Pacific Stratus Files Preliminary Prospectus for Public Offering of Common Shares



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

    TORONTO, March 19 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE)
announced today that it has filed a preliminary short form prospectus with
regulatory authorities in Canada relating to its proposed public offering of
common shares. The syndicate of underwriters for the offering is being led by
GMP Securities L.P. and is comprised of Sprott Securities Inc., Westwind
Partners Inc., Orion Securities Inc., Wellington West Capital Markets Inc. and
Fraser Mackenzie Limited.
    The number of common shares to be offered and the price for the offering
have not yet been determined. The common shares are being offered in each of
the provinces of Canada, other than Québec, on a firm commitment basis, with
no minimum number or dollar amount requirement.
    The net proceeds of the offering will be used for the repayment of long
term debt, for completion of the 2007 drilling program at La Creciente, for
the construction of the first phase of La Creciente production facilities and
gas pipeline, for the development of Moriche and the construction of
production facilities, for the technical evaluation of new blocks in the
Llanos Basin and for general corporate working capital purposes.
    The offering is subject to normal regulatory approvals. A copy of the
preliminary prospectus has been filed via SEDAR (www.sedar.com).

    Pacific Stratus Energy is a Canadian-based oil and gas company that
initiated operations in 2004. The company is focused on identifying attractive
opportunities primarily within the upstream Sub Andean basins. Pacific Stratus
has a current net production of 2,500 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under
dispute), La Creciente and Moriche blocks in Colombia. The company has offices
in Toronto, Caracas and Bogota. Further information is available on our
website at www.pacificstratus.com

    This press release may contain forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the Ontario Securities Commission and other regulatory authorities. The
company has no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

    The securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the "1933 Act"),
and may not be offered or sold within the United States without registration
under the 1933 Act, or the availability of an exemption from the registration
requirements under the 1933 Act. This release does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or sale would
be unlawful.

    %SEDAR: 00008913E




For further information:

For further information: Robert Doyle,, Executive Vice President & CFO
(416) 362-7735, rdoyle@pacificstratus.com

Organization Profile

Pacific Stratus Energy Corp.

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