Adulis Resources Inc.

March 01, 2005 17:11 ET

Adulis Announces Appointment of CFO


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ADULIS RESOURCES INC.

TSX VENTURE SYMBOL: ADE
AIM SYMBOL: ADS

MARCH 1, 2005 - 17:11 ET

Adulis Announces Appointment of CFO

CALGARY, ALBERTA--(CCNMatthews - March 1, 2005) - Adulis Resources Inc.
(TSX VENTURE:ADE) (LSE:ADS), the oil and gas exploration and production
company which listed on AIM in November 2004 with the primary objective
to explore and develop prospective oil and gas properties in Colombia,
announces the appointment of a Chief Financial Officer.

Adulis Resources Inc. (the "Corporation") announces that, subject to all
applicable regulatory approvals, A. Scott Hamilton, CA, has been
appointed to the office of Chief Financial Officer of the Corporation,
with effect from March 1, 2005. Ray Antony will retain the role of
Chairman of the Corporation.

Mr. Hamilton is a Chartered Accountant with a strong background in
financial management and corporate governance. In addition to his
comprehensive financial reporting and accounting knowledge, Mr. Hamilton
brings to the Corporation valuable experience in information technology,
human resources management, strategic planning and corporate business
planning and development.

As part of his compensation, the Corporation has granted options to
acquire 200,000 common shares to Mr. Hamilton, exercisable at a price of
$4.10 per share for a period of five years. The Corporation has
determined that exemptions are available from the requirements of the
TSX Venture Exchange Policy 5.9 with respect to the granting of stock
options.

Stephen Newton, President of Adulis Resources Inc. commented:

"We are very pleased that Scott Hamilton has agreed to join Adulis. His
experience will be extremely beneficial to Adulis as we look to develop
the group into a mainstream Colombian oil and gas exploration and
production company."

Editors Notes:

1. The Corporation is a junior oil and gas exploration company with
properties
located in Colombia, South America. The common shares of the Corporation
trade on the Alternative Investment Market of the London Stock Exchange
(ADS:LSE) and the TSX Venture Exchange (ADE:TXSV)

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