Pilot Energy Ltd.

Pilot Energy Ltd.

March 24, 2005 14:49 ET

Pilot Energy Ltd. Announces Closing of Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PILOT ENERGY LTD.

TSX VENTURE SYMBOL: PGY

MARCH 24, 2005 - 14:49 ET

Pilot Energy Ltd. Announces Closing of Private
Placement

CALGARY, ALBERTA--(CCNMatthews - March 24, 2005) - Pilot Energy Ltd.
("Pilot") (TSX VENTURE:PGY) announces that it has closed its recently
announced private placement of 2,000,000 common shares at $1.40 per
share for gross proceeds of $2,800,000. The shares are subject to a hold
period and may not be traded until July 24, 2005 except as permitted by
applicable securities laws and the rules of the TSX Venture Exchange. As
consideration for their involvement in the financing certain brokerage
firms received a 7 percent commission and were issued 89,050 broker
warrants which are exercisable at $1.40 per share for twelve months from
the closing date.

Insiders of Pilot purchased an aggregate of 205,000 common shares in the
placement. After the closing of this issue of common shares, insiders of
Pilot will hold a total of 5,777,957 common shares of Pilot and warrants
to purchase 150,000 common shares representing 33% of the outstanding
common shares.

Pilot is a Canadian junior energy company engaged in the exploration,
development and production of crude oil and natural gas in Alberta and
Saskatchewan.

Issued and Outstanding Common Shares: 17,890,212

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pilot Energy Ltd.
    Todd Lemieux
    President & C.E.O.
    (403) 514-8115 ext. 226
    or
    Pilot Energy Ltd.
    Douglas K. Smith
    C.F.O.
    (403) 514-8115 ext. 244
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.