Flair Petroleum Corporation
PINK SHEETS : FPMC

Flair Petroleum Corporation

September 18, 2007 11:26 ET

Flair Petroleum Corp. Update

CALGARY, ALBERTA--(Marketwire - Sept. 18, 2007) - Flair Petroleum Corporation (PINK SHEETS:FPMC) is pleased to report it has entered into substantive negotiations for the acquisition of a working interest in a heavy oil deposit in the State of California, and the negotiations are expected to conclude within the next couple of weeks with a Letter of Intent leading to definitive Joint Venture and Operating Agreements among the working interest partners. Additionally, the Company is continuing with its restructuring exercise and will soon provide an update on its progress.

This news release includes forward-looking statements that reflect Flair Petroleum Corporation's current expectations about its future results, performance, prospects and opportunities. Flair Petroleum Corporation has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Flair Petroleum Corporation and are subject to a number of risks, uncertainties and other factors that could cause the corporation's actual results, performance, prospects of opportunities in the remainder of 2007 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

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