Shellbridge Oil & Gas, Inc.

Shellbridge Oil & Gas, Inc.

May 16, 2006 18:06 ET

Shellbridge Announces Cancellation of Annual General Meeting and Combination of Annual General and Special Meeting on June 22, 2006

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) - SHELLBRIDGE OIL & GAS, INC. ("Shellbridge") (TSX:SHB) wishes to announce that due to the proposed Plan of Arrangement (the "Plan") with True Energy Inc. (previously announced) it has cancelled the Annual General Meeting originally scheduled for May 18, 2006 in Richmond, B.C. The Annual General Meeting will be combined with the Special Meeting of the shareholders of Shellbridge being held to vote on the Plan at the Petroleum Club in Calgary, Alberta at 10:00 a.m. on June 22, 2006.

Shellbridge Oil & Gas, Inc. is a Canadian based oil and gas production and exploration company. The Company has a large land position comprised of 195,394 gross acres (98,795 net acres) and owns working interests in development and early-stage exploration properties in southwestern Saskatchewan, northwestern Alberta and northeastern and southwestern British Columbia.

On Behalf of the Board of Directors,

Wayne J. Babcock, President & CEO

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