Castle Rock Petroleum Ltd.

Castle Rock Petroleum Ltd.

March 29, 2005 11:32 ET

Castle Rock Petroleum Ltd. Initial Public Offering Completed


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CASTLE ROCK PETROLEUM LTD.

MARCH 29, 2005 - 11:32 ET

Castle Rock Petroleum Ltd. Initial Public Offering
Completed

CALGARY, ALBERTA--(CCNMatthews - March 29, 2005) - Castle Rock Petroleum
Ltd. ("Castle Rock") announces that it has completed its initial public
offering of 10,000 Units at a price of $1,000 per Unit for gross
proceeds of $10.0 million. Each Unit consists of 400 flow-through Class
A Shares at a price of $0.25 per share and 90 flow-through Class B
Shares at a price of $10.00 per share. Castle Rock now has 8.0 million
Class A Shares and 900,000 Class B Shares outstanding.

GMP Securities Ltd. acted as agent for the offering, which was fully
subscribed.

Castle Rock's Class A Shares and Class B Shares have been conditionally
approved for listing on the TSX Venture Exchange under the symbols RCK.A
and RCK.B. Trading of the shares is expected to commence in early April.

Castle Rock's management team includes Roger Hume, Chairman and CEO,
Paul Pypers, President and COO, Michael Makinson, Vice President -
Finance and CFO, Dave Bell, Vice President - Operations, Bruce Lyon,
Manager, Geology and Jennifer Sadee, Senior Geologist. Castle Rock's
Board of Directors is comprised of Roger Hume, Tom Love, Robin Mann,
John McLeod, Paul Pypers and Greg Turnbull.

Prior to the commencement of trading on the TSX Venture Exchange, Castle
Rock proposes to grant a total of 800,000 stock options to directors,
officers, employees and consultants. The options will have an exercise
price of $0.35 per share and vest as to one-third on each of the first,
second and third anniversaries of the date of grant. The granting of the
options is subject to TSX Venture Exchange approval.

Castle Rock Petroleum Ltd. is an emerging company engaged in the
acquisition, exploration, development and production of oil and natural
gas reserves in western Canada.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Castle Rock Petroleum Ltd.
    Roger Hume
    Chairman and CEO
    (403) 290-3262 or Toll Free: 1-888-290-3255
    or
    Castle Rock Petroleum Ltd.
    Michael Makinson
    VP, Finance and CFO
    (403) 290-3261 or Toll Free: 1-888-290-3255
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.