Benchmark closes private placement financing; Advances funds for radial drilling unit for Colombia



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    CALGARY, March 2 /CNW/ - BENCHMARK ENERGY CORP. ("Benchmark" or the
"Company" - TSX Venture: BEE) reports that it has successfully closed the
previously announced non-brokered private placement for 2,856,000 units
("Units") of the Company at a price of $0.30 per Unit for gross proceeds of
$856,800 (the Offering")
    Each Unit consists of one common share ("Common Share") and one half of
one common share purchase warrant (a "Warrant"). Each whole Warrant entitles
the holder thereof to acquire one Common Share at an exercise price of $0.40
per Common Share at any time on or before March 1, 2008. The Common Shares and
Warrants issued pursuant to the Offering are subject to a hold period expiring
July 2, 2007. Insiders of the Company purchased a total of 566,834 Units,
representing approximately 20% of the Offering. Finders fees of $35,642.99 are
payable to selling agents in conjunction with the offering.
    A total of US$300,000 has been advanced for the construction of a radial
drilling unit for use on potential oil & gas field development and enhancement
projects that Benchmark is negotiating in the Republic of Colombia and the
remaining proceeds from the Offering were added to the working capital of
Benchmark.
    The securities offered have not been and will not be registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from the
registration requirements.

    Benchmark Energy is a junior Canadian oil and gas exploration Company,
focused internationally. The Company currently has a 33.33% working interest
in the Cosmos Concession in offshore Tunisia. The Company intends to further
its working interests in Tunisia as well as to develop projects in Marginal
oil and gas fields in North and West Africa, and elsewhere such as Central and
South America as opportunities may arise.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THE CONTENTS OF THIS NEWS
    RELEASE.

    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, 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, INCLUDING THE RISK
THAT EITHER OR BOTH OF THE ACQUISITIONS MAY NOT CLOSE AS PLANNED, 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.




For further information:

For further information: Benchmark Energy Corp.: 1414 Eighth Street
S.W., Suite 260, Calgary, Alberta, T2R 1J6, Canada, Telephone: (403) 802-0770,
Facsimile: (403) 266-5732; David R. Robinson, President and CEO,
(david.robinson@benchmarkenergy.com); or Noble House Capital: Investor
Relations, Ph. 1-800-499-2388

Organization Profile

BENCHMARK ENERGY CORP.

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