Orleans Energy Announces Closing of Private Placement

« Back to News Releases

Share Email this page  |  Print page  |  Share Share this page
 
CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2006) -

This news release is not for dissemination in the United States or to any United States news services.

Orleans Energy Ltd. (TSX VENTURE:OEX) ("Orleans" or the "Corporation") is pleased to announce that it has closed its previously announced bought deal private placement financing of 2,630,000 flow-through common shares at $5.75 per share for gross proceeds of $15,122,500. The flow-through common shares issued are subject to a four-month hold period which expires on March 15, 2007. The underwriting syndicate for the private placement financing was led by Peters & Co. Limited and included GMP Securities L.P., Dundee Securities Corporation, Tristone Capital Inc. and Blackmont Capital Inc.

Orleans will use the net proceeds of the private placement to incur Canadian exploration expenses prior to December 31, 2007 in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of the flow-through common shares. Orleans will renounce the expenditures to the purchasers of the flow-through common shares for the fiscal year ended December 31, 2006.

Orleans Energy Ltd. is a Calgary, Alberta-based emerging crude oil and natural gas company, with common shares trading on the TSX Venture Exchange under the symbol "OEX". Orleans is a team of dedicated, experienced professionals focused on the creation of shareholder value via acquisition and development of crude oil and natural gas assets in Alberta.

Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. Orleans Energy Ltd.
Barry Olson
President & CEO
(403) 215-2941
Email: bolson@orleansenergy.com

or

Orleans Energy Ltd.
Dean Bernhard
Vice President, Finance & CFO
(403) 215-2945
Email: dbernhard@orleansenergy.com

or

Orleans Energy Ltd.
Head Office:
Suite 1250, 521-3rd Avenue S.W.
Calgary, Alberta T2P 3T3
(403) 261-8850 (FAX)
Website: www.orleansenergy.com