Canadian Phoenix Resources Corp.

Canadian Phoenix Resources Corp.

April 15, 2009 22:54 ET

Canadian Phoenix Resources Corp.: Marble Point Completes Arrangement With Polar Star Canadian Oil and Gas, Inc.

CALGARY, ALBERTA--(Marketwire - April 15, 2009) -


CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix")(TSX VENTURE:CPH) announces that as previously released on April 9, 2009, Polar Star Canadian Oil and Gas, Inc. ("Polar Star") has completed the acquisition of TUSK Energy Corporation ("TUSK") by way of a plan of arrangement. Concurrent with that acquisition, Marble Point Energy Ltd. ("Marble Point"), in which Canadian Phoenix has a majority ownership, has assumed the management and administration of the business and affairs of Polar Star, including the provision of management services in respect of the operation of TUSK and the development and operation of its assets, subject to certain limitations.

For further details regarding the transaction, refer to the Canadian Phoenix press release dated February 18, 2009.

About Canadian Phoenix Resources Corp.

Canadian Phoenix 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 oil and gas assets located in the Western Canadian Sedimentary Basin. Strategic corporate acquisitions promote partnerships for the future development of acquired or targeted oil and gas assets. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CPH".

FORWARD-LOOKING STATEMENTS Certain information set forth in this document, including management's assessment of Marble Point's future benefits, contain forward-looking statements. In particular, forward-looking statements included in this document, include but are not limited to, statements with respect to the structure of the relationship between Marble Point and Polar Star and the services to be provided by Marble Point to Polar Star. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Canadian Phoenix's control, including completion of the Arrangement, the impact of general economic conditions, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. In making such forward-looking statements Canadian Phoenix has made certain assumptions concerning closing of the Arrangement; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and service; the satisfaction of the conditions of closing of the Arrangement; and the receipt of applicable approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Marble Point's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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 that Marble Point or Canadian Phoenix will derive therefrom. Marble Point and Canadian Phoenix disclaims any intention or obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canadian Phoenix Resources Corp.
    Thomas P. Stan
    President and Chief Executive Officer
    (403) 920-0040
    (403) 920-0043 (FAX)