Everest Energy Corporation

October 14, 2005 18:50 ET

Everest Energy Corporation Announces Proposed Disposition

CALGARY, ALBERTA--(CCNMatthews - Oct. 14, 2005) - Everest Energy Corporation (TSX VENTURE:EVV) ("Everest" or the "Company") announces that it has signed a letter agreement dated October 14, 2005 with Tripoint Energy Ltd. ("Tripoint") in which it is proposed that the Company will sell Tripoint all of its assets in the Siphon Area of British Columbia for a total cash consideration of $310,000. These assets do not constitute a significant portion of the Company's holdings, are non-producing and consist of various interests in petroleum and natural gas mineral rights, a well bore, surface facilities and a sales pipeline.

The transaction is subject to certain conditions including regulatory approval and is expected to close on or about October 21, 2005.

The proposed amalgamation with Westbow Energy Inc. ("Westbow") announced on May 24, 2005 is proceeding and Westbow has consented to the proposed transaction with Tripoint.

Everest Energy Corporation is an exploration and development company focused on low to medium risk oil and natural gas opportunities in western Canada.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Everest Energy Corporation
    Varoujan Basmadjian
    President & CEO
    (403) 269-1995 (Ext. 227)
    (403) 269-1994 (FAX)