Exall Energy Corporation

Exall Energy Corporation

December 17, 2007 17:19 ET

Exall Energy Announces Closing of Private Placement for $2 Million

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2007) - Exall Energy Corporation (the "Corporation") (TSX:EE) is pleased to announce it has closed a non-brokered private placement (the "Offering") of 1,075,625 units ("Units") at a price of $0.40 per Unit and 3,523,892 flow-through common shares ("Flow-Through Common Shares") at a price of $0.45 per Flow-Through Common Share for aggregate gross proceeds of $2,016,001. Each Unit is comprised of one common share and one half-warrant ("Warrant") with each whole Warrant being exercisable for one common share at $0.60 for one year from closing. The Corporation paid a finder's fee to eligible finders from the proceeds of the Units under the Offering. The common shares, Warrants and the Flow-Through Common Shares issued under the Offering are subject to a four month and a day resale restriction.

Proceeds from the sale of the Units will be used for general working capital purposes and for project development. Proceeds from the sale of the Flow-Through Common Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) related to the exploration program of the Corporation's oil and gas projects.

Exall Energy Corporation is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta, British Columbia, Texas and in the North Sea offshore the United Kingdom.

Contact Information

  • Exall Energy Corporation
    Frank S. Rebeyka
    President and CEO
    (403) 237-7820
    (403) 262-4723 (FAX)
    Website: www.exall.com