Great Plains Closes Bought Deal Private Placement for an Aggregate of $10.0 Million



    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES/

    CALGARY, March 20 /CNW/ - Great Plains Exploration Inc. (TSX: GPX) is
pleased to announce that it has closed the previously announced $8,000,250
bought deal financing as well as the exercise of the Agent's option to
increase the financing for an additional $2,000,250 resulting in aggregate
gross proceeds of $10,000,500. The private placement consisted of an aggregate
of 6,667,000 flow through common shares at $1.50 per share. The offering was
completed by a syndicate of underwriters led by GMP Securities L.P. and
included Dundee Securities Corporation and Acumen Capital Finance Partners
Limited.
    Great Plains intends to use the proceeds from the financing to partially
fund its capital expenditure program in 2007, which includes exploration
drilling at Pembina and Morinville, and the drilling of up to 5 light oil
locations in Randell next winter, as well as for general corporate purposes.

    The common shares of Great Plains have not and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or sold
in the United States or to any U.S. person except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and
applicable state securities laws.

    Advisory Regarding Forward Looking Statements

    This news release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with oil and gas
exploration, production and transportation, such as loss of market, volatility
of oil and gas prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers, ability to
access sufficient debt and equity capital from internal and external sources,
ability to replace and expand oil and gas reserves, ability to generate
sufficient cash flow from operations to meet its current and future
obligations, and risks associated with existing and potential future lawsuits
and regulatory actions made against the Company; as a consequence, actual
results could 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 and are made as of the date of this news
release. Unless otherwise required by applicable securities laws, the Company
does not intend nor does it undertake any obligation to update or review any
forward-looking statements to reflect subsequent information, event, results
or circumstances or otherwise.

    %SEDAR: 00020740E




For further information:

For further information: Great Plains Exploration Inc., Stephen P.
Gibson, President and CEO; Sean Bovingdon, VP Finance and CFO, Tel: (403)
262-9620, Fax: (403) 262-9622, Website: www.greatplainsexp.com, Email:
info@greatplainsexp.com

Organization Profile

GREAT PLAINS EXPLORATION INC.

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