Maskal Energy Inc.

November 21, 2006 02:15 ET

Maskal Energy Announces Closing of $475,500 Private Placement

CALGARY, ALBERTA--(CCNMatthews - Nov. 21, 2006) -

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Maskal Energy Inc. (TSX VENTURE:MSK) ("Maskal" or the "Corporation") is pleased to announce that the private placement previously announced on October 16, 2006 was over subscribed. The Corporation has completed the sale of an aggregate of 2,377,500 common shares at $0.20 per share for gross proceeds of $475,500. The private placement was non-brokered, and no commissions or finder's fees were paid by Maskal in connection with the private placement. Proceeds of the offering will be used for exploration purposes on Maskal's Bakken oil prospect near Sinclair, Manitoba and for general corporate purposes. The hold period applicable to the subject shares will expire on March 25, 2007.

With respect to operations, Maskal is pleased to announce that the corporation has entered into a farm-in agreement to earn up to 1.5 sections of land on a rolling option basis in the Sinclair, Manitoba area, targeting the Bakken formation as the prospective zone.

As a further update, Maskal is anticipating to apply for 2 drilling licences for wells on the Sinclair property by the end of November, with subsequent drilling to begin upon receipt of the licences.

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

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