Burmis Energy Inc.

Burmis Energy Inc.

November 17, 2006 12:23 ET

Burmis Energy Closes $11.25 Million Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 17, 2006) - Burmis Energy Inc. (TSX:BME) ("Burmis") is pleased to announce that it has closed a previously announced private placement of 3.0 million flow-through common shares raising gross proceeds of $11.25 million. A syndicate of underwriters led by Acumen Capital Finance Partners Limited, and including FirstEnergy Capital Corp., CIBC World Markets Inc., Dundee Securities Corporation and Genuity Capital Markets participated in this bought deal financing. The proceeds from this financing will be used to fund Burmis' ongoing exploration activities in west central Alberta.

The Board of Directors of Burmis has approved a $43.0 million capital budget for the Company in 2007. Burmis has budgeted for participation in 25 gross (19.0 net) wells in 2007 focused primarily at Brazeau, Pembina, Ferrier and Easyford in west central Alberta. Approximately 15 percent of the budget will be directed toward land and seismic acquisition activities.

Burmis is a junior Canadian exploration, development and production company which has focused its operations in west central Alberta. The common shares of Burmis trade on the Toronto Stock Exchange under the symbol "BME".

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The Burmis common shares have not been nor will be registered under the United States Securities Act of 1933, and they may not be offered or sold in the United States absent registration or an exemption from registration.

ADVISORY - Certain information regarding Burmis set forth in this document, including management's assessment of the Company's future plans and operations, may constitute forward-looking statements under applicable securities law 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 reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Burmis Energy Inc.
    Mr. Aidan M. Walsh, P.Eng., MBA
    President and Chief Executive Officer
    (403) 781-7284
    (403) 261-9028 (FAX)
    Burmis Energy Inc.
    1000, 736 - 6th Avenue S.W.
    Calgary, Alberta
    T2P 3T7
    Email: ir@burmisenergy.ca
    Website: www.burmisenergy.ca