JED Oil Closes IPO; Overallotment Option Exercised

JED Oil Inc. (Amex:JDO) announced that it closed its initial public offering. In addition to the 1,675,000 shares sold during the initial public offering, Gilford Securities, the lead underwriter of the offering, exercised its 225,000-share over-allotment option, resulting in net proceeds to JED Oil Inc. of approximately US$9,292,497. With the closing of the initial public offering and the over-allotment option, JED now has 9,500,000 shares outstanding. JED Oil plans to use the net proceeds of the offering for future oil and natural gas development.

Commenting on JED's business plan, Reg Greenslade, Chairman and CEO stated, "With this additional capital, we intend to concentrate our efforts on the development of oil and natural gas properties. Building upon our team's prior experience, our focus will be on drilling infield and step-out wells and the completion of other productive zones within existing wells. Our plan is to finance the cost of the development activities in exchange for a working interest in the properties, rather than direct property acquisitions."

The senior management of JED includes Reg Greenslade, Chairman and CEO, Tom Jacobsen, President and COO, Bruce Stewart, CFO, and Tom Dirks, Vice President of Geology.

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