Exceed Energy Inc.

Exceed Energy Inc.

December 29, 2006 18:03 ET

Exceed Announces Completion of Non-Brokered Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) ("Exceed" or the "Corporation") is pleased to announce that it has completed a further non-brokered private placement of 714,287 flow-through common shares (the "Flow-Through Shares") of the Corporation at a purchase price of $0.35 per common share, for gross proceeds of $250,000 effective November 29, 2006. The common shares issued pursuant to the private placement are subject to a four month hold period expiring on March 30, 2007.

The proceeds of the private placement will be used to conduct oil and gas exploration in Canada, such that the Corporation can use the proceeds of the Flow-Through Shares in this private placement to incur and renounce to the holders of the Flow-Through Shares Canadian Exploration Expenses (or the equivalent) effective in 2006.

Exceed Energy Inc. is a Calgary based emerging oil and gas company engaged in the exploration, development and exploitation 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.

The TSX Venture Exchange 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)
    Website: www.exceedenergy.com