California Oil & Gas Closes Private Placement

California Oil & Gas Corp. said that it has completed a private placement in which it sold 1,428,620 units at a price of US $0.70 per unit for gross proceeds of US $1,000,034. Each unit consisted of one common share and one share purchase warrant that entitles the holder to purchase one additional common share at an exercise price of US$1.00 for a period of 18 months after closing. The common shares and the share purchase warrants included in the units have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements, but the company has agreed to file a registration statement covering these securities with the Securities and Exchange Commission.

The company intends to use the proceeds from this private placement for working capital to advance its projects in California and Louisiana.

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