GFI Oil & Gas Corporation

GFI Oil & Gas Corporation

November 23, 2006 18:44 ET

GFI Announces Management Changes

CALGARY, ALBERTA--(CCNMatthews - Nov. 23, 2006) - GFI Oil & Gas Corporation (TSX VENTURE:GFI):

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Greg Campbell, Chairman of the Board, is pleased to announce effective immediately that Richard E. MacDougal will be assuming the role of President in addition to his duties as Chief Operating Officer. Mr. Raymond L. LaGarde has resigned his position as President of GFI and as a member of the Board. Mr. LaGarde will continue to pursue oil and gas opportunities outside the company.

Mark N. Witt will be leaving his position as Chief Financial Officer of GFI to pursue other interests and will remain with the company until a new CFO is named.

GFI extends its sincerest appreciation to Mr. LaGarde and Mr. Witt for their commitment in helping the company to grow during its formative years.

To support the company's plans to continue to develop value for the shareholders, GFI is pleased to announce that Mr. Michael Hibberd has been retained as a Special Advisor to the executive management team and to the Board of Directors. Mr. Hibberd has significant energy project planning and capital markets experience. Mr. Hibberd was a Director and Senior Vice-President, Corporate Finance at ScotiaMcLeod until 1995.

In 1995, Mr. Hibberd established a corporate finance advisory business focused on providing advice to companies based in Calgary with North American and international operations. Mr. Hibberd is currently President of MJH Services Inc. and serves as a director of several TSX and TSX Venture Exchange listed companies.

GFI is an international oil and gas development company with its primary assets in Indonesia and Thailand. GFI focuses on acquiring and developing previously discovered oil and gas fields. GFI is an Alberta company with offices in Houston, Texas.

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

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