Ivory Oils & Minerals Inc.
TSX VENTURE : IVY

May 19, 2006 09:00 ET

Ivory Oils & Minerals Inc.: Alberta Exploration Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 19, 2006) - Ivory Oils & Minerals Inc. (TSX VENTURE:IVY) ("Ivory") is pleased to announce that further to our April 11, 2006 news release, 1078352 Alberta Ltd. ("Alberta Ltd.") reports that the completion service rig has moved onto location. The completion program will commence with running of a radial cement bond log and testing the Ellerslie C Sand by perforating the upper portion of the sand. The Ellerslie B Sand will be tested next and will be perforated. The individual Sands will be flow-tested as part of the evaluation of the Sands. In the area, the Ellerslie Sands have recorded initial production rates of up to 2.0 MMCF/day. Alberta Ltd. has a 50% working interest in this well and the surrounding 11 sections of land.

Ivory is acquiring all the issued and outstanding shares of Alberta Ltd. in exchange for shares of Ivory based upon a Letter of Intent dated December 23, 2005. The closing of the proposed transaction is subject to a number of conditions but not limited to, TSX-V Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

On behalf of the Board

G. Arnold Armstrong, President

"Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. 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 Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Ivory Oils & Minerals Inc. should be considered highly speculative.

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

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

Contact Information

  • Ivory Oils & Minerals Inc.
    G. Arnold Armstrong
    President
    (604) 683-7361
    (604) 662-3231 (FAX)