Arsenal Energy Inc.

Arsenal Energy Inc.

April 10, 2006 07:00 ET

Arsenal Appoints New President and Chief Executive Officer

CALGARY, ALBERTA--(CCNMatthews - April 10, 2006) -

Not for distribution to the United States newswire services or for dissemination in the United States.

Arsenal Energy Inc. ("Arsenal" or "the Company") (TSX:AEI)(FRANKFURT:A1E) is pleased to announce the appointment of Mr. Errol Stewart as President and Chief Executive Officer of Arsenal effective April 10, 2006. Mr. Vandale will continue as a Director and Chairman of the Board of Directors of Arsenal and will assist Mr. Stewart in the transition and continued growth of Arsenal.

Mr. Stewart is a director of Arsenal and is a 26 year veteran of the oil and natural gas industry. Mr. Stewart has served in senior roles with other private and TSX listed companies, is a founding Director of Arsenal and has worked closely with Mr. Vandale to achieve Arsenal's growth to date.

Mr. Stewart stated, "Mr. Vandale has taken Arsenal from a startup company to an established oil and natural gas company with several domestic and international exploration opportunities and a solid domestic production base. We appreciate Mr. Vandale's efforts and look forward to his involvement in our continued growth. My immediate task is to set Arsenal's operating priorities and continue to build the Arsenal team to execute the operating priorities. We intend to pursue our domestic exploitation opportunities and continue to build on our portfolio of international opportunities."

"I am very pleased that Errol is assuming the President and CEO positions, and look forward to continuing to contribute to the growth of Arsenal through my participation on the Board of Directors of Arsenal", stated Mr. Vandale.

Since the completion of the Tiverton Petroleums Ltd. acquisition on March 13, 2006, Arsenal has put 1 dual completed gas well on production (Arsenal Net 50% W.I.). Arsenal is currently pipelining 4 new oil wells (Arsenal Net 87.5% W.I.) for tie-in to existing Arsenal operated oil facilities. Arsenal has recently drilled and cased 2 exploratory wells in Alberta. These wells along with the recent acquisition of Tiverton will help Arsenal achieve its plan to increase the light oil and natural gas portion of its Canadian asset base.

Contact Information

  • Arsenal Energy Inc.
    Errol Stewart
    Chief Executive Officer and President
    (403) 262-4854
    (403) 265-6877 (FAX)
    Arsenal Energy Inc.
    Jesse Meidl
    Chief Financial Officer
    (403) 262-4854
    (403) 265-6877 (FAX)