Columbus Energy Limited

April 15, 2009 16:46 ET

Columbus Energy Sells Australian Royalty, Cancels Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2009) - Columbus Energy Limited ("Columbus Energy" or the "Company") (TSX VENTURE:CEL) announces that it has sold its 2% royalty interest in the Blina oil field in northwest Australia to Buru Energy of Perth, Australia for $25,000.

The royalty interest was granted to Columbus Energy in partial consideration for its sale of Terratek to ARC Energy Limited in 2007.

Upon the close of this transaction, Columbus Energy will have divested itself of all of its Australian assets and interests.

Columbus Energy also announces that its Vignate license application for gas and oil exploration in the Po Valley of Italy was denied by the Italian government. The Company will write off $120,000 in capitalized expenses relating to this application on its December 31, 2008 financial statements.

Columbus Energy also wishes to announce the cancellation of 2,541,667 options granted to officers and directors.

Neither TSX Venture Exchange nor its Regulation Services 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

  • Columbus Energy Limited
    Douglas W. Scheving
    Director and Corporate Secretary
    1-604 684-7619
    1-604 684-7346 (FAX)