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| | Thu Jul 17, 2008
Derek Closes Private Placement
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| | The Company confirms receipt of regulatory approval for the closing of the private placement previously announced on May 6, 2008. The placement consisted of 10,000,000 units at a price of $0.12 per unit, raising gross proceeds of $1,200,000. Each unit consisted of one share and one share purchase warrant exercisable at $0.20 expiring July 15, 2010. The shares issued as part of this unit offering and any shares acquired on exercise of the warrants are subject to a four month restriction on re-sale. This hold period expires November 15, 2008. Finder fees of 90,000 units, on the same terms as the units in the placement, were paid to qualified finders with respect to this placement.
Derek Oil & Gas Corporation is a Canadian based, publicly traded oil exploration, development and production company that utilizes enhanced oil recovery (EOR) techniques to develop new production from reservoirs in North America. Derek's current focus is on the further development and increasing production from their prime property located in NE Wyoming's prolific Powder River Basin.
Derek Oil & Gas Corporation trades in Canada on the TSX Venture Exchange with the symbol DRK.
ON BEHALF OF THE BOARD
Mr. Barry C.J. Ehrl, President and C.E.O.
For further information please contact Derek's Corporate Communications Department at:
Telephone: 1-888-756-0066 or (604)-331-1757
Corporate E-Mail: info@derekoilandgas.com
Website: http://www.derekoilandgas.com
The TSX Venture Exchange has neither approved nor disapproved the information contained herein. This document includes forwardlooking statements. Forward-looking statements include, but are not limited to, the continued advancement of Derek Oil and Gas's LAK Ranch project. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although Derek believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that Derek's LAK Ranch project will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, and other risks. |
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