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Rochester Energy Corp.: Rochester Energy Corp. Begins Trading on the TSX Venture Exchange and Receives $5.3 Million Net Proceeds as the Result of the Automatic Conversion of Subscription Receipts(M2 PressWIRE Via Thomson Dialog NewsEdge) RDATE:17092007 Calgary, Alberta CANADA, FSC - Rochester Energy Corp. (ROH - TSX Venture), ("Rochester" or the "Corporation") is pleased to announce that its common shares have been listed and have commenced trading on the TSX Venture Exchange under the symbol "ROH". As a result of the listing and the satisfaction of certain other conditions, 4,149,550 unit subscription receipts and 3,221,937 flow-through subscription receipts automatically converted into an aggregate 7,371,487 common shares and 2,074,775 warrants. Each whole warrant entitles the holder thereof to acquire one common share of Rochester at a price of $1.00 until July 17, 2009. At the same time, approximately $5.3 million, representing the net proceeds from the sale of such subscription receipts, was released by the subscription receipt agent to the Corporation. These funds will be used to further advance Rochester's oil sands projects and for general corporate purposes, as set out in the Corporation's Filing Statement dated September 12, 2007, filed on SEDAR. The subscription receipts were issued as part of Rochester's $11.4 million private placement (the "Offering") which closed on July 17, 2007. The Offering, which was led by Westwind Partners Inc. and PowerOne Capital Markets Limited, was over-subscribed. Mr. Troy Mochoruk, CEO and Chairman of Rochester's Board of Directors commented, "Rochester's listing and the connected conversion of subscription receipts is an important step in the creation of additional shareholder value. This capital will facilitate Rochester's business plan to commence a drilling program in Q4 '07 and Q1 '08. Rochester has made excellent strides towards the achievement of our business plan in the last six months and wishes to acknowledge all those who have contributed to this success. Rochester is well-positioned to grow its business further into oil sands development." Rochester's core business is the acquisition, exploration and development of its Christina and Mackenzie oil sands projects. Rochester's head offices are in Calgary, Alberta and it is a reporting issuer in Alberta, British Columbia, and Ontario. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. For further information, please contact: Troy Mochoruk, Chairman and CEO Phone: (403) 618-8989 Email: [email protected] This press release contains certain forward-looking statements. These statements are based on Rochester's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, regulatory, industry, market and business conditions, fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of growth projects; imprecision of reserve estimates; environmental risks; and competition from other industry participants. Also affecting the accuracy of any forward-looking statement is the availability of capital required to implement future operational plans, uncertainties resulting from potential delays or changes in plans, among others. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Rochester Energy Corp. 200, 2139-4 Ave. NW Calgary, Alberta T2N 0N6 Tel: (403) 618-8989 Fax: (403) 243-7298 Source: Rochester Energy Corp. (ROH - TSXV) www.rochesterenergy.com CONTACT: Troy Mochoruk, Chairman and CEO Tel: +1 403 618 8989 e-mail: [email protected] Filing Services Canada Inc. Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com ((M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected])). Copyright 2007 M2 Communications Ltd. |