Sentinel Rock Oil Corporation
TSX VENTURE : SEN

Sentinel Rock Oil Corporation

February 17, 2009 18:38 ET

Sentinel Rock Oil Corporation: Private Placement First Tranche Closed

CALGARY, ALBERTA--(Marketwire - Feb. 17, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Sentinel Rock Oil Corporation (TSX VENTURE:SEN) ("Sentinel" or the "Corporation") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Sentinel Private Placement") of 8,700,000 Common Shares raising a total amount of Cdn $435,000. Pursuant to the Sentinel Private Placement, the Corporation may pay a cash commission of 5% to registered dealers or other qualified persons according to applicable securities laws, although no such fees were paid in connection with the closing of the first tranche.

The first tranche of the Sentinel Private Placement was hereto subscribed by officers and directors of the Corporation. Following this closing, the Corporation will have 37,193,855 common shares issued and outstanding.

The net proceeds of the Sentinel Private Placement will be used by Sentinel to pay outstanding payables and for general working capital purposes. The principal reason for the Corporation to complete the Sentinel Private Placement is that the Corporation currently has a working capital deficiency of approximately $350,000 and wishes to drill one or more vertical test wells on its property in Poundmaker, Saskatchewan and complete a re-entry of one well on its Redford property in South Central Saskatchewan.

About Sentinel

Sentinel is a Calgary, Alberta based oil exploration company focusing on heavy oil with operations in northern Alberta and western Saskatchewan.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Sentinel Rock Oil Corporation
    Bryce Bonneville
    Vice-President, Business Development
    (403) 668-0427
    (403) 206-7746 (FAX)