Flair Petroleum Corporation

Flair Petroleum Corporation

November 08, 2007 07:03 ET

Flair Petroleum Corporation Cancels 45 Million Shares

CALGARY, ALBERTA--(Marketwire - Nov. 8, 2007) - Flair Petroleum Corporation (PINK SHEETS:FPMC) reports that further to the previous resolution of the Company's Board of Directors canceling 60 million common shares previously issued to Flair Petroleum Ltd. (UK) and Credifinance Inc., under an agreement to convey to the Company heavy oil deposits in the Uinta Basin of the State of Utah, but failed to do so, the Company is pleased to report Flair Petroleum Ltd. (UK) has voluntarily agreed to surrender its 45 million shares, and the shares are in the process of being cancelled. Credifinance Inc. until now has refused to surrender its shares (15 million), and the company is considering legal action to resolve this outstanding issue. The share cancellation will reduce by nearly 40% Flair's total outstanding shares from approximately 121.3 million to 76.3 million.

This news release includes forward-looking statements that reflect Flair Petroleum Corporation's current expectations about its future results, performance, prospects and opportunities. Flair Petroleum Corporation has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Flair Petroleum Corporation and are subject to a number of risks, uncertainties and other factors that could cause the corporation's actual results, performance, prospects of opportunities in the remainder of 2007 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

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