Mirage Energy Ltd.
TSX VENTURE : MGE
PINK SHEETS : MRGYF

Mirage Energy Ltd.

October 15, 2007 15:46 ET

Mirage Energy Announces Application to the TSX Venture Exchange for Re-Pricing of Options

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Mirage Energy Ltd. ("Mirage" or the "Company") (TSX VENTURE:MGE) (PINK SHEETS:MRGYF) is pleased to announce that it has made an application to the TSX Venture Exchange (the "TSXV") for approval to re-price 2,260,000 stock options held by directors, officers and employees of the Company to an exercise price of $0.20 per common share, the closing price of the common shares of the Company on the TSXV on Friday, October 12, 2007.

Approval of the re-pricing by the TSXV will be subject to receipt by the Company of disinterested shareholder approval at the next meeting of shareholders of the Company. No stock options subject to re-pricing may be exercised until disinterested shareholder approval has been obtained.

Mirage is a junior oil and gas company focused on the exploration and development of oil and gas in western Canada.

READER ADVISORY

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

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

Contact Information

  • Mirage Energy Ltd.
    Rene LaPrade
    President and CEO
    (403) 232-1359
    Email: rene@mirage-energy.ca
    or
    Mirage Energy Ltd.
    Peter J. Boswell
    Chairman
    (403) 232-1359
    Email: petebos@telusplanet.net
    or
    Mirage Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2