GFI Oil & Gas Corporation

GFI Oil & Gas Corporation

April 16, 2007 17:13 ET

GFI Oil & Gas Corporation: News Release

CALGARY, ALBERTA--(CCNMatthews - April 16, 2007) - GFI OIL & GAS CORPORATION ("GFI") (TSX VENTURE:GFI) is pleased to announce the addition of Ian C. Dundas, B.Comm., LLB, to its Board of Directors.

Mr. Dundas is Sr. Vice President, Business Development for Enerplus, one of Canada's largest Income Trusts traded on both the New York Stock Exchange and the Toronto Stock Exchange. Mr. Dundas joined the Enerplus group as Vice-President and Director, Business Development in December 2002. Mr. Dundas leads the group responsible for identifying and pursuing acquisition-related opportunities and new business development.

Prior to joining Enerplus, Mr. Dundas was Vice-President, Merchant Capital with El Paso Merchant Energy Canada Inc. where he led a team which managed a portfolio of oil and gas investments and pursued other energy-related merchant business opportunities.

Prior to his service at El Paso Merchant Energy Canada Inc., Mr. Dundas was the Chief Financial Officer and Vice President of Corporate Development for a public biotechnology company. From 1996 to 2000, he was a Director in the Merchant Capital group of Enron Canada Corp.

Mr. Dundas holds a Bachelor of Commerce (Distinction) from the University of Calgary and a Bachelor of Laws (Distinction) from the University of Alberta. He was called to the Alberta Bar in 1995.

About GFI

GFI is a public company listed on TSX Venture Exchange Inc. (symbol "GFI") with core interests in two offshore fields currently under development, the 104,000 acre Bualuang oilfield offshore Thailand (60%) and a 35% non-operated interest in the 83,000 acre Kambuna natural gas and condensates project located offshore northern Sumatra, Indonesia. GFI also holds working interests in several other non-operated offshore Indonesia licenses with working interests ranging from 22.5% to 35%.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

ADVISORY - Certain information regarding GFI set forth in this release, including management's assessment of GFI's future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing, and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers, currency exchange risks, uncertain political risk in countries where the operations of GFI take place, and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

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

Contact Information

  • GFI Oil & Gas Corporation
    Alex T. Warmath
    Chief Executive Officer
    (281) 877-7940