Stonefire Energy Corp.
TSX VENTURE : SFE.A
TSX VENTURE : SFE.B

Stonefire Energy Corp.

November 16, 2007 17:58 ET

Stonefire Energy Corp. Announces Completion of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Nov. 16, 2007) -

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

Stonefire Energy Corp. (TSX VENTURE: SFE.A) (TSX VENTURE:SFE.B) ("Stonefire" or the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement (the "Offering") for total proceeds to Stonefire of $2,400,000. The Offering was fully subscribed and resulted in the issuance of an aggregate of 3,000,000 Class A Shares at a price of $0.80 per share. The Class A Shares issued under the Offering will be subject to a hold period expiring on March 17, 2007.

Stonefire Energy Corp. is an Alberta-based company formed to participate in oil and gas exploration, development and acquisitions focusing in the West Central region of Alberta. The Company's shares trade on the TSX Venture exchange under the symbols SFE.A and SFE.B. Following closing of the Offering, the Company has 18,265,000 Class A Shares and 1,012,000 Class B Shares outstanding.

Reader Advisory

This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates or expectations of management.

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

Contact Information

  • Stonefire Energy Corp.
    Mr. Richard Dahl
    President & Chief Executive Officer
    (403) 262-9885 ext 222
    (403) 262-9887 (FAX)
    or
    Stonefire Energy Corp.
    Mr. Ronald Williams
    Vice President Finance and CFO
    (403) 262-9885 ext 228
    (403) 262-9887 (FAX)
    or
    Stonefire Energy Corp.
    Suite 320, 333 - 5th Avenue SW
    Calgary, Alberta T2P 3B6