Javelin Energy Inc.
TSX VENTURE : JAV

Javelin Energy Inc.

October 23, 2007 08:30 ET

Javelin Energy Announces Increased Bank Line

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2007) - Javelin Energy Inc. (TSX VENTURE:JAV) ("Javelin" or the "Company") is pleased to announce that it is in compliance with its banking facility which has been increased to an aggregate of $10 million. The Company's operating demand loan has been increased from $6 million to $8 million and its development line has been maintained at $2 million. The Company plans to utilize the additional funds to expand its production base on its Clear Prairie property through additional focused drilling and re-completion of by-passed zones in existing well bores and the installation of central compression and water disposal facilities. This change reflects the vision of the new Board and management to focus on maximizing the Company's existing assets thereby improving cash flow and enhancing shareholder value. As previously announced, the Company is holding its annual meeting on Tuesday, October 30, 2007 at 3:00 p.m. at the Calgary Petroleum Club. The Notice of Meeting and Information Circular was mailed to all shareholders of the Company on October 1, 2007.

About Javelin Energy

Javelin Energy is a junior oil and gas exploration, development and production company based in Calgary. The Company has been successfully developing natural gas production at its principal property, Clear Prairie, located in northwestern Alberta. The Company trades on the TSX Venture Exchange under the symbol "JAV".

READER ADVISORY

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The term BOE or BOEs may be misleading, particularly if used in isolation. A BOE (barrel of oil equivalent) conversion rate of 6 Mcf per one (1) BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

16,667,140 Common Shares

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Javelin Energy Inc.
    Brian D. Fraser
    Chairman and Chief Executive Officer
    (403) 212-1472
    (403) 290-0463 (FAX)
    Email: bfraser@javelinenergy.ca
    or
    Javelin Energy Inc.
    William E. Patterson
    Chief Financial Officer
    (403) 212-1472
    (403) 290-0463 (FAX)
    Email: bpatterson@javelinenergy.ca
    or
    Javelin Energy Inc.
    610, 7015 Macleod Trail SW
    Calgary, Alberta T2H 2K6