Grand Petroleum Inc.
TSX VENTURE : GPP

Grand Petroleum Inc.

December 19, 2006 10:53 ET

Grand Petroleum Inc. Closes $10 Million Financing

CALGARY, ALBERTA--(CCNMatthews - Dec. 19, 2006) -

THIS PRESS RELEASE IS NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES.

Grand Petroleum Inc. ("Grand" or the "Corporation") (TSX VENTURE:GPP) has closed its previously announced issue of 1,000,000 common shares on a flow-through basis ("Flow Through Shares") at a price of $5.00 per Flow Through Share and 1,316,000 common shares ("Common Shares") at $3.80 per Common Share. The Underwriters' syndicate was co-led by Haywood Securities Inc. and Canaccord Capital Corp., and also included Orion Securities Inc. and Tristone Capital Inc.

Following the issue Grand now has 26,281,190 basic and 28,259,523 fully diluted shares outstanding.

Certain information set forth in this press release contains forward-looking statements. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, reliance should not be placed on forward-looking statements. Grand's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Grand will derive therefrom. Grand disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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