Expedition Energy Inc.
TSX VENTURE : XPD

Expedition Energy Inc.

August 30, 2007 14:02 ET

Expedition Energy Inc. Announces Property Sale

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2007) - Expedition Energy Inc. (TSX VENTURE:XPD) ("Expedition" or the "Company") has closed the sale of its coalbed methane property located in the Nevis area of Alberta to a major oil and gas company for an adjusted closing price of $4.3 million. The Nevis property is a fully developed asset producing approximately 130 BOE per day net to the Company. The net proceeds of the sale are being used to pay down the Company's bank debt.

Expedition Energy Inc. is an emerging Alberta based public corporation actively engaged in the exploration, development and production of crude oil and natural gas in Western Canada.

The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions herein are derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.

This information contains forward-looking statements under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that would cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

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

Contact Information

  • Expedition Energy Inc.
    Scott St. John
    President and CEO
    (403) 264-1699
    (403) 264-1499 (FAX)
    or
    Expedition Energy Inc.
    Neil Burrows
    Vice President Finance and CFO
    (403) 264-1699
    (403) 264-1499 (FAX)
    or
    Expedition Energy Inc.
    725, 435 - 4th Avenue S.W.
    Calgary, Alberta T2P 3A8
    Website: www.xpdenergy.com