Heritage Oil Limited has completed the placing. A total of 25,400,000 new ordinary shares in the Company have been placed with institutions at a price of 520 pence per Placing Share, which represents a premium of 2.9% to the closing price on 12 June 2009. Based on the Placing Price, the gross proceeds of the Placing will be Pounds Sterling 132 million. The Placing Shares being issued represent an increase of approximately 9.8% in Heritage Oil's existing issued share capital.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.

Applications have been made for the Placing Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market (Main Market) of the London Stock Exchange (together, the "Admission"). It is expected that Admission will take place and that trading in the Placing Shares will commence on 18 June 2009 (the "Closing Date").

J.P. Morgan Cazenove Limited (J.P. Morgan Cazenove) is acting as sole bookrunner on behalf of Heritage Oil in respect of the Placing. Canaccord Adams Limited (Canaccord Adams) is acting as Co-Lead Manager on behalf of Heritage Oil in respect of the Placing.

Tags: Heritage Oil Limited