Arctos Petroleum Corp.
TSX VENTURE : APO

October 15, 2007 22:30 ET

Arctos Announces Further Debt Settlement

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) -

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

ARCTOS PETROLEUM CORP. ("Arctos" or the "Company") (TSX VENTURE:APO) is pleased to announce that it has reached agreement with one creditor of the Company to settle outstanding debt of $258,240.

Arctos will pay the creditor $25,240 in cash and issue 4,660,000 common shares at a deemed price of $0.05 per share as settlement of this debt. This transaction is subject to approval of the TSX Venture Exchange.

Upon approval and completion of this transaction, Arctos will have settled and re-structured total net debt of $4,834,188 since July 2007.

Arctos is an emerging junior oil and gas company with exploration, development, and production programs in Alberta and Saskatchewan.

ARCTOS PETROLEUM CORP.

William (Bill) S. Ward, President & CEO

Cautionary Note Regarding Forward-Looking Information: This press release contains "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, and the timing and amount of, and expenses related to, estimated future production,. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals or required financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information

  • Arctos Petroleum Corp.
    William (Bill) S. Ward
    President & CEO
    (403) 531-1711
    (403) 531-1719 (FAX)
    Email: bward@arctos.ca