Huntington Exploration Inc.

Huntington Exploration Inc.

March 15, 2007 17:52 ET

Huntington Announces Asset Purchase

CALGARY, ALBERTA--(CCNMatthews - March 15, 2007) -


Huntington Exploration Inc. ("Huntington") (TSX VENTURE:HEI) is pleased to announce that it has entered into an agreement, subject to closing, to purchase oil and gas properties from A.I.S. Resources Limited ("AIS"). Closing is subject to regulatory approval. If approved, this asset purchase will result in Huntington acquiring all of AIS's oil and gas properties and unit interests valued at $230,000 in exchange for 1,533,333 Huntington common shares (the "Transaction") issued at $0.15 per share. The Transaction will be effective December 31, 2006. Market valuation of the assets sold at December 31, 2006 was based on an independent engineer's report.

This Transaction is a related-party transaction since Huntington and AIS have a number of directors and significant shareholders in common. No finder's fee will be paid.

The assets will constitute an important addition to Huntington's oil and gas producing properties and complement its exploration and development activities. Huntington is an exploration-focused company actively pursuing petroleum and natural gas business opportunities in the Western Canadian sedimentary basin.

Huntington Exploration Inc. is listed on the TSX Venture Exchange under the symbol "HEI".

This press release may include forward-looking statements including opinions, assumptions, estimates and expectations of future production, cash flow and earnings. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intend", "may" "project", "plan", "will", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, the volatility of oil and gas prices, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in oil and gas acquisition and drilling programs, operating risks, production rates, reserve estimates, changes in general economic conditions and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common 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 requirement.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Huntington Exploration Inc.
    C. Alan Smith
    (403) 237-7766
    (403) 237-6027 (FAX)
    Huntington Exploration Inc.
    Andrew S. Burgess
    Vice President
    (403) 237-7766
    (403) 237-6027 (FAX)