/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
CALGARY, Oct. 26 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or the
"Company") (www.pinecliffenergy.com) (TSX Venture: PNE) is pleased to announce
it has successfully completed the rights offering previously announced on
August 17 and September 24, 2007. A total of 8,312,654 common shares of the
Company were subscribed for at a price of $1.10 per common share for total
gross proceeds of $9,143,919.40. Approximately 85.24% of the rights issued
under the offering were exercised.
Pine Cliff intends to use the net proceeds to fund Pine Cliff's
exploration, development, acquisitions and farm-in commitments in South
America and Canada and for general corporate purposes.
Further information relating to Pine Cliff may be found on www.sedar.com
as well as on Pine Cliff's website at www.pinecliffenergy.com or by contacting
George F. Fink, President and CEO, Randy M. Jarock, COO, or Garth E. Schultz,
Vice President - Finance and CFO at (403) 269-2289 or by fax at (403)
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: George F. Fink, President and CEO, Randy M.
Jarock, COO, or Garth E. Schultz, Vice President - Finance and CFO at (403)
269-2289 or by fax at (403) 265-7488