Trafalgar Energy Ltd. announces closing of bought deal financing

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DISSEMINATION IN THE UNITED STATES/

Toronto Stock Exchange: TFL

CALGARY, May 15 /CNW/ - Trafalgar Energy Ltd. ("Trafalgar") announces that it has closed its previously announced private placement of 1,569,000 flow-through common shares ("Flow-Through Shares") at an issue price of $4.40 per Flow-Through Share, which includes full exercise of the underwriters' option, for gross proceeds to Trafalgar of $6,903,600 (the "Offering"). The Offering was underwritten by a syndicate of underwriters led by Canaccord Capital Corporation and including Cormark Securities Inc., Blackmont Capital Inc., Scotia Capital Inc., Acumen Capital Finance Partners Limited, Research Capital Corporation and Paradigm Capital Inc. who received a commission of 5% of the gross proceeds. Insiders of Trafalgar acquired 23,183 Flow-Through Shares, or approximately 1.5% of the Flow-Through Shares issued pursuant to the Offering.

The Flow-Through Shares issued pursuant to the Offering will be subject to a four-month hold period expiring September 16, 2008. Gross proceeds from the sale of the flow-through common shares will be used to fund ongoing exploration activities eligible for Canadian exploration expenses.

Forward-Looking Statements

Certain information regarding Trafalgar set forth in this document, including management's assessment of Trafalgar's future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Trafalgar's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Trafalgar's actual performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Trafalgar will derive therefrom.

Contacts

TRAFALGAR ENERGY LTD.
Robert Wollmann
President and CEO
Telephone (403) 216-2706
Email rwollmann@trafalgarenergy.ca OR Daniel Belot
Vice President Finance and CFO
Telephone (403) 216-2707
Email dbelot@trafalgarenergy.ca or visit www.trafalgarenergy.ca
Toll-free: 1-877-216-2705