Canadian Phoenix Resources Corp.
TSX VENTURE : CPH

Canadian Phoenix Resources Corp.

August 06, 2008 22:11 ET

Canadian Phoenix Resources Corp.-Corporate Update:

APPOINTMENT OF DAVID A. TUER TO THE CANADIAN PHOENIX'S BOARD OF DIRECTORS APPOINTMENT OF THOMAS P. STAN TO MARBLE POINT'S BOARD OF DIRECTORS

CALGARY, ALBERTA--(Marketwire - Aug. 6, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix")(TSX VENTURE:CPH) is pleased to announce the appointment of David A. Tuer as a member of its Board of Directors. Mr. Tuer is presently the Chief Executive Officer and Vice-Chairman of the Board of Directors of Marble Point Energy Ltd. ("Marble Point"). Mr. Tuer has over 30 years of experience in the petroleum industry. From 1994 to 2001, he was President, Chief Executive Officer and a Director of PanCanadian Petroleum Limited and its parent company, PanCanadian Energy Corporation (a public oil and gas company). From January 2003 to March 2005, he was President and Chief Executive Officer of Hawker Resources Inc. (a public oil and gas company). He was the Chairman of the Calgary Health Region from October 2001 to May 2008. Mr. Tuer serves as a Director of Canadian Natural Resources Limited (a public oil and gas company), of Xtreme Coil Drilling Corp. (a public oil and gas drilling company) and of Daylight Resources Trust (a public oil and gas trust). Mr. Tuer is the Chairman of the Board of Directors of AltaLink Management Ltd. (a private Alberta electricity transmission company). He is a former Assistant Deputy Minister of Energy for the Province of Alberta and also served as chairman of Mount Royal College in Calgary. Mr. Tuer received his B.Sc. in Mechanical Engineering from the University of Calgary.

Thomas P. Stan, the Chief Executive Officer and President of Canadian Phoenix has been appointed to the Board of Directors of Marble Point.

The appointments of Mr. Stan and Mr. Tuer to the Board of Directors of Marble Point and Canadian Phoenix respectively was effected pursuant to the terms of the Corporate Governance Agreement dated July 21, 2008 entered into among Canadian Phoenix, Marble Point and certain principals of Marble Point. Refer to the management information circular (the "Circular") of Canadian Phoenix that has been mailed to Canadian Phoenix's shareholders for a description of this Agreement, the transactions with each of Marble Point, Serrano Energy Ltd. and Blue Parrot Energy Inc. and related matters. The Circular is also available on Canadian Phoenix's SEDAR profile at www.sedar.com.

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix is pursuing a corporate strategy of being a consolidator of undervalued oil and gas assets located in the Western Canadian Sedimentary Basin. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CPH". Canadian Phoenix currently has 583,601,540 Common Shares issued and outstanding.

ON BEHALF OF THE BOARD OF DIRECTORS OF CANADIAN PHOENIX RESOURCES CORP.

Tom Stan, President & CEO

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities of Canadian Phoenix within the United States. Securities of Canadian Phoenix have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, none of the securities of Canadian Phoenix may be offered or sold in the United States or to U.S persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities law or an exemption from such registration is available.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning completion of the transactions with each of Marble Point Energy Ltd., Serrano Energy Ltd. and Blue Parrot Energy Inc. The forward-looking statements and information are based on certain key expectations and assumptions made by Canadian Phoenix, including expectations and assumptions concerning prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates and reserve volumes, receipt of regulatory and security holder approvals, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the impact of the Province of Alberta's new royalty regime. Although Canadian Phoenix believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Canadian Phoenix can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to reserves, production, costs and expenses, health, safety and environmental risks, commodity price and exchange rate fluctuations, marketing and transportation, loss of markets, environmental risks, competition, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, ability to access sufficient capital from internal and external sources, failure to obtain required regulatory and other approvals, and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. There are risks also inherent in the nature of the transactions with each of Marble Point Energy Ltd., Serrano Energy Ltd. and Blue Parrot Energy Inc., including incorrect assessment of the value of the assets to be acquired, and failure to obtain the required security holder, regulatory and other third party approvals. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Contact Information

  • Canadian Phoenix Resources Corp.
    Suite 400E, 311 - 6th Avenue S.W.
    Calgary, Alberta T2P 3H2
    (403) 920-0040
    (403) 920-0043 (FAX)