Rolland Energy closes private placement of $1.8 million

    MONTREAL, Oct. 18 /CNW Telbec/ - Rolland Energy Inc. (TSX-V: ROE), an
emerging junior oil and gas producer, announced today that it has completed a
private placement by issuing 3,680,470 units to investors in British Columbia,
Alberta, Ontario and Québec at a price of $0.50 per unit, for gross proceeds
to the Corporation of $1,840,235.
    Each Unit is comprised of eight "flow-through" common shares, two
non-"flow-through" common shares and ten non-"flow-through" common share
purchase warrants. Each warrant entitles its holder to acquire one additional
non-"flow-through" common share of the Corporation at a price of $0.10 per
share until October 18, 2009.
    "In raising these funds, the Corporation has met the first major
milestone of its restructuring plan which was to ensure that the Corporation
is financially viable" said Michael McLellan, President and Chief Executive
Officer of the Corporation. "The Corporation now has the financial resources
to address its short term liabilities and to focus on its operational and
financing objectives from a position of relative strength. This would not have
been possible without contributions made by the Corporation's board of
directors and employees, nor would it have been possible without the support
of the Corporation's lender and its trade creditors" added Mr. McLellan.
    Proceeds from the financing will be used for general working capital, and
to fund exploration and drilling opportunities. Of the money raised, insiders
of the Corporation invested an aggregate amount of $87,000. In connection with
the private placement, the Corporation paid finder's fees of an aggregate
amount of $174,324 to various individuals.
    The securities issued in connection with the private placement are
subject to a four-month hold period in accordance with applicable securities
laws and the policies of the TSX Venture Exchange. As a result of the closing
of the private placement, the Corporation has 90,552,989 common shares issued
and outstanding.

    Forward-Looking Statements

    Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation, our ability to
achieve increased market acceptance for our product offerings and penetrate
new markets; the existence of undetected errors or similar problems in our
products; our ability to manage our growth; our ability to compete
successfully; potential liabilities; maintaining our intellectual property
rights and litigation involving intellectual property rights; our dependence
on the expertise of our key personnel; and our access to sufficient capital to
fund our future requirements. This list is not exhaustive of the factors that
may affect any of our forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent written
and oral forward-looking statements attributable to Rolland Energy Inc. or
persons acting on our behalf are expressly qualified in their entirety by this
notice. We disclaim any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information, future
events or otherwise. Risks and uncertainties about our business are more fully
discussed in our Annual Report.


    Rolland Energy is a light crude oil producer based in south-western
Manitoba, building shareholder value through growth by combining low-risk
drilling and strategic acquisitions.

    The TSX Venture Exchange has not reviewed this release and does not
    accept responsibility for the adequacy or accuracy of this press release.

For further information:

For further information: Michael McLellan, (514) 333-9292

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