CALGARY, Nov. 19 /CNW/ - The Board of Directors of Winstar Resources Ltd.
("Winstar" or "the Company") (TSX: WIX) on November 14, 2007 approved a
private placement of flow-through common shares of the Company. The private
placement will be undertaken on a non-brokered basis for aggregate of up to
17,857 flow-through common shares at $7.00 per share for aggregate proceeds of
up to $125,000. The five and ten day weighted average price of the common
shares is $6.31 per share and $6.46 per share respectively. The private
placement will be a related party transaction within the meaning of applicable
stock exchange policies as 100% of the aggregate proceeds of the private
placement will be from subscriptions by directors, officers and employees of
the Company. Proceeds from the private placement are expected to be used to
fund the Company's 2007 and 2008 exploration and development program. The
private placement is expected to close on or about December 14, 2007. The
private placement is subject to the approval of the Toronto Stock Exchange.
Winstar Resources Ltd. is a Calgary-based junior oil and gas company,
which explores for, develops, produces, and sells crude oil, natural gas
liquids and natural gas in Tunisia, Alberta and Hungary. Winstar's common
shares trade on the Toronto Stock Exchange under the symbol WIX.
For further information:
For further information: please contact: Mr. David Monachello,
President, Phone: (403) 513-4200, Email: email@example.com, or Mr.
Charles de Mestral, Chief Executive Officer, Phone: Toll-free (Canada and USA)
1-800-875-1217 (Note: Mr. de Mestral is based in Europe, in a time zone eight
hours ahead of Calgary time), Email: firstname.lastname@example.org