Exceed Energy Inc.

Exceed Energy Inc.

September 07, 2007 15:48 ET

Exceed Announces $2 Million Flow-Through Financing

CALGARY, ALBERTA--(Marketwire - Sept. 7, 2007) - Exceed Energy Inc. ("Exceed" or the "Corporation") (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) is pleased to announce that it has entered into an engagement agreement with Integral Wealth Securities Limited as lead agent (the "Agent") to complete a private placement on a commercially reasonable efforts basis, for the issuance of up to 8,000,000 Class A common shares of the Corporation to be issued on a flow-through basis (the "Flow-Through Shares") at a purchase price of $0.25 per share for gross proceeds of up to $2,000,000 (the "Offering").

Completion of this financing is subject to the receipt of all necessary regulatory approvals and is expected to close in mid October 2007. The Flow-Through Shares will be subject to a four month hold period.

The Corporation will pay the Agent a cash commission of 7% of the gross proceeds of the Offering and will grant the Agent options (the "Options") equal in number to 7% of the total number of Flow-Through Shares sold in the Offering. Each Option will entitle the Agent to purchase one Class A common share of the Corporation for a period of 12 months from the closing of the Offering at a price of $0.25.

The proceeds of the Offering will be used to conduct oil and gas exploration in Canada.

Exceed Energy Inc. is a Calgary based emerging oil and gas company engaged in the development and exploration of oil and gas reserves in western Canada. Exceed's Class A and Class B shares trade on the TSX Venture Exchange under the symbols "EX.A" and "EX.B" respectively.

Forward Looking Statements

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com.

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

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1853
    (403) 508-1781 (FAX)