Valparaiso Energy Inc. - Shares for debt



    
    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE
    SERVICES./
    

    CALGARY, Feb. 27 /CNW/ - Valparaiso Energy Inc. (the "Corporation")
(VPO.H) is pleased to announce that effective today, 6,617,366 common shares
have been issued to holders of promissory notes and convertible debentures to
extinguish outstanding debt of the Corporation in the amount of $858,301 (the
"Shares for Debt Transaction"), as previously disclosed in the Corporation's
management information circular dated January 5, 2009 and as approved by the
Corporation's shareholders at its special meeting on January 30, 2009 and the
NEX. Pursuant to the Shares for Debt Transaction, 3,632,837 common shares were
issued to certain convertible debenture holders at a deemed price of $0.15 per
common share and 2,984,529 common shares were issued to certain promissory
note holders at a deemed price of $0.105 per common share. After the issuance
of common shares pursuant to the Shares for Debt Transaction, the Corporation
has issued and outstanding 10,849,531 common shares.

    
    THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
    DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
    STATES.
    

    This news release may contain certain forward-looking statements that
reflect the current views and/or expectations of Valparaiso Energy Inc., with
respect to its performance, business and future events. Such statements are
subject to a number of risks, uncertainties and assumptions. Specifically,
certain of the transactions referenced herein are subject to regulatory
approval, and there can be no guarantee that such approvals will be received,
in a timely manner or at all. Actual results and events may vary.

    
    - Neither the TSX Venture Exchange nor its Regulation Services Provider
    (as that term is defined in the policies of the TSX Venture Exchange)
    accepts responsibility for the adequacy or accuracy of this release -
    



    %SEDAR: 00009590E




For further information:

For further information: William J. Wylie, Valparaiso Energy Inc., T:
(403) 266-5515 (Ext. 4), E: Bill@raptap.com

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Valparaiso Energy Inc.

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