Exall Resources Limited

Exall Resources Limited

August 11, 2005 13:38 ET

Exall Participates In UK 23rd Bidding Round

TORONTO, ONTARIO--(CCNMatthews - Aug. 11, 2005) - Exall Resources Limited ("Exall")(TSX:EXL) announced today that it has recently participated with a consortium of oil and gas companies in the United Kingdom's 23rd Licensing Round for prospective oil and gas concessions.

The UK's Energy Minister, Mr. Malcolm Wicks, announced in June that applications for the UK's latest offshore Oil and Gas Licensing Round hit a 30 year high with firms applying for a record 279 blocks, the largest number applied for since 1972. Minister Wicks stated "The fact that this is the highest number of blocks applied for since the 1970's is a solid vote of confidence from the industry in the potential development of North Sea fields." An estimated 3-5 billion barrels of oil equivalent is seen as the potential reserves in existing fields that could be unlocked with additional exploration and development.

Exall Energy (UK) Ltd. was incorporated as a wholly owned subsidiary of Exall Resources Limited to make this application as well as to develop UK and other European oil and gas opportunities the Company is currently assessing. Under this current application, if successful, Exall will hold a 10% interest in any blocks awarded pursuant to the application. It is expected that the UK's Department of Trade and Industry ("DTI") will announce the successful bidders in September.

"Exall is actively engaged in expanding its oil and gas exploration and production base both in North America and internationally and this application is an integral part of our growth strategy," said Stephen Roman, Exall's Chairman and CEO. "Once the winning bidders are announced, Exall will issue further news outlining the concessions awarded and its partners."

In other news, Exall will be releasing its 2nd Quarter financial statements and Management Discussion and Analysis ("MD&A") tomorrow which will be posted on Exall's website at www.exall.com and SEDAR at www.sedar.com. In addition, the Company has granted 450,000 options to two new directors elected at the annual meeting held May 11, 2005 and one existing director. Each option is exercisable for a period of five years from the effective date of grant until August 10, 2010 at an exercise price of $0.22 per share.

Exall Resources Limited is a Toronto Stock Exchange listed company that trades under the symbol EXL (S.E.C. registration #82-3535). Exall is active in its business of gold exploration and development in Red Lake, Ontario, as well as oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas.

There are currently 56.9 million common shares issued and outstanding.

Contact Information

  • Exall Resources Limited
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-3949
    (416) 368-5146 (FAX)