Revus Raises NOK 218 Million in Private Placement

Revus Energy ASA (OSE: REVUS) has raised NOK 218 million in equity in a private placement. 3,299,900 shares were issued at a subscription price of NOK 66 per share. The proceeds will support the company's growth ambitions on the Norwegian Continental Shelf.

Harald Vabo, CEO of Revus Energy, said: "Revus has ambitions beyond its extensive near term exploration program. We see significant growth opportunities going forward. Following the recent APA 2006 awards, where we were awarded 9 licenses of which two are operated, Revus is one of the largest holders of exploration acreage in the Norwegian North Sea which we believe holds extensive undiscovered resources. This share issue is a response to the rapid evolution of our company and strengthens our financial flexibility and therefore our capability to maximize value from our large acreage position".

On February 5th the Board of Revus approved the issue of the new shares, representing an increase in total number of shares by 10%. The transaction was conducted after the closing of the Oslo stock market on February 5th. The private placement was directed towards both Norwegian and International institutional investors. The private placement was managed by First Securities and SEB Enskilda and was well oversubscribed.