Assure Energy, Inc.

Assure Energy, Inc.

January 11, 2005 09:37 ET

Assure Energy, Inc.: Press Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ASSURE ENERGY, INC.

OTC Bulletin Board SYMBOL: ASURF

JANUARY 11, 2005 - 09:37 ET

Assure Energy, Inc.: Press Release

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2005) - Assure Energy, Inc.
(OTCBB:ASURF) ("Assure" or the "Company") announces that it has made
application to the Canadian Trading and Quotation System Inc. ("CNQ")
for listing its shares. Assure received conditional approval from CNQ
for the listing on December 24, 2004, subject to the receipt of a
satisfactory report from Market Regulation Services, and the posting of
required documents on the CNQ website. Assure is preparing the required
CNQ documents for posting, and anticipates trading to commence on CNQ
within the next week.

As announced on December 20, 2004, Assure completed its previously
announced Plan of Arrangement with Quarry Oil & Gas Ltd. ("Quarry"). As
a result of the arrangement, Quarry no longer exists as a corporate
entity, and its listing on the TSX Venture Exchange will terminate.

Assure had previously announced it would be seeking a TSX Venture
Exchange listing for the company resulting from the arrangement with
Quarry, and that it had engaged Research Capital Corporation of Toronto,
Canada ("Research Capital") as lead agent for a private placement of
units and flow-through common shares to raise gross proceeds of up to
approximately US$7,500,000 with an anticipated closing of December 15,
2004. Assure did not close the proposed financing with Research Capital
in December 2004 and the engagement of Research Capital has been
terminated. Accordingly, Assure will not be pursuing the TSX Venture
Exchange listing.

Assure announced that its board of directors following the arrangement
with Quarry has changed from the slate of directors disclosed in
Quarry's circular distributed for the required shareholder approval. Mr.
Moro and Mr. Bawdi, 2 proposed nominees to the board, have declined to
act as directors at this time. Assure's board of directors is composed
of Mr. Harvey Lalach, Mr. Colin McNeil and Mr. James Golla. Assure also
announces that Mr. Ying Yuen resigned as CFO effective December 17, 2004.

ABOUT ASSURE ENERGY, INC.

Assure Energy, Inc. is an Alberta, Canada corporation that is
principally engaged in the exploration, development, acquisition and
production of petroleum and natural gas located in Western Canada.
Assure operates directly the business formerly operated by Quarry, and
indirectly through its wholly owned subsidiary Assure Oil & Gas Corp.
and its subsidiary Westerra 2000 Inc. Assure trades on the OTCBB under
the symbol ASURF.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance and underlying assumptions and
other statements, which are other than statements of historical facts.
These statements are subject to uncertainties and risks including, but
not limited to, product and service demand and acceptance, changes in
technology, economic conditions, the impact of competition and pricing,
government regulation, and other risks defined in this document and in
statements filed from time to time with the Securities and Exchange
Commission. All such forward-looking statements, whether written or
oral, and whether made by, or on behalf of, the Company, are expressly
qualified by these cautionary statements and any other cautionary
statements which may accompany the forward-looking statements. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after the
date hereof.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Assure Energy, Inc.
    Harvey Lalach
    President
    (403) 266-4975
    Website: www.assure-energy.com