Adulis Resources Inc.

August 31, 2005 16:23 ET

Adulis Announces Granting of Stock Options

CALGARY, ALBERTA--(CCNMatthews - Aug. 31, 2005) - Adulis Resources Inc. (TSX VENTURE:ADE) (AIM:ADS), the Colombian focused independent oil and gas exploration and production company, announces the granting of stock options

Adulis Resources Inc. (the "Corporation") announces that an aggregate of 1,900,000 options to acquire common shares of the Corporation were granted to certain of its directors, officers, employees and consultants. Seven directors and officers of the Corporation received an aggregate of 1,400,000 of the total number of options granted. The options have an exercise price of $1.67 per share, expire on August 30, 2010 and vest on a 1/3 basis on each of the first, second and third year anniversaries of August 30, 2005.

The Corporation has determined that exemptions from the various requirements of Ontario Securities Commission Rule 61-501 are available as the fair market value of the grant of options to the directors and officers is less than 25% of the market capitalization of the Corporation.

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

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