Canoro Resources Ltd.

Canoro Resources Ltd.

November 01, 2005 17:16 ET

Canoro Grants Stock Options

CALGARY, ALBERTA--(CCNMatthews - Nov. 1, 2005) - Canoro (TSX VENTURE:CNS) announces that it has today, granted an aggregate of 1,325,000 options to purchase common shares for a five year term under the Company's Stock Option Plan to its directors, executive officers and key personnel at an exercise price of $0.87 per share. The grant of options is consistent with the objective of providing long term incentives to directors, executive officers and key personnel of the Company, and continuing to align their interest with that of shareholders of the Company.

Canoro is a Canadian-based international oil and gas company operating in the prolific Assam/Arakan basin of northeast India. The Company is re-entering and testing three wells with the objective of restoring from the suspended Amguri oil and gas field where it is the operator and has a 60% working interest. Canoro is the operator with a 65% working interest in the 1,450 km2 AA-ON/7 exploration block, and has a 30% non-operated working interest in the 295 km2 AA-ONN-2003/02 exploration block. Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

Certain statements contained in this news release may be considered as "forward looking". Such statements are generally identifiable by the terminology used, such as "intend", "plan", "expect", "appears", "estimate", "budget", "outlook" or other similar words. Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Canoro Resources Ltd.
    Rob McInnis
    Director, Investor Relations and New Ventures
    (403) 543-5748
    (403) 543-5740 (FAX)
    Canoro Resources Ltd.
    2810, 715 - 5th Ave SW
    Calgary, Alberta T2P 2X6