Longbow Resources Inc.

Longbow Resources Inc.

August 29, 2007 18:29 ET

Longbow Resources-Status of New Financings

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2007) - Longbow Resources Inc. (TSX VENTURE:LBR) ("Longbow" or the "Company") wishes to report that the private placement of flow-through common shares to be issued to various subscribers at a price of $0.48 per flow-through share previously announced by news release dated July 30, 2007 has received conditional acceptance from the TSX Venture Exchange (the "Exchange") and is expected to close in early September, 2007.

The proposed $4.5 million financing to Kisco LBR LLC by way of a two-part private placement received conditional acceptance from the Exchange on August 22, 2007 and is expected to proceed, however, the closing of this financing will be delayed until the Company obtains the required disinterested shareholder approval of the second part of the proposed financing. The Company originally anticipated obtaining such shareholder approval at its annual and special meeting of to be held on September 25, 2007, however, due to timing constraints, the required information could not be included in the meeting materials currently being mailed to shareholders. Longbow will provide further information regarding the status of the proposed financing with Kisco LBR LLC as soon as it is available.

Longbow is a junior oil and natural gas company based in Calgary, Alberta with properties located in Alberta, British Columbia and Saskatchewan.

Certain statements contained herein may constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe that the expectations reflected in the forward-looking statements are reasonable based upon management's current views but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. No assurance can be given that actual results, performance or achievement expressed in, or implied by these forward-looking statements will occur, or if they do, that any benefits may be derived from them. Past results have been applied in drawing a conclusion or making a forecast or projection set out in the forward-looking information. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions herein are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

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

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