Bandon Capital Corp.
TSX VENTURE : BAR

June 13, 2007 18:13 ET

Bandon Capital Resources Announces Listing and Trading of Securities

CALGARY, ALBERTA--(Marketwire - June 13, 2007) - Bandon Capital Resources Ltd. (TSX VENTURE:BAR) ("Bandon" or the "Company") is pleased to announce that the TSX Venture Exchange (the "TSXV") issued a bulletin granting final approval of the Company's previously announced Transaction (the "Transaction") with Richfield Oils Inc. ("Richfield"). The Transaction involved the sale of petroleum assets by Richfield to Bandon which constituted Bandon's Qualifying Transaction in accordance with the policies of the TSXV. Bandon's common shares will re-commence trading on the TSXV at the opening of market on Friday, June 15, 2007 under the name Bandon Capital Resources Ltd. and under the new trading symbol "BAR". Bandon is also pleased to announce that it also successfully raised $757,000 through a private placement that was a condition of the Transaction. After completion of the Transaction and the private placement, Bandon has 25,942,308 common shares issued and outstanding and working capital of approximately $1.5 million.

Bandon is also pleased to announce that David N. Matheson has been appointed as Chief Financial Officer of the Company. Mr. Matheson has over 25 years of experience managing and financing oil and gas operations as well as supervising the financial and accounting functions of public and private companies in the oil and gas industry. He is currently a consultant providing advisory services to domestic and international exploration and production companies. Mr. Matheson was previously President, CEO, CFO and co-founder of Equatorial Energy Inc., a TSX listed exploration and production company. Mr. Matheson is a CA and graduate of UBC with a Bachelor of Commerce degree.

Bandon also announces that it has amended the option exercise price of the 2,100,000 options that were previously granted to the new directors and officers of the Company, from $0.10 per share to $0.12 per share.

Bandon Capital Resources is a newly formed junior oil and gas company focused on exploration and development of oil and natural gas properties in the Western Sedimentary Basin.

READER ADVISORY

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Issued Common Shares - 25,942,308

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bandon Capital Resources Ltd.
    Richard J. Boswell
    President and CEO
    (403) 510-2957
    Email: rchfield@shaw.ca