Nevarro Energy Ltd.

Nevarro Energy Ltd.

October 21, 2005 13:01 ET

Nevarro Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Oct. 21, 2005) -

(Not for distribution to U.S. newswire services or for dissemination in the United States of America)

NEVARRO ENERGY LTD. (TSX VENTURE:NEL) ("Nevarro") is pleased to announce it has closed it previously announced private placement of 1,200,000 common shares issued on a "flow through" basis at a price of $2.55 per share for gross proceeds of $3,060,000.

Acumen Capital Finance Partners Limited acted as lead agent of a syndicate of agents including Octagon Capital Corporation.

The common shares issued under the offering are subject to a four month hold period.

Nevarro intends to apply the proceeds to its previously announced capital expenditure program.

Nevarro is a junior oil and gas company engaged in the exploration, development and production of oil and natural gas in the Western Canadian Sedimentary Basin.

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

Contact Information

  • Nevarro Energy Ltd.
    J.W. Grant Robertson
    Vice-President, Business Development
    (403) 231-1230
    (403) 264-7304 (FAX)
    Nevarro Energy Ltd.
    1600 - 840 - 7th Ave. S.W.
    Calgary, AB T2P 3G2