Canadian Phoenix Resources Corp.
TSX VENTURE : CPH

Canadian Phoenix Resources Corp.

July 14, 2009 13:30 ET

Canadian Phoenix Begins Strategic Alternative Process

CALGARY, ALBERTA--(Marketwire - July 14, 2009) -

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

CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CPH) ("Canadian Phoenix" or the "Company") announces that the Board of Directors of Canadian Phoenix has constituted a Special Committee of independent directors to investigate and evaluate strategic alternatives available to the Company to maximize shareholder value. Specifically, the Special Committee will evaluate strategic alternatives associated with its majority shareholdings in both Serrano Energy Ltd. and Marble Point Energy Ltd. as well as those associated with the oil and natural gas assets it holds directly. This process may result in the Company diversifying from its current business model, directly distributing assets to shareholders, selling its assets and/or consolidating its assets, all with the goal of maximizing shareholder value. The Special Committee may engage one or more advisors to assist in its strategic review.

No timetable has been set for the completion of the process being undertaken by the Special Committee and there can be no assurance that this process will result in any specific transaction being completed by the Company. The Company does not intend to provide updates in respect to potential strategic transactions until any such transaction has been considered and approved by the Board of Directors.

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".

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking information, including but not limited to Canadian Phoenix's plans to review strategic alternatives for maximizing shareholder value. All statements and information other than statements of historical fact are forward-looking information. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Canadian Phoenix, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that actual results, performance or achievements 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 Canadian Phoenix will derive therefrom. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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 Chief Executive Officer
    (403) 920-0040
    or
    Canadian Phoenix Resources Corp.
    Adeline Martin
    Interim Chief Financial Officer
    (403) 705-1192