Revus Completes NOK 438 Million Private Placement

Revus Energy has successfully completed the private placement in which it raised NOK 437.5 million in new equity by issuing 5,335,000 new shares in the company at a price of NOK 82 per share.

The proceeds from the private placement will be used to provide funding for the purchase by Revus of the entire share capital of Palace Exploration Company (UK) Limited, which owns producing, development and exploration assets on the UK Continental Shelf.

"We are pleased to have completed this private placement," said CEO Harald Vabo. "Although the total amount that was raised is somewhat lower than we initially communicated, given market conditions and the current strong financial position of Revus, the board believes that this private placement will be more than adequate to secure Revus a strong balance sheet and cash position going forward.

"With this funding in place we can now turn our attention fully towards completing the Palace acquisition and integrating the Palace assets into our existing business."

In accordance with the proxy established at Revus General Meeting held on May 9, 2007, the Revus board of directors resolved to issue 5,335,000 new shares at NOK 0.25 per share, representing approximately 15% of the existing registered share capital.

After the share issue, Revus will have a total of 41,634,532 shares outstanding. This implies a market capitalisation of approximately NOK 3.4 billion based on the offer price in the private placement. The private placement was targeted at a limited number of qualified Norwegian and international investors.

SEB Enskilda ASA and First Securities ASA have acted as joint lead managers and book-runners for the private placement.


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