TriStar Oil & Gas Ltd. - Press Release



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
    CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

    Toronto Stock Exchange Symbol "TOG"

    CALGARY, March 29 /CNW/ - TriStar Oil & Gas Ltd. ("TriStar") is pleased
to announce that it has completed its previously announced subscription
receipt financing of 8.6 million subscription receipts, each entitling the
holder thereof to receive one common share of TriStar at an issue price of
$4.70 per subscription receipt, resulting in gross proceeds of approximately
$40 million. The underwriting syndicate was led by Orion Securities Inc. and
included FirstEnergy Capital Corp., GMP Securities L.P., Tristone Capital
Inc., BMO Capital Markets, TD Securities Inc., Haywood Securities Inc. and
National Bank Financial Inc.
    The net proceeds of the offering will be used to fund the purchase price
of the previously announced acquisition of certain assets in its core areas of
Ante Creek and Countess, Alberta and in Southeast Saskatchewan for total cash
consideration of approximately $55.7 million, after certain closing
adjustments. It is expected that the asset acquisition will close on or about
March 31, 2007. On closing of the acquisition, each holder of a subscription
receipt will receive one common share of TriStar for no additional
consideration.

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The common
shares offered have not and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and many not be offered or sold in the United States except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable states securities laws.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    %SEDAR: 00023171E




For further information:

For further information: Brett Herman, President and Chief Executive
Officer, TriStar Oil & Gas Ltd., Telephone: (403) 268-7800, Facsimile: (403)
218-6075; Jason J. Zabinsky, Vice President, Finance and Chief Financial
Officer, TriStar Oil & Gas Ltd., Telephone: (403) 268-7800, Facsimile: (403)
218-6075

Organization Profile

TriStar Oil & Gas Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890