Crew Energy Inc.
TSX : CR

Crew Energy Inc.

April 30, 2007 09:41 ET

Crew Energy Inc. Completes $59.2 Million Financing

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) -

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

Crew Energy Inc. ("Crew") (TSX:CR) is pleased to announce that it has closed its previously announced "bought deal" equity financing of 5,750,000 subscription receipts at an issue price of $10.30 per subscription receipt (including the exercise of the full over allotment allocation) for total gross proceeds of approximately $59.2 million through an underwriting syndicate co-led by Orion Securities Inc. and TD Securities Inc. and including FirstEnergy Capital Corp., GMP Securities L.P., Peters & Co. Limited, Cormark Securities Inc. and Tristone Capital Inc.

The net proceeds of the offering will be used to partially fund the previously announced acquisition (the "Acquisition") of a private oil and gas company and have been deposited in escrow pending closing of Acquisition, which is currently expected to occur on or about May 3, 2007. Each subscription receipt represents the right to receive one common share of Crew, without the payment of any additional consideration, upon closing of the Acquisition. The subscription receipts are listed for trading on the Toronto Stock Exchange under the symbol "CR.R".

Crew is a publicly traded company with its head office in Calgary and is engaged in the business of exploring for, developing and producing crude oil and natural gas and acquiring crude oil and natural gas properties in western Canada.

This press release shall not constitute an offering to sell or the solicitation of any offer to buy the securities in any jurisdiction. The subscription receipts will not be and 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.

Contact Information

  • Crew Energy Inc.
    Dale O. Shwed
    President and Chief Executive Officer
    (403) 231-8850
    (403) 266-6259 (FAX)
    Email: dale.shwed@crewenergy.com
    or
    Crew Energy Inc.
    John G. Leach
    Vice President, Finance and Chief Financial Officer
    (403) 231-8859
    (403) 266-6259 (FAX)
    Email: john.leach@crewenergy.com