SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

January 10, 2007 09:30 ET

SKANA's Meeting of the Board

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 10, 2007) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces that a Board of Directors meeting held on January 8, 2007 resulted in a number of notable items including:

1. A review of the technical report prepared by Sproule Associates Limited (the "Report") with respect to the Chingiz-Telsu field in Kazakhstan ("Chingiz") that was the subject of certain agreements between CIS Energy Inc. (a wholly owned subsidiary of SKANA) and the owners of the contract and licence covering Chingiz. Upon a thorough review of the Report, the board concluded that the project did not meet SKANA's investment criteria and decided not to seek further negotiations with respect to its acquisition. SKANA views Kazakhstan as an attractive prospective area and continues to evaluate other projects in Kazakhstan to identify ones that meet its investment criteria.

2. Mr. William Daily, CEO of Raven Wing Resources Inc. and a director of SKANA, presented development plans and project budgets for Raven Wing (a wholly owned subsidiary of SKANA). Raven Wing has acquired six oil and gas projects in the Western United States and will proceed with their development on an expedited basis.

3. Appointed Neil Halldorson, CEO and President of SKANA, to its board effective immediately.

4. Approved the grant of up to 150,000 stock options with an exercise price to be set in accordance with TSXV policy. The grant of stock options was made under the terms of the stock option plan approved at SKANA's last Annual General Meeting held on December 29, 2006.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes will offer excellent returns through its financial involvement and management expertise.

This news release contains certain statements that may be deemed "forward-looking statements". All statements, other than statements of historical fact, that address events or developments that SKANA expects to occur, are forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although SKANA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration and production successes or failures, continued availability of capital and financing, inability to obtain required shareholder or regulatory approvals, and general economic market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of SKANA's management on the date the statements are made.

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

Contact Information

  • SKANA Capital Corp.
    Neil Halldorson
    President and CEO
    (604) 669-4899