Exxel Energy Corp.

Exxel Energy Corp.

May 16, 2008 09:26 ET

Exxel Energy Corp. Announces TSX Venture Exchange Approval to the Purchase and Sales Agreement With Patriot Petroleum Corp.

HOUSTON, TEXAS--(Marketwire - May 16, 2008) - Exxel Energy Corp. (TSX VENTURE:EXX) ("Exxel" or the "Company") announces the TSX Venture Exchange has approved the previously announced Purchase and Sale Agreement (the "Agreement") dated May 9, 2008 with Patriot Petroleum Corp. Pursuant to the Agreement, Exxel sold certain petroleum and natural gas leases located in the Garrington Area of Alberta in consideration for the payment of CDN$1,000,000.

The acquisition is a non arm's length transaction as Mr. John Hislop is a director of both Exxel Energy Corp. and Patriot.

About Exxel Energy Corp.

Exxel, headquartered in Houston, is an independent oil and gas exploration and development company focused in the Greater Green River Basin of Wyoming, the Columbia River Basin of Washington, the Piceance Basin of Colorado, the Great Basin of Nevada, and the Williston Basin of North Dakota. The Company currently has interests in over 30,000 net acres in the Greater Green River Basin, approximately 415,000 net acres in the Columbia River Basin, approximately 4,000 net acres in the Piceance Basin, approximately 200,000 net acres in Nevada, and approximately 8,700 net acres in the Williston Basin.

In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company's assessment of its and its subsidiaries' future plans and operations, certain statements included in this press release may constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements"). All statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate", "believe", "expect", "estimate" and similar expressions are generally intended to identify forward-looking statements. Similarly, forward-looking statements in this press release include, but are not limited to anticipated developments of the Company's drilling project in and the timing thereof, the Company's drilling project in and the timing thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance with environmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farmout plans, net cash flows, geographic expansion and plans for seismic surveys.
In addition, please note that statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Such statements represent the Company's internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. These forward-looking statements are made as of the date hereof disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company's filings with Canadian securities administrators at www.sedar.com before making investment decisions with regard to the Company.

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

Contact Information

  • Exxel Energy Corp.
    Victor Barcot
    EVP of Business Development and Investor Relations
    (713) 922-0383
    Brisco Capital Partners Corp.
    Graeme Dick
    (403) 313-9663
    Email: graeme@briscocapital.com