Valkyries Petroleum has completed the private placement announced on January 27, 2006. The Company sold, on a non-brokered, private placement basis, an aggregate of 2.5 million common shares of the Company at a price of Cdn $11.50 per share for gross proceeds of $28.75 million. A 5% finder's fee was payable on a portion of the private placement. The net proceeds of the private placement will be used towards the Company's exploration and development programs in Russia as well as for general working capital. The common shares issued pursuant to the private placement are subject to a hold period expiring 4 months from the date of closing. The private placement has received regulatory approval and the securities have been issued to the investors.
Valkyries Petroleum Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.