/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, Sept. 17 /CNW/ - Great Plains Exploration Inc. (TSX: GPX) is
pleased to announce that it has closed a private placement for aggregate
proceeds of $597,500 that was offered as an incentive to employees who have
recently joined the Corporation. The private placement to new employees was
for an aggregate of 638,889 common shares ("Common Shares") of which 100,000
Common Shares were issued on a flow-through basis ("Flow-Through Shares"). The
Flow-Through Shares were issued at $1.125 per share and the balance of Common
Shares were issued at $0.90 per share. The subscription prices were determined
in the context of the average market trading price during August 2007, with
discounts as permitted by the TSX. No commissions or agency fees were paid for
the private placement.
Use of proceeds is to fund development and exploration expenditures and
for general corporate purposes.
This news release is not for dissemination in the United States or to any
United States news services. The common shares of Great Plains 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 may not
be offered or sold in the United States or to any U.S. person except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.
Advisory Regarding Forward Looking Statements
This press release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with oil and gas
exploration, production and transportation, such as loss of market, volatility
of oil and gas prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers, ability to
access sufficient debt and equity capital from internal and external sources,
ability to replace and expand oil and gas reserves, ability to generate
sufficient cash flow from operations to meet its current and future
obligations, and risks associated with existing and potential future lawsuits
and regulatory actions made against the Company; as a consequence, actual
results could differ materially from those anticipated or implied in the
The Company's forward-looking statements are expressly qualified in their
entirety by this cautionary statement and are made as of the date of this news
release. Unless otherwise required by applicable securities laws, the Company
does not intend nor does it undertake any obligation to update or review any
forward-looking statements to reflect subsequent information, event, results
or circumstances or otherwise.
For further information:
For further information: Great Plains Exploration Inc.: Stephen P.
Gibson, President and CEO, Sean Bovingdon, VP Finance and CFO, Tel: (403)
262-9620, Fax: (403) 262-9622, Website: www.greatplainsexp.com, Email: