Canadian Phoenix Resources Corp.
TSX VENTURE : CPH

Canadian Phoenix Resources Corp.

December 01, 2008 19:32 ET

Canadian Phoenix Announces Late Filing of 3rd Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") (TSX VENTURE:CPH), announces that it is not able to file its interim financial statements (the "Statements") for the three month period ended September 30, 2008 within the 60 day period prescribed for the filing of interim financial statements under section 4.3 of National Instrument 51-102. The Corporation expects to file the Statements on or before December 15, 2008.

The Corporation is not able to file its Statements on time due to complications associated with accounting for the three acquisitions completed by the Corporation during the three month period ended September 30, 2008, being the acquisition of 56.51% of the outstanding common shares of Marble Point Energy Ltd., the acquisition of 50.01% of the outstanding common shares of Serrano Energy Ltd. and the acquisition of certain oil and gas assets from Blue Parrot Energy Inc.

Canadian Phoenix confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of National Policy 12-203 for so long as it remains in default as a result of late filing of their continuous disclosure. During the period of default, Canadian Phoenix will issue bi- weekly default status reports in the form of further press releases which will also be filed on SEDAR. The Corporation confirms that there are no insolvency proceedings against Canadian Phoenix as of the date herein. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that have not been generally disclosed as of the date herein.

The Corporation has made application to applicable regulatory authorities for a management cease trade order. There is no certainty that such order will be granted. The applicable regulatory authorities may issue cease trade orders against the Corporation for failure to file the Statements within the prescribed time period.

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 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". Canadian Phoenix currently has 1,129,393,771 Common Shares issued and outstanding.

ON BEHALF OF THE BOARD OF DIRECTORS OF CANADIAN PHOENIX RESOURCES CORP.

Thomas P. Stan, President & CEO

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Canadian Phoenix Resources Corp.
    Thomas P. Stan
    President & CEO
    (403) 920-0040
    (403) 920-0043 (FAX)