Sure Energy Inc. closes private placement financing and announces the drilling of a natural gas discovery

    CALGARY, July 21 /CNW/ - Sure Energy Inc. ("Sure" or "the Company") is
pleased to announce that it has completed its previously announced
non-brokered private placement of 4,999,091 common shares in the capital of
Sure ("Common Shares") at a subscription price of $1.10 per Common Share and
1,892,907 Common Shares issued on a "flow-through share" basis ("Flow-Through
Shares") at a subscription price of $1.32 per Flow-Through Share, for total
gross proceeds of approximately $7,997,700. Sure has paid a commission to
certain persons in respect of the gross proceeds raised by each such person.
    Certain insiders of Sure have subscribed for Common Shares and
Flow-Through Shares under the Offering.
    The proceeds from the Offering will be used to increase Sure Energy's
2008 capital budget to $15 million. Sure Energy continues to remain in a
strong financial position with $8 million in cash, no debt and an $8.5 million
undrawn credit facility.
    The Company is also pleased to announce the drilling of a 100% working
interest natural gas discovery in Central Alberta. The well has flow tested at
restricted rates over a 5 day period at 1 mmcf/d at low draw down and is
awaiting tie-in and should be on production by September 2008 assuming current
industry conditions.

    Sure Energy Inc. is a publicly traded oil and gas exploration and
development company listed on the Toronto Stock Exchange under the symbol

    Forward Looking Information
    Certain statements contained in this release constitute forward-looking
information. These statements relate to future events or Sure's future
performance. The use of any of the words "could", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify forward-looking
information and are based on Sure's current belief or assumptions as to the
outcome and timing of such future events. Actual future results may differ
materially. In particular, Sure's stated expectation as to when its new
natural gas discovery well is to be tied in and on production is forward
looking information. Sure's annual report to shareholders and other documents
filed with securities regulatory authorities (accessible through the SEDAR
website describe the risks, uncertainties and other factors,
such as changes in business plans and potential delays or changes in plans
with respect to development projects or capital expenditures, that could
influence actual results. Sure disclaims any intention or obligation to
publicly update or revise any forward-looking information, whether as a result
of new information, future events or otherwise, except as may be expressly
required by applicable securities laws.

    %SEDAR: 00024118E

For further information:

For further information: Mr. Lance Wirth, Vice President Finance and
CFO, Mr. Jeff Boyce, President and CEO, Phone: (403) 410-3100, Email:, Web:

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