Freeport Capital Inc.
TSX VENTURE : F.P

October 31, 2007 18:16 ET

Freeport Capital Inc. Announces Update on Proposed Qualifying Transaction With Finavera Gas Ltd.

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2007) -

(NOT FOR DISSEMINATION IN THE UNITED STATES)

Freeport Capital Inc. (TSX VENTURE:F.P) ("Freeport"), a capital pool company listed on the TSX Venture Exchange, issued a press release on August 17, 2007 announcing the proposed business acquisition (the "Qualifying Transaction") with Finavera Gas Ltd. ("Finavera"). The proposed Qualifying Transaction will constitute Freeport's qualifying transaction pursuant to the policies of the TSX Venture Exchange (the "Exchange").

Pursuant to Exchange Policy 2.4 - Capital Pool Companies ("Policy 2.4"), Freeport was required to file with the Exchange, within 75 days after the press release announcing the Qualifying Transaction, the initial documents (the "Initial Documents") required by Section 12.3 of Policy 2.4. The Initial Documents include a draft CPC Filing Statement (the "Filing Statement"), the preliminary Sponsor Report (as such term is defined in Exchange Policy 2.2 - Sponsorship and Sponsorship Requirements ("Policy 2.2")) and the accompanying confirmation that the Sponsor has reviewed the Filing Statement on a preliminary basis.

The Initial Documents will not be filed with the Exchange by October 31, 2007, in accordance with Policy 2.4 as a result of the following delays:

1. both Finavera and Freeport must include audited financial statements for the financial year ended more than 90 days before the date of the Filing Statement and interim financial statements for the most recently completed interim period that ended more than 60 days before the date of the Filing Statement and for the comparable period in the immediately preceding financial year ended more than 90 days before the date of the Filing Statement (collectively, the "Financial Statements"). The Financial Statements for Finavera are in the process of being prepared and Finavera expects that they will be available for inclusion in the Filing Statement in one or two weeks; and

2. Freeport is required to retain a sponsor in respect of the proposed Qualifying Transaction (the "Sponsor") in accordance with Policy 2.2. A Sponsor has not yet been formally retained by Freeport but Freeport expects to formally retain a sponsor shortly. Accordingly, the preliminary Sponsor Report and the accompanying confirmation that the Sponsor has reviewed the Filing Statement on a preliminary basis have not yet been obtained.

As a result of the aforementioned delay, Freeport and Finavera have, by way of an amending agreement to the original letter of intent setting out the terms of the Qualifying Transaction, agreed to extend the term by which final documentation must be filed with and approved by the Exchange and securities regulators to November 29, 2007.

As noted above and in Freeport's press release dated August 17, 2007, completion of the Qualifying Transaction is subject to a number of conditions, including, but not limited to (i) obtaining all necessary regulatory approvals including the approval of the Exchange; and (ii) other conditions typical of a transaction of this nature. Where applicable, the Qualifying Transaction cannot close until the required approvals have been obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in Filing Statement to be prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered to be highly speculative.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

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

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