Valkyries Petroleum Corp.
TSX VENTURE : VPC

Valkyries Petroleum Corp.

September 14, 2005 18:06 ET

Valkyries Petroleum Completes Cdn $66 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 14, 2005) - Valkyries Petroleum Corp. ("Valkyries" or "the Company") (TSX VENTURE:VPC) reports that it has completed the private placement announced, as amended, on August 10, 2005. The Company sold on a non-brokered, private placement basis 11 million common shares of the Company at a price of Cdn $6.00 per share for gross proceeds of Cdn $66 million.

Net proceeds of the private placement will be used to repay the US $50 million bridge loan obtained by the Company to fund the acquisition of a 70% interest in the Lagansky exploration block as well as for general corporate purposes (please see news release dated July 22, 2005). A finders' fee of 5% was paid on a portion of the private placement. The private placement has received regulatory approval and the shares have now been issued to the investors. The shares are subject to a 4 month hold period from the date of issue.

Valkyries Petroleum Corp. is an upstream oil and gas company with exploration and producing interests in Russia and the United States.

ON BEHALF OF THE BOARD

Keith C. Hill, President

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

Contact Information

  • Valkyries Petroleum Corp.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    www.valpete.com