Trinity Plumas Capital Corp.

Trinity Plumas Capital Corp.

March 04, 2005 11:36 ET

Trinity Announces Oversubscription of C$12.75 Million Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TRINITY PLUMAS CAPITAL CORP.

TSX VENTURE SYMBOL: TPC

MARCH 4, 2005 - 11:36 ET

Trinity Announces Oversubscription of C$12.75 Million
Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 4, 2005) - Trinity
Plumas Capital Corp. (TSX VENTURE:TPC)

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Trinity Plumas Capital Corp. ("Trinity") is pleased to announce that it
has received executed subscription agreements for another C$8.6 million
(US$7.0 million) from several institutional and accredited investors,
bringing the total funding to date, under the previously announced
C$12.75 million private placement, to approximately C$15.57 million.
Upon the closing of these subscriptions, the brokered private placement
for up to 15,000,000 Units at a price of C$0.85 per Unit will be fully
funded and oversubscribed. Each Unit consists of one common share and
one-half of a 2-year warrant. Each full warrant entitles the holder to
purchase one common share for C$1.30. The Company expects the placement
to close as soon as it has received regulatory approval. The placement
is being brokered by Fox-Davies CAPITAL of London. "It has been a
pleasure representing the Company, and we are gratified with the breadth
of institutional interest from sophisticated North American and European
oil and gas investment funds exhibited in this transaction. We look
forward to assisting the Company in its further development and growth.
This is the second private placement closed for the Company, which will
now be fully funded to meet its capital requirements for 2005", said
Daniel Fox-Davies, Managing Director.

Mr. Robert E. Chamberlain, Jr., CEO and CFO, commented, "The strong
demand for units, the oversubscribed status, and the pending final
closing of our private placement puts our Company in excellent financial
position to aggressively pursue its business strategy. We are extremely
pleased with the support provided by our new shareholders and Fox-Davies
CAPITAL". Mr. Bill Rhea, IV, President and COO, added, "In addition to
the capital provided by this private placement, we anticipate drawing
down on our $30 million Bank of America facility in the near future. We
are currently in the advanced stages of finalizing our capital
expenditure and well development program in the Barnett Shale for the
next 6 to 12 months, wherein we anticipate drilling one well per month
for 2005. Further to the Company now being fully funded, this will allow
us to exercise certain options for additional acreage up to 4,000 acres,
along with pipeline access, and to pursue other acquisition
opportunities now available".

About Trinity

Trinity is a junior oil and gas company with assets in the Barnett Shale
and Guatemala. Trinity now has 26 producing natural gas wells (19
vertical and 7 horizontal). Working interest partners involved in the
Company's various acreage holdings in the Barnett Shale include
publicly-listed Devon Energy (NYSE: DVN) and Carrizo Oil & Gas (Nasdaq
NM: CRZO), along with other privately-held entities. As an oil and 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 to
access 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.

ON BEHALF OF THE BOARD OF DIRECTORS:

J. W. (Bill) Rhea, IV, Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Trinity Plumas Capital Corp. - Houston Office
    Robert E. Chamberlain, Jr.
    (281) 335-5588
    (281) 335-7619 (FAX)
    rchamberlain@trinityplumas.com
    www.trinityplumas.com
    or
    Trinity Plumas Capital Corp. - Houston Office
    J. W. (Bill) Rhea, IV
    (281) 335-5588
    (281) 335-7619 (FAX)
    brhea@trinityplumas.com
    or
    Trinity Plumas Capital Corp.
    Canada Office
    1-800-514-3169 or (778) 837-9468
    or
    Fox-Davies CAPITAL
    Daniel Fox-Davies
    Managing Director
    daniel@fox-davies.com
    or
    Fox-Davies CAPITAL
    Whitefriars House
    London EC4Y 0BS (UK)
    44-20-7936-5200
    44-20-7936-5201 (FAX)
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.