Guardian Exploration Inc.

Guardian Exploration Inc.

November 16, 2009 18:35 ET

Guardian Announces Termination of Proposed Business Combination

CALGARY, ALBERTA--(Marketwire - Nov. 16, 2009) - Guardian Exploration Inc. (TSX VENTURE:GX) ("Guardian") announces that with respect to the letter of intent (the "Letter of Intent") entered into with Luxor Oil & Gas Inc. ("Luxor") for a proposed business combination, as previously announced on September 23, 2009, the parties to the Letter of Intent have mutually agreed to terminate the agreement and have executed a termination and mutual release agreement with respect to same.

In order for Guardian to fulfill its flow through obligations by the end of 2009, Graydon Kowal, President and Chief Executive Officer of Guardian ("Kowal") has agreed to personally loan Guardian the required funds. Details of the debt arrangement are presently being drafted and will be press released once approved by the board of directors. Different drill plans are currently being examined by Management.

Information about Guardian Exploration Inc.

Guardian Exploration Inc. is an Alberta-based oil and natural gas company. Guardian is engaged in the exploration for, and the acquisition, development and production of, natural gas and crude oil with emphasis on the shallow to mid-depth hydrocarbon prone zones of the western Canadian sedimentary basin in Alberta and northeastern British Columbia.

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