Enterprise Oil Limited

Enterprise Oil Limited

June 09, 2006 14:38 ET

Enterprise Oil Amends Size of Equity Financing

ST. ALBERT, ALBERTA--(CCNMatthews - June 9, 2006) - Enterprise Oil Limited (TSX VENTURE:EON) ("Enterprise Oil") announces today that it has amended its previously announced equity financing (see press release dated May 10, 2006). The private placement will be restricted to a maximum of $7,500,000 in units priced at $1.80 per unit. The units will be issued through a syndicate of agents led by Research Capital Corporation and including Westwind Partners Inc. (the "Agents").

Each unit will consist of one common share and one private placement warrant. Each private placement warrant will entitle the holder to acquire one common share at an exercise price of $2.50 per common share for a period of 12 months from the closing date on or about June 19th 2006. The proceeds from this offering will be will be used to fund possible acquisitions and for general working capital purposes.

Management of the Company elected to reduce the size of the offering to limit dilution due to current market conditions.

The news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered 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 absent registration or an applicable exemption from the registration requirement.


Leonard D. Jaroszuk

Forward Looking Statements

This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Enterprise Oil Limited
    Leonard D. Jaroszuk
    (780) 418-4400 or Toll Free: 888-303-3361
    Enterprise Oil Limited
    #2, 64 Riel Drive
    St. Albert, AB. T8N 5B3
    (780) 418-4400 or Toll Free 888-303-3361
    (780) 418-1941 (FAX)
    Email: contact@enterpriseoil.ca
    Website: www.enterpriseoil.ca