Trinity Plumas Capital Corp.

Trinity Plumas Capital Corp.

February 24, 2005 12:53 ET

Trinity Announces Additional Subscriptions Under Previously Announced Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TRINITY PLUMAS CAPITAL CORP.

TSX VENTURE SYMBOL: TPC

FEBRUARY 24, 2005 - 12:53 ET

Trinity Announces Additional Subscriptions Under
Previously Announced Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 24, 2005) - Trinity
Plumas Capital Corp. (TSX VENTURE:TPC) is pleased to announce that it
has received executed subscription agreements for US$2,000,000 from a
Houston-based investment fund. This is under the previously announced
brokered private placement for up to 15,000,000 Units at a price of
C$0.85 per Unit, a significant proportion of which has already closed.
Each Unit consists of one common share and one-half of a 2-year warrant.
Each full warrant entitles the holder thereof to purchase one common
share for C$1.30. The Company expects the placement to close as soon as
it has received regulatory approval. Management anticipates one or more
additional closings on the same terms to complete its financing
objective. The placement is being brokered by Fox-Davies CAPITAL of
London.

Mr. Robert E. Chamberlain, Jr., CEO and CFO, commented, "We are
extremely pleased with the support provided by this well-respected U.S.
institutional investor, and we anticipate increasing our financial
relationship with this group in the future. We believe that this
investment illustrates a full appreciation of the embedded value of both
our Texas-based Barnett Shale and Guatemala assets". Mr. Bill Rhea, IV,
President and COO, added, "We view the willingness to pay a premium to
the market as a strong indicator of the financial and economic
opportunities that exist with our acreage in Denton and Tarrant
counties".

About Trinity

Trinity now has 26 producing natural gas wells (19 vertical and 7
horizontal). Working interest partners involved in the Company's various
acreage holdings include publicly-listed Devon Energy (NYSE: DVN) and
Carrizo Oil & Gas (Nasdaq NM: CRZO), along with other privately-held
entities. Trinity Plumas Capital Corp is an oil & gas exploration and
development company. Its focus is on the efficient development of
hydrocarbons in North and Central America while maintaining high
standards of environmental responsibility.

The Company is in the process of changing its name to TrueStar Petroleum
Corporation, for which it is awaiting regulatory approval.

About Fox-Davies CAPITAL

Fox-Davies CAPITAL ("FDC") is a London-based investment banking boutique
specializing in the oil & gas and mining sectors. The firm specializes
in assisting Canadian and Australian natural resource companies' access
to capital in the UK and European markets. FDC is a member of the London
Stock Exchange and is regulated by the UK Financial Services Authority.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Trinity Plumas Capital Corp.
    Robert E. Chamberlain, Jr.
    Email: rchamberlain@trinityplumas.com
    or
    Trinity Plumas Capital Corp.
    J. W. (Bill) Rhea, IV
    Email: brhea@trinityplumas.com
    or
    Trinity Plumas Capital Corp.
    Houston Office
    (281) 335-5588
    (281) 335-7619 (FAX)
    or
    Trinity Plumas Capital Corp.
    Canada Office
    (800) 514-3169
    (778) 837-9468
    or
    Fox-Davies CAPITAL
    Daniel Fox-Davies
    Managing Director
    Email: daniel@fox-davies.com
    or
    Fox-Davies CAPITAL
    Whitefriars House
    London EC4 0BS (UK)
    44-20-7936-5200
    44-20-7936-5201 (FAX)