SOURCE: Cascade Energy, Inc.

September 29, 2005 09:00 ET

Cascade Energy to Focus on Oil and Gas Assets - Will Not Proceed With Strand Fiord Coal Project

TUCSON, AZ -- (MARKET WIRE) -- September 29, 2005 -- Cascade Energy, Inc. (OTC BB: CSCE) today announces that the Company will not be proceeding with the acquisition of the assignment of the 10% interest in the Strand Fiord Coal Project. Upon a closer examination of title issues and agreements between the underlying owner of the coal property and the property vendor, Cascade is unsatisfied respecting the state of title and underlying agreements. Due to the adverse title and agreement issues, as well as preferred or "better" immediate uses for its working capital, this acquisition will not proceed.

Cascade management has chosen to fully concentrate Cascade's efforts on the development of the Company's oil and gas projects, these being the two new discoveries in Alberta, Canada at the Empress "11-16" natural gas well and the Bolloque "7-1" oil well. Cascade believes that with soaring energy prices the prioritizing of oil and gas interests will be more beneficial to increasing shareholder value.

ABOUT CASCADE ENERGY

Cascade is an explorer for natural gas and oil. The primary objective of Cascade is to acquire, discover, upgrade and expand North American onshore oil and gas reserves towards near-term production and cash flow, together with identifying and participating in exploration opportunities. By maintaining a balanced debt and equity mix, Cascade's operating strategy is to become cash flow positive in the short term to allow the Company a re-investment of production dollars to enhance and grow company assets. By searching and identifying exploration and producing properties that fit the company's investment and production criteria, Cascade has formulated a strategy to prioritize assets that provide a low-risk, short payback period and long-life reserves.

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 Cascade Energy Inc. has little or no control.

ON BEHALF OF THE BOARD

Cascade Energy, Inc.

Chris Foster-Director

Contact Information

  • Contact:
    Chris Foster
    1-888-359-9565