BOR Border Petroleum Limited

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES. 


Border Petroleum Corp. (TSX VENTURE:BOR) ("Border" or the "Corporation") is
pleased to announce that it has closed its previously announced bought deal
financing (the "Offering"). Pursuant to the Offering, the Corporation has issued
a total of 48,335,000 Common Shares, 4,550,000 CDE Flow-Through Common Shares,
and 55,556,000 CEE Flow-Through Shares of the Corporation. The Common Shares
were issued at a price of $0.15 per share, the CDE Flow-Through Shares were
issued at a price of $0.165 per share, and the CEE Flow-Through Common Shares
were issued at a price of $0.18 per share, for aggregate gross proceeds of
$18,001,080. The syndicate of underwriters was led by Dundee Securities Ltd. and
included Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp.,
National Bank Financial Inc. and Fraser Mackenzie Limited (collectively, the
"Underwriters"). The Underwriters received a fee of 6% of the gross proceeds of
the Offering.


The net proceeds of the Offering will be used primarily for the Corporation's
exploration and development program and for general corporate purposes.


Warning

The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This news release does not constitute an offer to sell or the
solicitation of any offer to buy nor will there be any sale of these securities
in any province, state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such province, state or jurisdiction.


Forward-Looking Statements

Certain statements in this news release, including statements regarding Border's
intended use of proceeds from the Offering, constitute forward-looking
statements. The forward-looking statements contained in this document are based
on certain key expectations and assumptions made by Border, including with
respect to, expectations and assumptions concerning timing of receipt of
required regulatory approvals. Although Border believes that the expectations
and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements because Border can give no assurance that they will prove to be
correct.


Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, the failure to obtain
necessary regulatory approvals, risks associated with the oil and gas industry
in general (e.g., operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and expenses, and
health, safety and environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. 


The forward-looking statements contained in this document are made as of the
date hereof and Border undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

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