SOURCE: Caliber Energy, Inc.

May 05, 2005 16:38 ET

Caliber Energy Finalizes Metallurgical Coal Sales Agreement

LOS ANGELES, CA -- (MARKET WIRE) -- May 5, 2005 -- Caliber Energy, Inc. (OTC BB: CALB), today reports that the company's share of a Coal Sales Agreement has been finalized and is anticipated to generate revenue in excess of one million dollars to the company over the next 6 months.

On March 14th, management announced a partnership to develop both coal projects as well as share in revenues from Sales Contracts to export Coal from the Yakutia region of the Russia Federation. Caliber Energy and its partners have successfully finalized terms for the sale of 500,000 tonnes of metallurgical grade coal to buyers in eastern Asia. All costs associated with the contract will be covered by a six million dollar revolving line of credit provided by the coal buyers. To cover costs during the life of the contract, coal shipments are predicted to commence in May as soon as export permits are secured.

ABOUT CALIBER ENERGY

Caliber Energy, Inc. is a growth oriented Company primarily focused on developing advanced coal projects and other high potential business opportunities in the energy sector. Caliber is focusing on coal, oil and natural gas. Caliber's primary focus is on advancing coal projects to production combined with the opportunities management has identified that would provide immediate cash flow and revenue by securing coal trade agreements. Caliber augments the coal projects with oil and gas opportunities that are low risk with a high rate of return. With this diverse portfolio, Caliber Energy minimizes risk as the Company meets demand for fossil fuels.

Safe harbor for Forward-Looking Statements:

Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Caliber Energy Inc. has little or no control.

ON BEHALF OF THE BOARD

Caliber Energy, Inc.

"Graeme F. Scott"

Contact Information

  • Contact:
    Graeme Scott
    1-888-267-6147