Exall Energy Corporation

Exall Energy Corporation

March 22, 2010 13:10 ET

Exall Energy Completes Private Placement Financing

CALGARY, ALBERTA--(Marketwire - March 22, 2010) - Exall Energy Corporation ("Exall") (TSX:EE) announced today that it has raised gross proceeds of $3,204,403 by way of a brokered private placement through D & D Securities Company (the "Agent").

The brokered private placement consisted of 4,929,851 units of Exall (the "Units") priced at $0.65 per Unit and consisting of one common share of Exall and one-half of one share purchase warrant. Each whole share purchase warrant may be exercised by the holder to acquire one common share of Exall at a price of $0.80 for a period of 12 months.

The Agent received a cash commission of 6% of the gross proceeds raised from the brokered private placement and broker warrants entitling them to acquire 295,791 Units exercisable at $0.675 per broker warrant for a period of 12 months.

Exall intends to use the net proceeds from the sale of the Units to fund its drilling programs and for working capital and general corporate purposes.

About Exall

Exall 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 and Texas. Exall Energy is currently developing a new oil discovery in north-central Alberta.

After closing of the financing announced herein, Exall Energy has 51,067,745 common shares outstanding. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

Please visit Exall Energy's website at: www.exall.com

Contact Information

  • Exall Energy Corporation
    Frank S. Rebeyka
    Vice Chairman & CEO
    Exall Energy Corporation
    Roger N. Dueck
    President & COO
    403-237-7820 x 223