Consolidated Beacon Resources Ltd.
TSX VENTURE : KBC

Consolidated Beacon Resources Ltd.

October 26, 2006 09:56 ET

Consolidated Beacon Resources Ltd.: Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Oct. 26, 2006) - Consolidated Beacon Resources Ltd. (TSX VENTURE:KBC) (the "Company") announces that the Company has entered into a Fiscal Agency Agreement with Global Maxfin Capital Inc. ("Global") of Toronto. Global will provide and assist in the raising of up to $2 million in new equity to fund Beacon's exploration activities in its core exploration property in California, and other financial advisory services. In accordance with the company's stock option plan, Global will receive a fee of $10,000 and 1,000,000 options for common shares in the company, exercisable for two years, priced at $0.15.

Following the new management's Joint Venture Partners' meeting in Bakersfield and its field inspection last month, Beacon is focusing its efforts in its San Joaquin East Slope heavy oil exploration project. Technical work is ongoing on the San Joaquin project.

Beacon announces that also in accordance with the company's stock option plan the Company has granted 50,000 incentive stock options to both Alan McLellan and Shaun Ruddy, exercisable for a period of two years at $0.15 per Share. Mr. McLellan and Mr. Ruddy both work for RM Communications of Toronto, and provide consulting work for the company.

Beacon also announces that Mr. Leonard van Betuw, a former Director of the Company, is in on-going negotiations with the Government of Nova Scotia concerning the farm-out of Beacon's non-core exploration Agreement located in the Masstown area, Nova Scotia. Beacon is farming the Nova Scotia exploration Agreement out to Mr. Van Betuw in exchange for a 3% GORR.

Consolidated Beacon's Board of Directors now comprises:

Mr. John G.F. McLeod, P. Eng. of Calgary.

Mr. Richard J. Hawes, P. Geol., Secretary, of Calgary.

Mr. Gil Schneider, of Vancouver.

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 for exploration and development in Canada and the United States.

This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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

Contact Information