Pegasus Enter $12 Million Bought Deal Agreement

Pegasus Oil & Gas has entered into an agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including GMP Securities L.P., Blackmont Capital Inc., and Canaccord Capital Corporation (collectively the "Underwriters"), pursuant to which the Underwriters have agreed to purchase for resale on a bought deal basis, 3,640,000 flow-through Class A shares of Pegasus at a price of $3.30 per Class A share for aggregate gross proceeds of $12,012,000. All sales will be made on a private placement basis pursuant to exemptions from the prospectus requirements of applicable securities laws.

This equity issue is subject to regulatory approval and closing is expected to take place on or about September 11, 2007. The shares will be subject to a four-month hold period. Proceeds from this offering will be used to finance the Company's ongoing exploration activities.

Pegasus' Class A and Class B shares trade on the TSX Venture Exchange under the symbols "POG.A" and "POG.B" respectively. The Company presently has 23.94 million Class A shares and 1.012 million Class B shares outstanding.


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