Heritage Oil announces plans for private placement of shares

By Devika Patel

Knoxville, Tenn., June 15 - Heritage Oil Corp. said it plans a private placement of stock. The deal was announced on Oct. 25, 2008.

The company will sell 25.4 million common shares, which make up about 9.8% of the company's issued share capital.

The placement will be effected by an accelerated book-building process to be carried out by J.P. Morgan Cazenove Ltd., the bookrunner.

Heritage Oil will use the proceeds to accelerate development of its core areas of focus, namely Uganda and Kurdistan, for work programs on these and other assets and for general corporate purposes.

Heritage is a Calgary, Alta.-based oil and gas production company.

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