Valkyries Announces Private Placement

Valkyries Petroleum Corp. (TSX VENTURE:VPC) has agreed to sell, on a non-brokered, private placement basis, up to an aggregate of 6 million shares of the Company at a price of $3.00 per share for gross proceeds of $18 million. A 5% finders fee will paid in connection with the private placement. Net proceeds of the private placement will be used to finance the acquisition of a producing asset in southern Russia and for general corporate purposes. The private placement is subject to regulatory approval.

Valkyries Petroleum Corp. is an upstream oil and gas company with exploration and producing interests in Russia and the United States and is currently in advanced stages of evaluation and negotiation on several projects in the Former Soviet Union.