Pacific Stratus Announces Completion of $143.75 Million Financing


    TORONTO, April 19 /CNW/ - Pacific Stratus Energy Ltd. (TSX-PSE) announced
today that it has completed its previously announced offering of 14.375
million common shares at a price of $10.00 per share for aggregate gross
proceeds of $143.75 million. The common shares were sold through a syndicate
of investment dealers led by GMP Securities L.P., and including Cormark
Securities Inc., Westwind Partners Inc., Orion Securities Inc., Wellington
West Capital Markets Inc. and Fraser Mackenzie Limited (the "Underwriters").
The aggregate gross proceeds include the exercise in full by the Underwriters
of an option to purchase up to an additional 1.875 million common shares at
the offering price.
    Pacific Stratus plans to use the net proceeds of this financing for the
repayment of its 13% senior unsecured notes, completion of the 2007 drilling
program at La Creciente, the construction of the La Creciente production
facilities and gas pipeline, the development of Moriche and the construction
of production facilities, the technical evaluation of new blocks in the Llanos
Basin, and for general corporate purposes.

    Pacific Stratus Energy is a Canadian-based oil and gas company that
initiated operations in 2004. The company is focused on identifying attractive
opportunities primarily within the upstream Sub Andean basins. Pacific Stratus
has a current net production of 2,200 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under
dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has
offices in Toronto, Caracas and Bogota. Further information is available on
our website at

    This press release may contain forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the Ontario Securities Commission and other regulatory authorities. The
company has no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
    The securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the "1933 Act"),
and may not be offered or sold within the United States without registration
under the 1933 Act, or the availability of an exemption from the registration
requirements under the 1933 Act. This release does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or sale would
be unlawful.

For further information:

For further information: Manfred Kruger, Vice President - Investor
Relations, (416) 362-7735,

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Pacific Stratus Energy Corp.

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