/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
CALGARY, Oct. 26 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") (www.pinecliffenergy.com) (TSX Venture: PNE) is pleased to announce it has successfully completed the rights offering previously announced on August 17 and September 24, 2007. A total of 8,312,654 common shares of the Company were subscribed for at a price of $1.10 per common share for total gross proceeds of $9,143,919.40. Approximately 85.24% of the rights issued under the offering were exercised.
Pine Cliff intends to use the net proceeds to fund Pine Cliff's exploration, development, acquisitions and farm-in commitments in South America and Canada and for general corporate purposes.
Further information relating to Pine Cliff may be found on www.sedar.com as well as on Pine Cliff's website at www.pinecliffenergy.com or by contacting George F. Fink, President and CEO, Randy M. Jarock, COO, or Garth E. Schultz, Vice President - Finance and CFO at (403) 269-2289 or by fax at (403) 265-7488.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00021536E