Spry Energy Ltd. closes equity financing

    CALGARY, Aug. 17 /CNW/ - Spry Energy Ltd. ("Spry") announced today that
it has closed a $5,439,686.80 financing (the "Offering") pursuant to an
agreement with Natural Gas Partners VIII, L.P. ("NGP"). The Offering consisted
of 1,026,356 common shares (the "Common Shares") of Spry at a price of
$5.30 per Common Share. The Common Shares issued pursuant to the Offering are
subject to a four-month hold period expiring on December 18, 2007. Proceeds of
the Offering will be used for general corporate purposes.

    Founded in 1988, NGP is a $3.5 billion family of funds that invest
private equity capital in oil and gas production, midstream and oilfield
service companies. The firm also manages $350 million in two co-investment
funds that invest in direct oil and gas property interests alongside NGP
portfolio companies. NGP is an affiliate of NGP Energy Capital Management,
based in Irving Texas, which has $5.2 billion of cumulative capital under
management in all sectors of the energy industry.

    This press release shall not constitute an offer to sell or solicitation
of an offer to buy the securities in any jurisdiction. The securities offered
have not and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any states securities laws and
may not be offered or sold in the United States except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and
applicable states securities laws.


    Certain information regarding Spry including management's assessment of
future plans and operations, may constitute forward-looking statements under
applicable securities laws and necessarily involve risks associated with oil
and gas exploration, production, marketing and transportation such as loss of
market, volatility of prices, currency fluctuations, imprecision of reserve
estimates, environment risks, completion from other producers and ability to
assess sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those anticipated in
the forward-looking statements.

For further information:

For further information: Mr. Ken Bowie, President & CEO, Spry Energy
Ltd., 500, 101 - 6th Avenue S.W., Calgary, Alberta, T2P 3P4, Phone: (403)
265-7770, Fax: (403) 265-7010

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