Shellbridge Oil & Gas, Inc.
TSX : DOL

Shellbridge Oil & Gas, Inc.

October 04, 2005 19:44 ET

Shellbridge Announces Closing of $4,000,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 4, 2005) -

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Shellbridge Oil & Gas, Inc. ("Shellbridge") (TSX:SHB) announced that it has completed its previously disclosed non-brokered private placement of 3,333,333 common shares, of which 1,666,666 were issued on a flow-through basis. All common shares issued were issued at a price of $1.20 per share, resulting in total gross proceeds of $4,000,000. The proceeds of the private placement will be used for working capital and the initiation of the exploration and development program of Shellbridge.

Shellbridge Oil & Gas, Inc. is a Canadian based energy company engaged in the production and exploration of Western Canada's natural gas and oil reserves. The Company owns working interests in producing and early-stage exploration properties in southwestern Saskatchewan, and northeastern and southwestern British Columbia.

On Behalf of the Board of Directors,

Wayne J. Babcock, President & CEO

FORWARD-LOOKING STATEMENTS

The above disclosure may contain statements that are forward-looking in nature. statements preceded by the words believe, expect, anticipate, plan, intend, continue, estimate, may, will, and similar expressions are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to known and unknown risks and uncertainties and other factors referenced in the corporation's continuous disclosure filings. Therefore, the corporation's actual results may be materially different from those expressed or implied by such forward-looking statements.

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