New Issue: Fellows Energy sells $1.064 million of units

New York, May 24 - Fellows Energy Ltd. said it completed a $1.064 million private placement of units made up of stock and warrants.

The Broomfield, Colo., oil and gas exploration company sold 545,461 units at a price of $1.95 each. Each unit includes 3.55 shares of common stock and 1.5 warrants. In total Fellows issued 1,936,388 shares and 818,192 warrants. The warrants are exercisable until May 18, 2008 at a price of $1.00.

The deal had a minimum size of $900,000 and could have been as big as $10.5 million.

Proceeds will be used for exploration, drilling and working capital.

Issuer:	Fellows Energy Ltd.
Issue:	Units of 3.55 shares of common stock and 1.5 warrants
Amount:	$1,064,000
Units:	545,461
Price:	$1.95
Shares:	1,936,388
Warrants:	818,192
Warrant exercise price:	$1.00
Warrant term:	May 18, 2008
Settlement date:	May 18
Stock price:	$0.60 at close May 18

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