Cordero Energy Inc.
TSX : COR

Cordero Energy Inc.

November 09, 2006 10:27 ET

Cordero Energy Inc. Completes Equity Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 9, 2006) -

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

Cordero Energy Inc. (TSX:COR) ("Cordero" or the "Company") is pleased to announce that it has closed its previously announced private placement of 1,200,000 common shares on a flow-through basis at a price of $8.80 per share for gross proceeds of $10,560,000. The offering was made on a bought deal basis through a syndicate of underwriters led by Peters & Co. Limited and including Tristone Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Proceeds from the offering will be used to fund Cordero's on-going exploration program in central and northern Alberta as well as northeast British Columbia. After giving effect to the offering, Cordero has 33,822,913 common shares issued and outstanding.

Cordero is an independent exploration and development company pursuing conventional oil and natural gas production and reserves as well as coalbed methane development in western Canada. Cordero is based in Calgary, Alberta, and its common shares trade on the Toronto Stock Exchange under the symbol ("COR").

The common shares have not been registered under the United States Securities Act of 1933, or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

Contact Information

  • Cordero Energy Inc.
    David Elgie
    President and Chief Executive Officer
    (403) 265-7006
    or
    Cordero Energy Inc.
    Dean Setoguchi
    Vice President and Chief Financial Officer
    (403) 265-7006
    Email: info@corderoenergy.com
    Website: www.corderoenergy.com