Sunridge Energy Corp.
TSX VENTURE : SRG

Sunridge Energy Corp.

April 29, 2011 08:30 ET

Sunridge Energy Corp. Proposes Private Placement for Up to $3,100,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2011) -

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

Sunridge Energy Corp. (TSX VENTURE:SRG) ("Sunridge" or the "Company") is pleased to announce a proposed private placement offering of up to 12,500,000 flow-through units at a price of $0.20 per unit for gross proceeds of $2,500,000 (the "Flow-Through Offering"), and 4,000,000 non-flow through units at a price of $0.15 per unit for gross proceeds of $600,000 (the "Non-Flow-Through Offering).

Each unit under the proposed Flow-Through Offering will be comprised of one flow-through common share and one-half share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share for a period of two years following closing. The exercise price for each share purchase warrant will be $0.40 during term of the warrant. The warrants will be subject to accelerated conversion within 30 days of Sunridge providing notice of same to the holders of the warrants, in the event that the trading of the Sunridge shares closes at over $0.60 for 20 consecutive trading days.

Each unit under the proposed Non-Flow-Through Offering will be comprised of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of two years following the closing date. The exercise price for each share purchase warrant will be $0.30 during the term of the warrant. The warrants will be subject to accelerated conversion within 30 days of Sunridge providing notice of same to the holders of the warrants, in the event that the trading of the Sunridge shares closes at over $0.50 for 20 consecutive trading days.

Subject to TSX Venture Exchange approval, Sunridge will pay finders a fee consisting of cash and warrants from the proceeds of the proposed offerings.

Proceeds of the offerings will be used to fund the Company's exploration programs on its resource properties as well as for general working capital and corporate purposes.

Closing of the proposed offerings is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.

About Sunridge

Sunridge is a junior oil and gas exploration and development company of oil and gas properties. Sunridge currently owns a 100% working interest in the Lavoy Property producing from the McMurray formation, a 32% working interest in the Leduc South Property producing from the Basal Ellerslie formation, and 100% working interests in the Wizard Lake property producing from the Edmonton Sand formation, all in the Province of Alberta.

On behalf of the board,

Dwayne Tyrkalo, President

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sun ridge's ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adquacy or accuracy of this release.

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