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

Redcliffe Exploration Inc.

November 28, 2007 09:30 ET

Redcliffe Closes Initial Tranche of Private Placement Financing for Gross Proceeds of $5 Million

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Redcliffe Exploration Inc. ("Redcliffe" or the "Corporation") (TSX VENTURE:RXI.A)(TSX VENTURE:RXI.B) is pleased to announce that is has closed the initial tranche of its previously announced non-brokered private placement financing. This initial tranche of financing consisted of 11,160,932 units of the Corporation (the "Units") at $0.45 per Unit for gross proceeds of approximately $5,022,000. Each Unit is comprised of one (1) Class A share (the "Shares") and one-half (1/2) Share purchase warrant (the "Warrants"); as a result, the Corporation issued 11,160,932 Shares and 5,580,464 Warrants upon closing. Each whole Warrant will entitle the holder to acquire an additional Share at an exercise price of $0.55 for a period of twelve (12) months following the closing date of the offering. The Warrants will not trade on any stock exchange, but will be transferable pursuant to applicable securities law requirements. The Shares and any Shares acquired pursuant to the exercise of Warrants will be subject to a hold period, expiring on March 28, 2008.

Redcliffe is a Calgary, Alberta based company engaged in the exploration for, and 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 areas of operational focus include the Pembina and Peace River Arch areas of Alberta.

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.

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