ProEx Energy Announces Completion of Share Issue


    CALGARY, Sept. 12 /CNW/ - (TSX - PXE) - ProEx Energy Ltd. ("ProEx" or the
"Company") today announced that it has completed its previously reported
equity issue of 1,830,000 common shares at a price of $13.70 per share and
1,420,000 common shares issued on a flow-through basis within the meaning of
the Income Tax Act (Canada) at $17.65 per flow-through share for aggregate
gross proceeds of $50.1 million. The shares were offered on a bought deal
basis through a syndicate of underwriters led by Peters & Co. Limited and
including BMO Nesbitt Burns Inc., Canaccord Capital Corporation, FirstEnergy
Capital Corp., Raymond James Ltd., Scotia Capital Inc., Cormark Securities
Inc., GMP Securities LP, and Tristone Capital Inc.

    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy securities in any jurisdiction. The Common
Shares have not been nor will be registered under the United States Securities
Act of 1933, and they may not be offered or sold in the United States absent
registration or an exemption from registration.

    ProEx is a Calgary based junior oil and natural gas company with
operations in northeast British Columbia. Common shares of ProEx are listed on
the Toronto Stock Exchange under the symbol PXE.

    Forward-Looking Statements - Certain information regarding ProEx Energy
Ltd. set forth in this document, including management's assessment of ProEx
Energy Ltd.'s future plans and operations, contains forward-looking statements
that involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
certain of which are beyond ProEx Energy Ltd.'s control, including the impact
of general economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates, environmental
risks, competition from other producers, the lack of availability of qualified
personnel or management, stock market volatility and ability to access
sufficient capital from internal and external sources. ProEx Energy Ltd.'s
actual results, performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
so, what benefits that ProEx Energy Ltd. will derive therefrom.

    %SEDAR: 00020978E

For further information:

For further information: Mr. David Johnson, President & CEO, Mr. Steven
Allaire, Vice President Finance & CFO, ProEx Energy Ltd., 1200, 205 - 5th
Avenue S.W., Calgary, Alberta, T2P 2V7, Phone: (403) 216-2510, Fax: (403)
216-2514, Email:, Website:

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