Desmarais Energy Corporation
TSX VENTURE : DES

Desmarais Energy Corporation

December 23, 2014 22:51 ET

Desmarais Announces Receipt of Notice of Intention to Enforce Security and Resignation of Officers

CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Desmarais Energy Corporation (TSX VENTURE:DES) (the "Corporation") advises that Doug Robinson has resigned as President and Chief Executive Officer of the Corporation, and as a Director of the Corporation, effective immediately. Further, the Corporation has received a Notice of Intention to Enforce a Security under Rule 124 of the Bankruptcy and Insolvency Act (Canada) (the "Notice of Intention") from 323 Holdings Ltd. ("323 Holdings"), a company controlled by Doug Robinson, outlining that 323 Holdings intends on enforcing its security over the Corporation's assets and that the total amount of indebtedness owed to it by the Corporation and secured by such security is $3,000,000. The Notice of Intention also states that 323 Holdings will not be entitled to enforce the noted security until after January 3, 2015.

The Corporation also announces that James Long has resigned as the Chief Financial Officer of the Corporation, effectively immediately. Mr. Long remains a director of the Corporation.

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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