Sahara Energy Ltd.
TSX VENTURE : SAH

Sahara Energy Ltd.

December 22, 2006 17:45 ET

Sahara Energy Announces Closing of First Tranche of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) - Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara" or the "Company") is pleased to announce today the closing of the first tranche of its previously announced brokered private placement (the "Private Placement") of 211,005 units (the "Units") each Unit consisting of two (2) flow-through shares, each representing $1.60 of Canadian Development Expenses and one (1) flow through share representing $1.70 of Canadian Exploration Expenses for aggregate gross proceeds of $1,033,924.50.

The Private Placement was brokered by Leede Financial Markets Inc. and Blackmont Capital Inc.

The shares issued pursuant to the Private Placement are subject to a four-month hold period expiring April 23, 2007.

Proceeds of the Private Placement will be used to fund expenditures related to Sahara's exploration and development activities.

Sahara is a junior oil and gas company focused on the acquisition, exploration and development of oil and natural gas in western Canada.

ADVISORY

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

Contact Information

  • Sahara Energy Ltd.
    Peter Boswell
    President and Chief Executive Officer
    (403) 232-1359
    (403) 232-1307 (FAX)
    Email: pete@saharaenergy.ca
    or
    Sahara Energy Ltd.
    800- 510 5th Street SW
    Calgary, Alberta T2P 3S2