Resolve Energy Closes Initial Public Offering

Resolve Energy has successfully closed its initial public offering. The Offering comprised gross proceeds of $4,374,000. Blackmont Capital Inc. acted as lead agent for the offering. i 3 Capital Partners Inc. acted as financial advisor with respect to the transaction.

A total of 4,374 Units (the "Units") were subscribed for at a price of $1,000 per Unit. Each Unit consists of 500 flow-through Class A Shares at a price of $0.26 per share and 87 flow-through Class B Shares at a price of $10.00 per share. Following the financing, Resolve has 6,343,000 Class A Shares and 380,538 Class B Shares issued and outstanding. It is expected that the shares of the Company will commence trading on the TSX Venture Exchange ("TSXV") on or around January 15, 2007 and subject to filing of the documents and final approval of the TSXV to the Offering.

During the six months following the successful IPO, Resolve expects to be very active. The early focus will be on exploration in the key areas of Judy Creek/McLeod where Resolve has two high impact Devonian Swan Hill reef prospects, and at Suffield where one exploratory well is planned for the first quarter. These projects are all in Alberta. Resolve also has plans to drill four wells in the Frontier area of southwest Saskatchewan during the year and is expanding its land base at Frontier where it was recently successful at a land sale. In Alberta, Resolve is acquiring access to lands through crown postings, freehold land acquisitions and farm-ins and is supplementing these activities with the pursuit of strategic asset and corporate acquisitions.

Resolve's senior management includes Gordon W. Marsden, President and Chief Executive Officer, Douglas F. Wine, Vice-President, Exploration and Chief Operating Officer and Alastair J. Robertson, Vice-President Finance, Chief Financial Officer and Corporate Secretary. The Directors of Resolve are C. Thomas Berg, Ross O. Drysdale, Brian H. Gore and J. Ronald Woods.

Resolve Energy Ltd. is an emerging junior oil and gas company focused on the exploration, development and exploitation of oil and natural gas reserves in western Canada.

Company: Resolve Energy more info
 - Resolve Energy Closes Initial Public Offering (Jan 02)