Longford Corporation
TSX VENTURE : LFD

October 29, 2007 17:30 ET

Longford Announces Issuance of Shares for Debt

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2007) - Longford Corporation. ("Longford" or the "Company") (TSX VENTURE:LFD) today announced that it has successfully reached settlement agreements with three creditors of the Company to re-structure $35,371.45 in outstanding net debt as at October 12, 2007. Longford will settle the outstanding amounts through the issuance of 354,000 common shares of the Company. This transaction is subject to TSX Venture Exchange approval. Following the completion of this debt settlement, Longford will have 53,763,049 common shares issued and outstanding.

Longford Corporation is a Canadian oil and gas exploration company listed on the TSX Venture Exchange under the symbol "LFD".

LONGFORD CORPORATION

Ahmed Said, President & CEO

Cautionary Note Regarding Forward-looking Information

Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Certain information in this news release including the board's assessment of future plans and operations, the ability of the Company to complete the debt financing, the proposed use of proceeds, and the Company's plans regarding the settlement of outstanding debts may constitute forward-looking information. Such information necessarily involves risks including, without limitation, risks associated with inability to attract required financing at attractive prices, oil and gas development, production, competition for assets, inability to retain drilling rigs and other services, and delays resulting from or inability to obtain required regulatory approvals. Readers are cautioned that any such statements are not guarantees of future performance and those actual developments or results may vary materially from those in these "forward-looking information".

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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