Cypress Hills Resource Corp.

Cypress Hills Resource Corp.

October 28, 2005 14:56 ET

Cypress Hills Announces Additional Stock Option Grants

CALGARY, ALBERTA--(CCNMatthews - Oct. 28, 2005) - CYPRESS HILLS RESOURCE CORP. (TSX VENTURE:CHS) ("Cypress Hills") announces that Cypress Hills is granting stock options to 2 directors on the following terms:

(a) the total number of Common Shares to be made available upon exercise of the new stock options is 700,000;

(b) the exercise price for the options is $0.47 per share (or such other price approved by TSX-Venture Exchange based on allowable discounts from recent trading prices).

Cypress Hills is an oil and gas corporation whose shares are listed for trading on TSX Venture Exchange Inc.

As of October 27, 2005 (i.e. before taking into account the issuance of the stock options referred to above) Cypress Hills had outstanding 22,715,745 common shares, warrants to purchase an additional 5,603,000 common shares at prices between $0.20 and $0.30 per share, and director/officer/employee/consultant stock options to purchase an additional 1,075,000 common shares at prices between $0.12 and $0.21 per share, for a total potential diluted share capital (i.e. if all options and warrants were exercised) of 29,393,745 common shares. In addition to the 700,000 options announced by this press release, another 75,000 options are in the process of being issued pursuant to a press release dated October 7, 2005 (which when all issued will bring the total diluted share capital to 30,168,745 common shares).

TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cypress Hills Resource Corp.
    Ted J. Fostey
    (403) 691-7736
    (403) 264-7478 (FAX)
    Cypress Hills Resource Corp.
    #1800, 407 - 2nd Street S.W.
    Calgary, Alberta, T2P 2Y3