Consolidated Beacon Resources Ltd.
TSX VENTURE : KBC

Consolidated Beacon Resources Ltd.

June 02, 2006 13:41 ET

Consolidated Beacon Resources Ltd.: Default Status Report

CALGARY, ALBERTA--(CCNMatthews - June 2, 2006) - Consolidated Beacon Resources Ltd. (TSX VENTURE:KBC) (the "Company"), announces that it is required to issue a Default Status Report on a bi-weekly basis for as long as it remains subject to the Management Cease Trade Order ("MTCO"). Management has applied for and received a management cease trade order as part of a voluntary process where specific insiders and management are subject to a cease trade according to securities regulation form CSA 57-301. This MCTO results from the delay in filing the audited financial statements for the year ended December 31, 2005.

The Company was unable to meet its deadline due to unforeseen difficulties associated with a previously owned subsidiary company called Elliott Industrial Petroleum Ltd. ("Elliott"). The company obtained access to the necessary books and records of Elliott and is progressing toward the final consolidated financial statements and associated auditing reports required to be filed with the applicable regulatory authorities. The Company expects to file the Audited Financial Statements on or before the end of June 30, 2006.

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





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