32 Degrees Capital closed its Fund IV offering with over $15 million raised

    CALGARY, Dec. 13 /CNW/ - 32 Degrees Capital, an Alberta-based investment
management group specializing in private equity investment in the emerging
energy market, has recently closed its Fund IV offering with over $15 million
raised. The addition of 32 Degrees Capital Fund IV LP brings the total assets
under management to over $65 million, which is invested in a portfolio of more
than 40 private energy companies.
    To date, Fund IV has already committed to investments in a diversified
group of four companies that are concentrating their operations in Columbia,
Turkmenistan, British Columbia, and Alberta. The 32 Degrees management team
believes the current operating environment for start-ups in the Western
Canadian Sedimentary Basin has improved dramatically over the past 12 months,
with service and land costs falling and access to services and deals improving
substantially. The addition of international investments gives the fund
exposure to significant upside potential. Given the positive investment
environment, the fund manager expects to place the remaining funds over the
next 8 to 12 months.

    32 Degrees Capital, founded in 2004, is managed by four partners: Larry
Evans, Dave Ambedian, Mitch Putnam, and Gary Jones. The fund managers have
over 60 years of combined operating experience, with their most recent
operational successes being Avalanche Energy, Ice Energy, and Glacier Energy.
    Further information regarding 32 Degrees management, investment criteria,
and fund performance can be found at www.32degrees.ca.

For further information:

For further information: Gary P. Jones, 32 Degrees Capital, (403)
695-1070, gpjones@32degrees.ca

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