Albion Petroleum Ltd.
TSX VENTURE : ABP.P

August 24, 2007 14:28 ET

Albion Petroleum Ltd.: Proposed Qualifying Transaction With CEP Terminated

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2007) - Albion Petroleum Ltd. ("Albion") (TSX VENTURE:ABP.P) is announcing that it received notice from CEP International Petroleum Ltd. ("CEP") that CEP is terminating its intention to proceed with the proposed qualifying transaction first announced on April 5, 2007. Trading in the shares of Albion will be reinstated for trading at the opening of business on Tuesday August 28, 2007, under the symbol ABP.P.

Albion is of the opinion that it has adequate funds to pursue other opportunities. As a result Albion will resume the process of identifying and evaluating businesses and assets with a view to completing a Qualifying Transaction. Trading in the securities of Albion should be considered highly speculative.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Albion assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Albion. Additional information identifying risks and uncertainties is contained in certain of Albion's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

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

Contact Information

  • Albion Petroleum Ltd.
    Colin Christensen
    Director
    (403) 264-4811
    or
    Albion Petroleum Ltd.
    David Shaw
    CEO and Director
    (604) 221-4828