Exall Energy Corporation
TSX : EE

Exall Energy Corporation

March 22, 2007 10:37 ET

Exall Energy Announces Listing and Posting for Trading of Its Common Shares on the Toronto Stock Exchange

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - Exall Energy Corporation (TSX:EE) (the "Corporation") is pleased to announce that, as of open of markets this morning, its common shares are now listed and posted for trading on the Toronto Stock Exchange (the "TSX") under the symbol "EE".

In connection with meeting the listing requirements imposed by the TSX, the Corporation recently completed the acquisition (the "Acquisition") of Kingsmere Exploration Limited on February 2, 2007. Kingsmere Exploration Limited was a private oil and gas corporation existing under the laws of the Province of Alberta and as a condition of the Acquisition, Roger Dueck was also appointed as a director and Vice President of the Corporation. Full details concerning the Acquisition are contained in the press release of the Corporation dated January 29, 2007.

Also in furtherance of meeting the listing requirements imposed by the TSX, the Corporation completed a private placement (the "Private Placement") of $1,626,500 principal amount of one year 5% convertible debentures (the "Debentures") on March 19, 2007. The Debentures are convertible at any time at the option of the holder (the "Conversion") into units (the "Units"), each Unit comprised of one common share of the Company and one half of one common share purchase warrant (each a "Warrant") at a conversion price per Unit equal to the greater of: (a) the weighted average trading price of the common shares on the TSX for the first ten consecutive days of trading less the maximum allowable discount under the TSX rules, or (b) $0.30 per share. Full details concerning the Private Placement are contained in the press release of the Corporation dated March 20, 2007.

The Corporation is a junior oil and gas company that was created to facilitate a plan of arrangement (the "Arrangement") by which Exall Resources Limited (now Gold Eagle Mines Ltd.), a TSX listed company, reorganized its business and transferred its oil and gas assets to the Corporation. The Corporation is 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
    Stephen G. Roman
    Executive Chairman
    (416) 368-3949
    or
    Exall Energy Corporation
    Frank S. Rebeyka
    President & CEO
    (403) 815-6637
    Website: www.exall.com