Cyries Energy Inc.
TSX : CYS

Cyries Energy Inc.

March 14, 2007 16:44 ET

Cyries Energy Inc. Announces Closing of Flow Through Share Private Placements

CALGARY, ALBERTA--(CCNMatthews - March 14, 2007) -

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

Cyries Energy Inc. ("Cyries") (TSX:CYS) is pleased to announce today that it has closed the previously announced private placements of approximately 442,800 flow-through common shares ("CEE Flow-Through Shares") at a price of $13.55 per share and approximately 524,000 flow-through shares ("CDE Flow-Through Shares") at a price of $11.45 per share for aggregate gross proceeds of approximately $12 million. The purchasers of CEE Flow-Through Shares will be entitled to renunciations of Canadian exploration expenses in an amount equal to the subscription amount from Cyries while purchasers of CDE Flow-Through Shares will be entitled to renunciations of Canadian development expenses in an amount equal to the subscription amount from Cyries.

Proceeds from the private placements will be used to fund acquisitions of certain oil and gas properties located within Cyries' core areas. The assets to be acquired have current production of approximately 400 boe per day of light oil and will add to Cyries existing working interests in these core areas.

Cyries Energy Inc. is a publicly traded Canadian energy company involved in the exploration, development and production of natural gas and crude oil in western Canada. Its common shares trade on the TSX under the symbol
"CYS".

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The Cyries 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.

This news release contains forward-looking statements. Forward-looking statements are based on current expectations that involve a number of risks and uncertainties which could cause actual events or results to differ materially from those reflected in this news release. These risks and uncertainties include, among other things, changes in general economic, market and business conditions; changes or fluctuations in production levels, commodity prices, currency exchange rates, capital expenditures, reserves or reserves estimates and debt service requirements; changes in legislation; Cyries' ability to comply with current and future environmental or other laws; Cyries' success at the acquisition, exploitation and development of reserves; actions by governmental or regulatory authorities including increasing taxes or other regulations; and the occurrence of unexpected events involved in the operation and development of oil and gas properties. Forward-looking statements are based on the estimates and opinions of Cyries' management at the time the statements were made. Unless required by applicable law, Cyries assumes no obligation to update forward-looking statements should circumstances or management's estimates change.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cyries Energy Inc.
    Donald F. Archibald
    Chairman & C.E.O.
    (403) 262-9609
    ( 403) 262-0055 (FAX)