Huntington Exploration Inc.
TSX VENTURE : HEI

Huntington Exploration Inc.

March 18, 2011 15:42 ET

Huntington Exploration Inc. Announces Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - March 18, 2011) - C. Alan Smith, Chief Executive Officer of Huntington Exploration Inc.("HEI" or the "Company") (TSX VENTURE:HEI) announced today that that, subject to shareholder and regulatory approval, including approval of the TSX Venture Exchange, the board of directors have approved a 10% rolling incentive Stock Option Plan. In addition, subject to regulatory approval and shareholder approval of the Stock Option Plan, it has granted a total of 7,800,000 options to purchase common shares of HEI to the directors and consultants of HEI, in accordance with the Corporation's new Stock Option Plan. These options expire five years from the date of grant, have an exercise price of $0.09 and vest, as to 50%, on each of the one year and two year anniversaries of the date of grant (such that the options are fully vested two years from the date of grant). As these options have been granted prior to shareholder and regulatory approval of the Stock Option Plan, including approval of the TSX Venture Exchange, the options will not be exercisable until such approval has been obtained.

HEI has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the directors of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).

HEI is an exploration-focused company actively pursuing opportunities in the petroleum and natural gas business in Western Canada sedimentary basin.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Huntington Exploration Inc.
    C. Alan Smith
    Chief Executive Officer
    (403) 237-7766
    asmith@aeonian.com