Canadian Phoenix Resources Corp.

Canadian Phoenix Resources Corp.

June 22, 2009 21:53 ET

Canadian Phoenix Announces Corporate Appointments

CALGARY, ALBERTA--(Marketwire - June 22, 2009) - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix") (TSX VENTURE:CPH) is pleased to announce that Harry Knutson has been named as the Chairman of the Board of Directors and that D. Barry Lee has been appointed as Vice-President and Corporate Secretary.

Canadian Phoenix also announces that it has adopted a cash-based stock appreciation rights plan (the "Plan") pursuant to which stock appreciation rights ("SARs") may be granted to its directors, officers, employees, consultants and others whose contribution to Canadian Phoenix is significant. The intention of the Plan is to assist in aligning the participant's interests with that of Canadian Phoenix through participation in the market value growth of Canadian Phoenix, as well as to attract and retain key personnel. The aggregate number of SARs that may be granted under the Plan and the number of options that may be granted under the stock option plan of Canadian Phoenix is limited to 10% of the number of common shares of Canadian Phoenix outstanding from time to time. A total of 66,000,000 SARs have been issued at a strike price of $0.03 per SAR to the directors and officers of Canadian Phoenix.

Canadian Phoenix Resources Corp. is a publicly traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix is pursuing a corporate strategy of being a consolidator of undervalued oil and gas assets located in the Western Canadian Sedimentary Basin. Strategic corporate acquisitions promote partnerships for the future development of acquired or targeted oil and gas assets. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CPH".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canadian Phoenix Resources Corp.
    Robert Chenery
    Interim President and Chief Executive Officer
    (403) 920-0040
    (403) 920-0043 (FAX)