Drift Lake Resources Inc.

May 19, 2011 09:21 ET

Drift Lake Resources Clarifies Grant of Stock Options

TORONTO, ONTARIO--(Marketwire - May 19, 2011) -Drift Lake Resources Inc. (TSX VENTURE:DLA) ("Drift Lake" or the "Company") wishes to clarify that further to the press release of May 16th, 2011, that at the Board meeting held on May 11th, the Directors unanimously approved a rolling stock 10% Option Plan and granted of a total of 3.1 million stock options to five staff members who recently joined the Company, one officer and a director, all subject to shareholder approval of the new Option Plan. The awarded options will be exercisable at CDN$0.49 per share, the closing price on May 11, 2011, and will vest from time to time over two years and the expiry date is May 11, 2016.Prior to these seven grants, the Company had 800,000 stock options outstanding.

About Drift Lake Resources

Drift Lake Resources is focused on oil and gas exploration and development opportunities in South America. Management has decades of experience in the Company's focus countries in evaluating hydrocarbon producing basins and identifying exploration opportunities.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties.

Neither the 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.

Contact Information

  • Drift Lake Resources Inc.
    360 Bay Street, Suite 500
    Toronto, Ontario M5H 2V6
    Keith Spickelmier
    Executive Chairman