Pegasus Oil & Gas Inc. announces closing of bought deal private placement financing



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

    (Stock Symbol "POG.A & POG.B" - TSX Venture Exchange)

    CALGARY, Sept. 11 /CNW/ - Pegasus Oil & Gas Inc. ("Pegasus" or the
"Company") is pleased to announce that it has closed its previously announced
bought deal private placement financing of 3.64 million flow-through Class A
shares at an issue price of $3.30 per share. The offering, led by FirstEnergy
Capital Corp. with a syndicate including GMP Securities L.P., Blackmont
Capital Inc. and Canaccord Capital Corporation, resulted in aggregate gross
proceeds of $12,012,000.
    The shares will be subject to a four-month hold period. Proceeds from
this offering will be used to finance the Company's ongoing exploration
activities.

    Pegasus' Class A and Class B shares trade on the TSX Venture Exchange
under the symbols, "POG.A" and "POG.B" respectively. The Company presently has
27,580,000 Class A shares and 1,012,000 Class B shares outstanding.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The common
shares offered 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
requirement.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00005637E




For further information:

For further information: Patrick Mills, President and Chief Executive
Officer, (403) 521-6307; Darcy Anderson, Chief Financial Officer, (403)
521-6302; Kevin Angus, Executive Vice President, (403) 521-6306; Corporate
website: www.pegasusoilgas.com

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Pegasus Oil & Gas Inc.

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