Bison Resources Ltd.

Bison Resources Ltd.

September 23, 2005 11:00 ET

Bison Resources Ltd. Announces New Board Member and Granting of Options

CALGARY, ALBERTA--(CCNMatthews - Sept. 23, 2005) - Bison Resources Ltd. ("Bison") (TSX Venture:BIS.A) is pleased to announce that it has appointed Mr. Robert B. MacDonald to its Board of Directors. Mr. MacDonald is a Professional Petroleum Geologist with over twenty seven years of successful oil and gas finding experience. Mr. MacDonald also holds a Masters of Business Administration degree from the University of Calgary. Bison looks forward to the contribution Mr. MacDonald's geological and business expertise will provide its Board of Directors.

Effective September 23, 2005 Bison granted options to purchase 495,000 shares (200,000 of which were granted to officers and directors) with an exercise price of $7.75 per share, vesting over the following three years and expiring in four years. The closing price of Bison's shares on September 22, 2005 was $7.75.

The TSX Venture Exchange accepted for filling on July 14, 2005 Bison's amended Stock Option Plan, to update it with the policies of the Exchange. The Stock Option Plan was approved by Bison's shareholders on June 23, 2005. The cumulative number of options issuable under the Stock Option Plan is set at 1,203,100 (including as part of the limit outstanding unexercised options for 638,100 shares already granted under Bison's old stock option plan). The options for 495,000 shares granted September 23, 2005 leaves Bison with options for 70,000 shares available to be granted.

Bison's daily production is expected to pass the 2,000 BOPD benchmark by the end of September. Currently, three recently drilled Bakken horizontal wells are being completed and two drilling rigs under contract will continue to drill three leg Bakken horizontal wells through the remainder of the year. Bison anticipates having sufficient third quarter drilling and production results to provide updated year-end guidance in early October.

Bison Resources Ltd. is an Alberta-based public corporation actively engaged in the exploration, development, acquisition and production of crude oil and natural gas in western Canada. Bison's shares are listed for trading on the TSX Venture Exchange under the symbol BIS.A.

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

Contact Information

  • Bison Resources Ltd.
    Nicolas S. Swagor
    (403) 265-5565
    (403) 266-8886 (FAX)
    Bison Resources Ltd.
    500, 505 - 8th Avenue SW
    Calgary, Alberta T2P 1G2