Orleans Energy Ltd.

Orleans Energy Ltd.

March 13, 2008 08:49 ET

Orleans Energy Announces Closing of Equity Financing

CALGARY, ALBERTA--(Marketwire - March 13, 2008) -


Orleans Energy Ltd. (TSX VENTURE:OEX) ("Orleans" or the "Company") is pleased to announce that it has closed its previously announced bought-deal equity financing (the "Financing"). Pursuant to the Financing, Orleans issued 7.0 million common shares at a price of $3.60 per common share for total gross proceeds of $25,200,000. The Financing was led by GMP Securities L.P., on behalf of a syndicate of underwriters including Peters & Co. Limited, Dundee Securities Corporation, Blackmont Capital Inc., Macquarie Capital Markets Canada Ltd., Tristone Capital Inc. and Thomas Weisel Partners Canada Inc. (collectively, the "Underwriters"). The Company granted the Underwriters an option, exercisable for a period of 30 days following the closing of the Financing, to purchase an additional 1,050,000 common shares (representing 15% of the common shares issued pursuant to the Financing) at a price of $3.60 per common share on the same terms and conditions as the Financing, exercisable in whole or in part, to cover over-allotments, if any, and for market stabilization purposes.

Orleans will use the proceeds of the Financing to fund its ongoing capital investment plans, including the continued exploration and development of Orleans' Kaybob Montney asset base, and for general corporate purposes. Orleans presently now has approximately 44.57 million common shares issued and outstanding.

Orleans Energy Ltd. is a Calgary, Alberta-based crude oil and natural gas company, with common shares trading on the TSX Venture Exchange under the symbol "OEX". Orleans is a team of dedicated, experienced professionals focused on the creation of shareholder value through the acquisition, exploration and development of crude oil and natural gas assets within the province of Alberta, Canada.

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This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction.

The common shares offered under the Financing 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.

Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

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

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