Iteration announces closing of over-allotment option



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

    CALGARY, Nov. 13 /CNW/ - Iteration Energy Ltd. ("Iteration") (TSX - ITX)
is pleased to announce the closing of the over-allotment option granted to the
underwriters in connection with the offering of 5.21 million subscription
receipts pursuant to a short form prospectus dated October 10, 2007 (the
"Offering") which closed on October 17, 2007. The underwriters exercised the
over-allotment option to purchase an additional 767,400 subscription receipts
(the "Subscription Receipts") at a price of $4.80 per Subscription Receipt for
gross proceeds of approximately $3.7 million.
    The closing of the exercise of the over-allotment option increased the
aggregate gross proceeds of the Offering from approximately $25.0 million to
approximately $28.7 million. The net proceeds from the Offering of
approximately $27.0 million will be used by Iteration to reduce the amount
outstanding under its credit facility, a portion of which financed the
acquisition of certain petroleum and natural gas properties and related assets
(the "Acquisition"), which closed on September 28, 2007.
    Each Subscription Receipt entitles the holder, without payment of
additional consideration, to one Common Share in the capital of Iteration upon
the later of (i) the closing of the Acquisition; and (ii) the closing of the
Offering. With the closing of the over-allotment option today, holders of the
Subscription Receipts will immediately receive one Common Share for each
Subscription Receipt held without any further action or payment of additional
consideration.
    The underwriting syndicate was led by FirstEnergy Capital Corp. and
included Peters & Co. Limited and RBC Capital Markets.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
Subscription Receipts and 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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