Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

November 23, 2010 16:29 ET

Texalta Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2010) - Texalta Petroleum Ltd. ("Texalta" or the "Company") (TSX VENTURE:TEX.A) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of 3,000,000 units ("Units") at a price of $0.70 per Unit for gross proceeds of $2,100,000. Each Unit consists of one common share issued on a flow-through basis under the Income Tax Act (Canada) and one half of one common share purchase warrant (a "Warrant"), with each whole Warrant entitling the holder to purchase one common share of the Corporation at a price of $0.90 per share at any time until 4:30 p.m. (Calgary time) on May 22, 2012.

The proceeds of the Private Placement will be used for oil and gas exploration and development in Saskatchewan and Alberta.

All common shares and Warrants issued pursuant to the Private Placement are subject to a four month hold period expiring March 22, 2011.

TEX.A is a Calgary based company engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds a 50 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

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 adequacy or accuracy of this release.

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