Rochester Energy Corp.

March 23, 2006 16:56 ET

Rochester Energy Corp. Completes Previously Announced Private Placement of Units

CALGARY, ALBERTA--(CCNMatthews - March 23, 2006) - Rochester Energy Corp. ("Rochester") is pleased to announce that it has completed a previously announced, non-brokered private placement of up to 10,000,000 units of Rochester at a price of $0.10 per unit (the "Private Placement"). Each unit consists of one common share of Rochester and one common share purchase warrant exercisable for 5 years at $0.40.

The total for this closing consists of the issuance from treasury of 7,992,500 units of Rochester for aggregate gross proceeds of $799,250. The common shares issued under the Private Placement are subject to a four-month plus a day hold period from the date of closing under applicable securities legislation.

The proceeds from the offering will be used to provide working capital for Rochester's oil and gas property acquisition program and to complete the due diligence on the Fort McMurray First Nations land.

Following this issuance, Rochester has 13,339,146 common shares issued and outstanding.

Rochester is a junior oil and gas company with its head office in Calgary, Alberta and is a reporting issuer in Alberta, British Columbia and Ontario. Rochester's primary focus is the acquisition of oil and gas properties in Western Canada in an effort to regain financial stability.

Shares of Rochester are not posted for trading on any stock exchange (Rochester's shares were previously, but are no longer, listed for trading on the Toronto Stock Exchange under the symbol ROH). Rochester's shares are currently subject to cease trade orders in British Columbia and Ontario.

Contact Information

  • Rochester Energy Corp.
    Troy Mochoruk
    Chief Executive Officer
    (403) 618-8989