Exceed Energy Inc.

Exceed Energy Inc.

November 06, 2006 11:42 ET

Exceed Energy Inc.: Board Appointment

CALGARY, ALBERTA--(CCNMatthews - Nov. 6, 2006) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) (the "Corporation") is pleased to announce that Melinda Lee has been appointed to the board of directors of the Corporation, subject to the approval of the TSX Venture Exchange. Subsequent to her appointment, Ms. Lee has been granted 130,000 options to purchase common shares in the capital of the Corporation at an exercise price of $0.25 and with an expiry date of November 2, 2011. Ms. Lee's appointment follows the resignation of George Armoyan, also effective on November 2, 2006.

Exceed Energy regrets the departure from the board of Mr. Armoyan due to personal reasons and we warmly wish him well in all his future endeavours. The board greatly respects Ms. Lee's experience and knowledge and anticipates her membership in the board to be a significant asset to the Corporation.

Ms. Lee is the Vice President Investments for Clarke Inc., a publicly-traded diversified holding company listed on the Toronto Stock Exchange (TSX:CKI) with investments in transportation solutions, manufacturing, and cold storage, among others. Clarke invests in both public and private entities with the goal of increasing shareholder value through active involvement with management. Ms. Lee joined Clarke in May 2006 and is also the Vice President of Geosam Investments Limited, a private investment holding company based in Halifax. Ms. Lee joined Geosam in 2003 after 7 years of public accounting experience at CA firms in Ottawa and Halifax. Ms. Lee holds a Bachelor of Business Administration from St. F.X. University and obtained her CA designation in 1999. Ms. Lee also serves on the Boards of Trustees of Royal Host REIT (TSX:RYL.UN) and General Donlee Income Fund (TSX:GDI.UN).

Exceed Energy Inc. is a Calgary based emerging oil and gas company engaged in the exploration development, and exploitation of oil and gas reserves in Western Canada. Exceed's Class A and Class B shares trade on the TSX Venture Exchange under the symbols "EX.A" and "EX.B" respectively.

Forward Looking Statements

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from the potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com or through the Company's website, www.exceedenergy.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President & CEO
    (403) 508-1853
    (403) 508-1781 (FAX)
    Website: www.exceedenergy.com