GFI Oil & Gas Corporation
TSX VENTURE : GFI

GFI Oil & Gas Corporation

December 22, 2006 11:41 ET

GFI Oil & Gas Corporation Announces Sale of Nearly 14 Million Shares of Previously Announced Financing

CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

GFI OIL & GAS CORPORATION (the "Corporation") (TSX VENTURE: GFI) announces that it has completed the sale of nearly 14,000,000 shares relating to its previously announced financing. The Corporation today completed the sale of 13,876,923 common shares at a price of CDN $0.65 per share for gross proceeds of CDN $9,019,999.95 (the "Private Placement"). The Corporation intends to sell the remaining shares (approximately 8,000,000 of the previously announced total of 22,000,000) after the first of the year. The Corporation intends to use the proceeds from the Private Placement for the on-going development of its Indonesia and Thailand gas and oil projects and for general working capital purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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

Contact Information

  • GFI Oil & Gas Corporation
    Alex T. Warmath
    Chief Executive Officer
    (281) 877-7940
    Email: awarmath@gfioil.com
    or
    GFI Oil & Gas Corporation
    12707 North Freeway, Suite 425
    Houston, TX 77079 USA