Consolidated Beacon Resources Ltd.

Consolidated Beacon Resources Ltd.

December 22, 2006 09:00 ET

Consolidated Beacon Resources Ltd.: Closure of Private Placement, Annual General Meeting, Corporate Appointment

CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) - Consolidated Beacon Resources Ltd. (the "Company")(TSX VENTURE:KBC) is pleased to announce it has closed its announced non-brokered private placement of 9,193,572 units for a total new investment of Cdn $ 645,550 at a price of $0.07 per unit. Each unit will consist of one common share and one full warrant, with an exercise price for the warrant of $0.12 over a period of two years. The hold period on the units will be four months and one day from Wednesday, 19th December 2006. Proceeds from this financing will be used for general working capital and continued development of its California medium to heavy oil prospects located in the San Joaquin Basin.

The Company is also pleased to announce that, prior to its Annual General Meeting for Financial Year 2005 held in Calgary on Friday, 15th December 2006, Mr. John G.F. McLeod, P.Eng. was voted by the Board to the non-executive position of Chairman of the Board. Mr. Richard Hawes, P.Geol., (Company Secretary) and Mr. Gilbert Schneider are the other two directors.

Beacon is continuing to make strong and steady progress on its San Joaquin project.

About Consolidated Beacon Resources Ltd.

Consolidated Beacon Resources Ltd. is a Calgary, Alberta based corporation in the business of evaluating and acquiring oil and natural gas properties, exploring for hydrocarbons, principally in the Provinces of Alberta, Saskatchewan and Nova Scotia, the Northwest Territories, and the United States.

The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.

Contact Information