Exceed Energy Inc.

Exceed Energy Inc.

January 31, 2006 07:00 ET

Exceed Energy Inc. Control Block Distribution

CALGARY, ALBERTA--(CCNMatthews - Jan. 31, 2006) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) ("Exceed" or the "Corporation") announces that K&K Capital Group has agreed to sell 14,285,714 Class A Common Shares in the capital of Exceed at a price of $0.216 per share and 100% of the $2 million 10% secured convertible debenture in the capital of Exceed for the price of $2 million plus interest accrued since January 1, 2006 to WKK Energy Inc. K&K Capital Group is 100% beneficially owned by Karel Komarek, Jr. and WKK Energy Inc. is owned 50% by K&K Capital Group and 50% by 1062809 Alberta Ltd., which is held 50% by Richard Wolfli, a director and the President and Chief Executive Officer of the Corporation and 50% by James Wolfli who is the brother of Richard Wolfli.

This transaction is expected to close upon receipt of the necessary regulatory approvals.

Exceed Energy Inc. is a Calgary based emerging oil and gas company engaged in the exploration development, and exploration 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.

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

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1853
    Exceed Energy Inc.
    James Carriere
    Vice President, Land
    (403) 508-1853
    (403) 508-1781 (FAX)
    Website: www.exceedenergy.com