Redcliffe Exploration Inc.
TSX VENTURE : RXP.A
TSX VENTURE : RXP.B

Redcliffe Exploration Inc.

October 21, 2008 12:32 ET

Redcliffe Announces Revision of Previously Announced Financing

CALGARY, ALBERTA--(Marketwire - Oct. 21, 2008) -

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Redcliffe Exploration Inc. ("Redcliffe") (TSX VENTURE:RXP.A) (TSX VENTURE:RXP.B) announces that the previously announced agreement with Richardson Partners Financial Limited to issue, by way of a private placement, up to 10,000,000 flow-through Class A shares (the "Shares") on a commercially reasonable efforts basis at $0.60 per Share for gross proceeds of up to $6.0 million, has been amended due to recent market conditions. The amended agreement provides that the Corporation will issue, by way of a private placement, up to 10,000,000 flow-through Class A shares on a commercially reasonable efforts basis at $0.50 per Share for gross proceeds of up to $5.0 million. Proceeds from the offering will be used to incur qualifying flow-through expenditures focused on the exploration and development of Redcliffe's existing and recently acquired lands in the Gold Creek area of Northwestern Alberta.

Closing of the offering is expected to occur on or about October 30, 2008, and is subject to the receipt of all requisite regulatory and stock exchange approvals. The securities issued under the private placement will be subject to a four month hold period from the date of closing.

Redcliffe is a Calgary, Alberta based company currently producing 1,100 boepd (65% natural gas) and is engaged in the exploration, development and production of conventional crude oil and natural gas reserves in western Canada. Redcliffe's strategy is to build shareholder value through internally generated exploration and development drilling, and through selective acquisitions. Redcliffe's primary area of operational focus is the Peace River Arch with development activity in the Pembina area.

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Forward-Looking Statements: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This news release does not constitute an offer to sell or the solicitation of an offer to buy these securities in the United States.

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

Contact Information

  • Redcliffe Exploration Inc.
    Daryl H. Connolly
    President & CEO
    (403) 539-8440
    (403) 539-8433 (FAX)
    Email: dconnolly@redcliffe.ca
    or
    Redcliffe Exploration Inc.
    George Gramatke
    Vice President, Finance & CFO
    (403) 539-8442
    (403) 539-8433 (FAX)
    Email: ggramatke@redcliffe.ca