Guardian Exploration Inc.

Guardian Exploration Inc.

June 23, 2010 14:38 ET

Guardian Announces Proposed Asset Sale

CALGARY, ALBERTA--(Marketwire - June 23, 2010) - Guardian Exploration Inc. ("Guardian" or the "Corporation") (TSX VENTURE:GX) announces it has entered into an offer to purchase (the "Offer") with Blackdog Resources Inc. ("Blackdog") (TSX Venture: DOG), an arm's length, oil and gas production company, for the sale of the Corporation's working interest assets in its Girouxville East lands for $740,000.00, subject to closing adjustments, consisting of $710,000 in cash and 100,000 common shares of Blackdog at a deemed price of $0.30 per share. The offer is subject to typical conditions, including satisfactory due diligence, board approvals, the negotiation of a definitive purchase and sale agreement, and required regulatory approvals. Sayer Energy Advisors is acting as financial advisor to Guardian with respect to the transaction. The effective date of the sale is June 1, 2010 and closing is expected to occur on or before July 19, 2010.

The sale proceeds will be used to reduce the Corporation's outstanding debt and to provide funds for ongoing operations.

Guardian is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "GX".

Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements.

Neither 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

  • Guardian Exploration Inc.
    Graydon Kowal
    President and CEO
    (403) 269-5870