Desmarais Energy Corporation

July 10, 2009 12:48 ET

Desmarais Announce Filing of Application to Amend Warrants

CALGARY, ALBERTA--(Marketwire - July 10, 2009) - Desmarais Energy Corporation (TSX VENTURE:DES) ("Desmarais" or the "Corporation") announces that, subject to regulatory approval, it intends to amend the terms of 2,800,000 previously issued warrants (the "Warrants") to purchase common shares of the Corporation that were issued pursuant to a private placement which closed on July 31, 2008.

Pursuant to the proposed amendment, the expiry date of the Warrants will be changed from July 31, 2010 until January 31, 2011. Each Warrant, as amended, will entitle the holder thereof to acquire one (1) common share for: (i) $0.17 per share if exercised on or before January 31, 2010; and (ii) $0.22 per share if exercised on or subsequent to February 1, 2010 but before January 31, 2011.

Desmarais is a Calgary based oil and gas exploration, development and production company operating in two core areas: southeast Alberta and west central Alberta. The Company operates 71% of its production base, which consists of varying interests, averaging 35% in 28 gas wells. Desmarais has high working interests, facilities ownership, and operatorship in core areas; and a large undeveloped land base in contiguous blocks, with seismic control.


Certain statements regarding Desmarais include management's assessments of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Desmarais' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.

Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Desmarais' various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.

Accordingly, Desmarais gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. Desmarais undertakes no obligation to publicly update or revise any forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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