Kroes Energy Closes Financing Deal

Kroes Energy has closed the financing that was initiated on May 1, 2006 under a Short Form Offering Document. Octagon Capital Corporation acted as agent for the offering. Gross proceeds from the offering totalled $1,161,875 and after deducting commissions, legal fees and other costs, net proceeds amounted to $1,024,703. A total of 1,787,500 Units were sold at 65 cents each, with each Unit comprising one common share, one flow-through share and one-half warrant. Each whole warrant entitles the purchaser to acquire a common share at 45 cents for a period of 18 months. The net proceeds from the offering will be used to pursue exploration and development of shallow gas prospects in central Alberta.

Kroes Energy is a junior oil and gas producer and explorer participating in the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern Europe's fastest growing economies. It also has a Joint Venture agreement in central Alberta. Kroes has a strong management team, with extensive international experience. Shares trade on the TSX Venture Exchange under the symbol KRS.

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