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Circle Energy Announces Completion of Private Placement.

CALGARY, Alberta--(BUSINESS WIRE)--April 30, 1996--CIRCLE ENERGY INC. (Alberta Stock Exchange: CEN)--Circle Energy Inc. ("Circle") announced today that it has completed a private placement of 1,047,779 Units raising gross proceeds of $943,000.

The price was $0.90 per Unit with each Unit consisting of one Common Share and one Warrant. Two Warrants entitle the holder to acquire one Common Share at a price of $1.00 per share until July 29, 1996.

Proceeds of this offering will be used to carry out Circle's previously announced Nisku/Leduc Devonian Reef drilling program in Central Alberta. The Company is mobilized to immediately carry out a ground based magnetic horizontal gradient intensity and radiometric survey on the prospects. Drilling of up to three wells is expected to commence upon completion of the survey.

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The Alberta Stock Exchange has neither approved nor disapproved of the information contained in this press release.

CONTACT: Circle Energy Inc.

Bill Baker, 403/777-1926
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Apr 30, 1996
Words:161
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