Sahara Energy Ltd.

Sahara Energy Ltd.

March 23, 2010 13:11 ET

Sahara Energy Ltd.: Notice of Intention to Make a Proposal

CALGARY, ALBERTA--(Marketwire - March 23, 2010) - Sahara Energy Ltd. (the "Company" or "Sahara") (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) announces it has filed a Notice of Intention to Make a Proposal pursuant to section 50.4 of the Bankruptcy and Insolvency Act (Canada) (the "Filing"). The Filing results in an automatic 30 day stay of proceedings which protects the Company from its creditors. It is the Company's intention to file a Proposal for consideration by its creditors.

The trustee named in the Filing is Deloitte & Touche Inc. of Calgary, Alberta.

38,036,302 shares outstanding

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Sahara Energy Ltd.
    Peter J. Boswell
    (403) 232-1359
    (403) 232-1307 (FAX)