TSX VENTURE : ACG

Anglo Canadian Oil Corp.

March 24, 2011 18:08 ET

Anglo Canadian Oil Closes $6.3 Million Private Placement

CALGARY, ALBERTA--(Marketwire - March 24, 2011) - Anglo Canadian Oil Corp. ("Anglo" or the "Company") (TSX VENTURE:ACG) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering"). The Company sold, on a private placement basis, an aggregate of 13,040,000 units (the "Units") at a price of $0.25 per Unit and 10,344,828 common shares issued on a flow-through basis("Flow-Through Shares") at a price of $0.29 per Flow-Through Share for gross proceeds of approximately $6.3 million. Each Unit consists of one common share ("Common Share") of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.33 per Common Share for a period of 18 months from the date of closing the Offering. 

A finder's fee was paid on the Offering to PI Financial Corp., and certain other investment dealers, in cash of up to 7% of the gross proceeds raised under the Offering and options entitling the holder to acquire up to 8% of that number of securities sold by arm's length parties who assisted with the placement of the securities.

There is a four month hold period on the Common Shares, Flow-Through Shares and Warrants issued pursuant to the Offering which expires on July 25, 2011.

Net proceeds of the Offering will be used towards the Company's ongoing work program in its Nordegg and Bakken oil properties with the flow-through share proceeds used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2011.

Anglo holds 269 sections of potential Nordegg shale oil bearing lands in West Central Alberta.

Anglo's Nordegg lands hold 6.47 billion barrels of oil resource, as determined by AJM Petroleum Consultants, the full report which can been viewed in its entirety on the Anglo website at http://www.anglocanadianoil.com.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained herein may constitute forward-looking statements Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

Anglo is a Calgary, Alberta based Corporation engaged in the exploration, development and production of petroleum and natural gas. The Common Shares are listed on the TSX Venture Exchange under the trading symbol "ACG".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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