Ryland Oil Corporation
TSX VENTURE : RYD

Ryland Oil Corporation

November 13, 2008 14:05 ET

Ryland Closes Brokered Private Placement Through GMP Securities L.P.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Ryland Oil Corporation ("Ryland") (TSX VENTURE:RYD) is pleased to announce that it has closed a brokered private placement offering of 31,646,200 flow-through common shares at a price of $0.45 per share (the "Offering"), for gross proceeds of $14,240,790. The offering was led by GMP Securities L.P. as sole agent. GMP received a cash commission of $854,447.40. The private placement was announced by Ryland in its news releases of October 23 and 24, 2008.

Proceeds from the Offering will be used to further Ryland's exploration drilling activities on its 373,000 net acres of petroleum and natural gas properties in southeast Saskatchewan.

The hold period on the private placement shares expires on March 14, 2009.

The Offering did not result in a change of control. The Offering is subject to final TSX Venture Exchange approval.

RYLAND OIL CORPORATION

Gerald J. Shields, President

Issued and Outstanding: 161,929,906

The TSX Venture Exchange has not reviewed and does not accept any responsibility for the adequacy or accuracy of this news release, and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Ryland Oil Corporation
    Mr. Jim Welykochy
    Vice President, Corporate Development
    (403) 861-1242
    Website: www.rylandoil.com