Palo Duro Energy Inc.
TSX VENTURE : PDE

Palo Duro Energy Inc.

November 01, 2007 15:01 ET

Palo Duro Energy Inc.: Option to Acquire Interests in the La Rosa Field

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES

Palo Duro Energy Inc. ("Palo Duro" or the "Company") (TSX VENTURE:PDE) announces that, further to its press release of October 4, 2007, it has elected not to exercise its option to purchase from Mantle Resources LLC interests in certain oil and gas leases covering 3,689 acres in the La Rosa Field in Refugio County Texas.

Palo Duro Energy Inc. is an oil and gas exploration and development company with a fully equipped and staffed operations office in Houston, Texas and corporate offices in Vancouver, British Columbia. The Company holds a 27% interest in over 400,000 net acres of prospective oil and gas leases in the Palo Duro Basin in northwest Texas.

Palo Duro Energy Inc.

Mark A. Bush, President

Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "may", "will", "should", "could" or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Palo Duro to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Palo Duro does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and many not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws

Shares Outstanding: 161,091,844

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

Contact Information

  • Palo Duro Energy Inc.
    Investor Relations
    (604) 639-4673
    (604) 639-4670 (FAX)
    Email: info@paloduro.ca