Highview Resources Ltd.

Highview Resources Ltd.

May 01, 2007 09:00 ET

Highview Resources Ltd. Announces New Management, Proposed Name Change and Consolidation of Shares Outstanding

CALGARY, ALBERTA--(CCNMatthews - May 1, 2007) - Highview Resources Ltd. (TSX VENTURE:HVW) is pleased to announce the completion of a number of the initiatives relating to the proposed sale of assets and restructuring of the Company.

A special shareholders meeting has been called for May 28, 2007 at which time shareholders will be requested to approve, amongst other items, the following:

i) the sale of substantially all of the assets of Highview to Wild River Resources Ltd. for $5.0 million dollars, as previously announced in Highview releases of March 29 and March 30, 2007;

ii) the consolidation of the common shares of Highview on a 1 for 10 basis; and

iii) change of corporate name to Paris Energy Inc.

In conjunction with these initiatives the Highview Board of Directors has appointed Robert L. McPherson as Chief Executive Officer; M. Elizabeth Burke-Gaffney, President and Clifford A. Jeffrey, Vice-President Exploration. The new management team will be nominated to sit on the Board at the Shareholders' meeting, together with Patrick T. McCarthy, Q.C. The new management team founded and managed Nycan Energy Corp. from 1996 to 2003 when it was sold to a royalty trust for $44.8 million. Thereafter, they founded and managed a private company, KVR Resources Ltd., which was sold in 2006 for $15.7 million. Most recently, they organized Paris Energy Ltd. which commenced acquiring prospective acreage in southern Alberta.

Highview has also agreed to purchase all of the shares of Paris Energy Ltd. ("Paris") for $307,000. Paris is a private company founded by the new management team in association with two other shareholders. Since its incorporation in 2006 Paris has begun to generate oil and gas prospects and the acquisition of prospective acreage in southern Alberta. Two prospects of note are in the Killam and Orion areas of Alberta.

At Killam, Paris owns a 71.428% working interest in 600 acres and receives a non-convertible overriding royalty on the currently producing well on the section. Paris owns an interest in a proprietary 3D seismic program covering the entire section that indicates further drilling opportunities for Ellerslie oil occur in the section. In addition, there is potential for Ostracod and Glauconitic gas draped over the Ellerslie sand in the balance of the section.

At Orion, Paris owns 100% working interest in 2 sections of freehold land. One of the sections of land is located between two Lower Cretaceous Sunburst Pools with the potential to extend one or both of these pools onto the intervening land.

Highview also today announces that it has filed the MD&A and Interim Financial Statements for the three months ended February 28, 2007 on SEDAR.

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

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

Contact Information

  • Highview Resources Ltd.
    R.W. Lamond
    (403) 269-9889
    (403) 269-9890 (FAX)