CARPATSKY PETROLEUM INC.

March 30, 2005 13:18 ET

Cease Trade Orders in Respect of Carpatsky Petroleum Inc. Revoked


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CARPATSKY PETROLEUM INC.

MARCH 30, 2005 - 13:18 ET

Cease Trade Orders in Respect of Carpatsky Petroleum
Inc. Revoked

LONDON, UNITED KINGDOM--(CCNMatthews - March 30, 2005) -

Not for distribution to United States newswire services or dissemination
in the United States.

Carpatsky Petroleum Inc. (Carpatsky) announced today that cease trade
orders issued in respect of Carpatsky in 2003 by the Alberta and British
Columbia Securities Commissions have been revoked in full by those
securities commissions. The revocation of the cease trade orders was a
condition to the completion of a proposed reorganization involving
Carpatsky and Cardinal Resources Plc. (Cardinal). Management of Cardinal
and Carpatsky currently expect the reorganization to be completed by
mid-April.

Carpatsky is an independent oil and gas exploration, development and
production company that operates in Ukraine. Carpatsky entered into a
joint activity agreement with the Ukraine state-owned oil and gas
company Ukrnafta in 1995 to develop the RC Field. The joint venture
company Ukrcarpatoil was formed with Ukrnafta in 1994 to develop the
Bitkov Field. Both the RC Field and the Bitkov Field are currently
producing oil and gas for Carpatsky.

Cardinal is a company incorporated in England that was created by
Carpatsky to complete a U.S. $9.5 million private placement in 2004,
principally to U.K. institutional purchasers, and then acquire
Carpatsky. Cardinal is currently proceeding with a placing of ordinary
shares and concurrent admission of its shares, including Cardinal shares
to be issued to Carpatsky shareholders on completion of the
reorganization, on the Alternative Investment Market of the London Stock
Exchange.

This news release contains forward-looking information relating to
Carpatsky and Cardinal. This information is based on Carpatsky and
Cardinal's current expectations and assumptions as to a number of
factors. If those expectations and assumptions prove to be incorrect, or
factors change, then actual events or results could differ materially
from the forward-looking information contained in this news release.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cardinal Resources Plc
    Robert J. Bensh
    Chairman and Chief Executive Officer
    + 44 207 936 5250
    Email: rbensh@cardinal-uk.com
    or
    Carpatsky Petroleum Inc.
    Robert J. Bensh
    Chairman, President and Chief Executive Officer
    + 44 207 936 5250