Iteration announces closing of $39.2 million bought deal financing



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
    NEWSWIRE SERVICES./

    CALGARY, April 26 /CNW/ - Iteration Energy Ltd. ("Iteration") (TSX - ITX)
is pleased to announce that it has completed its previously announced bought
deal financing, pursuant to which Iteration issued 7,000,000 Common Shares at
a price of $5.60 per share for gross proceeds of $39.2 million. The net
proceeds from this offering will be used to fund Iteration's 2007 capital
expenditure program and for general corporate purposes.
    The underwriting syndicate was led by FirstEnergy Capital Corp. and
included Peters & Co. Limited, RBC Capital Markets, Wellington West Capital
Markets Inc. and Cormark Securities Inc.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The Common
Shares will not be and have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements.
    %SEDAR: 00002576E




For further information:

For further information: (403) 261-6883 or info@iterationenergy.com -
Brian Illing, President and CEO; Sean Johnson, CFO

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ITERATION ENERGY LTD.

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