On June 26, 2008, Contact Exploration Inc. (TSX-V: CEX) announced that it had closed its previously announced "bought deal" brokered private placement through Canaccord Capital Corporation of Calgary, Alberta as lead underwriter and Acadian Securities Inc. of Halifax, Nova Scotia (collectively, the "Underwriters"). Including the exercise of the Underwriters' option on overallotments, the aggregate gross proceeds raised were $11,511,500. 17,710,000 units of Contact were sold at a price of $0.65 per unit, each unit consisting of one common share and one half of one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at $0.95 until June 26, 2010.

The net proceeds from this financing will be used for Contact's Nova Scotia and New Brunswick shale gas activities and for general corporate purposes.

Contact Exploration Inc. is a junior exploration company with a focus on Canadian East Coast onshore exploration & production. Contact's holdings and operations are located in close proximity to one of the world's largest consumption markets, near strong pipeline and refining infrastructure and in mature jurisdictions with reasonable royalty structures in place.

Fasken Martineau advised Contact in this transaction with a team led by Rod Ferguson and including, among others, Nancy Eastman, Tanner Helwig and Lindy Bremner, assisted by student-at-law Chelsea Bushfield.