Defiant Resources Corporation

Defiant Resources Corporation

July 12, 2007 10:24 ET

Defiant Resources Corporation Announces Value Maximization Process

CALGARY, ALBERTA--(Marketwire - July 12, 2007) - As previously announced, the board of directors of Defiant Resources Corporation (TSX:DFR) ("Defiant") has unanimously approved a process to review strategic alternatives to maximize shareholder value. A special committee (the "Special Committee") of independent directors of Defiant, comprising of Messrs. Naveen Dargan, Gary Bugead, Raymond Chan, and Tim Dunne has been formed to review strategic alternatives and make a recommendation to the board. The Special Committee has retained FirstEnergy Capital Corp. ("FirstEnergy") as its exclusive financial advisor to assist in exploring strategic alternatives. These alternatives may include the sale of the company, merger, reorganization or such other alternatives that are considered to be in the best interest of Defiant shareholders. The marketing process is anticipated to commence at the end of August or early September.

Current operational activities include completion of our fourth Dunvegan oil well at Grande Prairie East, the tie-in of our Gold Creek gas discovery and drilling our first well at Karr.

Defiant is a Calgary-based independent junior natural gas and oil producer engaged in the exploration for, development and acquisition of petroleum and natural gas in western Canada. Its common shares trade on the Toronto Stock Exchange under the symbol "DFR".

Contact Information

  • Defiant Resources Corporation
    Rick J. Ironside
    President & Chief Executive Officer
    (403) 218-4104