VANCOUVER, BRITISH COLUMBIA - (Nov. 26, 2007) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Further to its news releases dated November 15, 2007, Oromin Explorations Ltd. (TSX VENTURE: OLE)(OTCBB: OLEPF) is pleased to report that it has closed the non-brokered portion of the private placement of 1,800,000 units at a price of $2.50 per unit to generate gross proceeds of $4,500,000. Each unit consists of one share and one half share purchase warrant, with every whole warrant entitling the purchase of one additional share of Oromin at $3.30 per share until November 26, 2009. If for a period of 20 consecutive trading days, between four months following the closing date and until the expiry date of the warrants, the closing price of Oromin's shares equals or exceeds $5.00, Oromin may give notice in writing that the warrants will expire on the 21st day following delivery of such notice.
On November 15, 2007, Oromin closed the brokered portion of the private placement of 5,400,000 units at a price of $2.50 per unit generating gross proceeds of $13,500,000.
Cash finders' fees of 8% of $4,500,000 are payable to arms' length third parties with respect to this private placement.
All securities issued pursuant to this placement are subject to a four-month hold period expiring on March 27, 2008.
The funds will be used primarily to fund work on the Sabodala Property in eastern Senegal.
To find out more about Oromin Explorations Ltd. (TSX VENTURE: OLE), visit www.oromin.com
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
CONTACT INFORMATION:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll-free 1-877-529-8475
Fax: (604) 331-8773
Email: dscott@mine-tech.com
Website: www.oromin.com
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