Ivory Energy Inc.
TSX VENTURE : IV

Ivory Energy Inc.

January 17, 2007 09:15 ET

Ivory Energy to Purchase Producing Oil & Gas Company

CALGARY, ALBERTA--(CCNMatthews - Jan. 17, 2007) - Ivory Energy Inc. (TSX VENTURE:IV) announces it has offered to purchase a private operating company with oil and gas production in Saskatchewan and gas production in Alberta with significant exploration and development lands associated with both areas. The acquisition is accretive to Ivory increasing its interest substantially in both areas.

"The impending acquisition is consistent with Ivory's strategic focus and will result in a substantial addition to our asset base in Western Canada," said Greg Hall, Chairman of Ivory. "The recent changes to the Canadian income trust sector has created uncertainty in the market and leveled the playing field in the merger and acquisition area. We are utilizing this unexpected opportunity to acquire assets we wouldn't have been able to look at just months ago. We will continue to capitalize on the situation and are aggressively evaluating additional acquisitions."

The offer price is a combination of common shares of Ivory and cash based on an independent engineering and land evaluation. The offer is subject to certain conditions including regulatory approval.

This news release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated is such statements.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

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