Peerless Energy Inc.

Peerless Energy Inc.

September 07, 2005 13:56 ET

Peerless Energy Inc. Announces Completion of Financing

CALGARY, ALBERTA--(CCNMatthews - Sept. 7, 2005) - Peerless Energy Inc. (TSX VENTURE:PRY.A)(TSX VENTURE:PRY.B) ("Peerless" or the "Company") is pleased to announce that it has completed its previously announced bought deal financing of 3,000,000 Class A shares, at a price of $3.35 per common share, resulting in gross proceeds of $10,050,000. The underwriting syndicate was led by FirstEnergy Capital Corp., and included Tristone Capital Inc., Canaccord Capital Corporation and Orion Securities Inc.

The shares are subject to a four month hold period which expires January 8, 2006.

Proceeds from the offering will be used to fund the Company's recently announced private company acquisition.

Peerless Energy Inc. is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and light oil reserves primarily in the provinces of Alberta, Saskatchewan, and British Columbia.

Peerless' Class A and Class B shares trade on The TSX Venture Stock Exchange under the symbols, PRY.A and PRY.B respectively.


This press release may contain forward-looking statements including management's assessment of future plans and operations, expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), acquisitions, commodity price and exchange rate fluctuation and uncertainties resulting from competition from other producers and ability to access sufficient capital from internal and external sources. Additional information on these and other factors that could affect Peerless' operations and/or financial results are included in Peerless' reports on file with Canadian securities regulatory authorities.

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

Contact Information

  • Peerless Energy Inc.
    Wade Becker
    President and Chief Executive Officer
    (403) 263-1590
    Peerless Energy Inc.
    Dan Toews
    Vice President, Finance and Chief Financial Officer
    (403) 263-1590
    (403) 263-1591 (FAX)