ITL Capital Corporation

ITL Capital Corporation

August 17, 2005 08:30 ET

ITL Capital Corporation: Henry Dome Gas Project Update, McMullen County, Texas

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2005) - ITL Capital Corporation (TSX VENTURE:ICL) is pleased to announce that Dolphin Petroleum L.P., the operator of the Henry Dome Project, located in McMullen County, southeast Texas, plans to start putting in the permanent well site flare this week and have Halliburton Energy Services on the JB Henry #1 well site by Thursday Aug. 25th of next week to commence the cleanout. As previously reported, the JB Henry #1 well was a producing vertical gas well that has been re-completed as a horizontal well.

ITL Capital has the opportunity to participate, on the same basis as the JB Henry #1 well (3.8% working, 2.8% net revenue), in a total of 4 wells in the Henry Dome Field. The JB Henry #1 and the EM Henry #2 are re-entry horizontal well completions in the Edwards formation. The 2 wells have been producing in the Edwards formation as vertical wells. In addition, there are two new drilling locations that are also proposed as horizontal wells. The first of these proposed wells will offset a producing vertical well that has produced over 4.3 BCF of natural gas and the second well will offset on the other side of the same vertical well.

For further information on ITL Capital Corporation (TSX.V: ICL) visit the Company's web site at

ITL Capital Corporation is a resource exploration company actively involved with the development of natural gas projects in McMullen County and Goliad County, Texas. The Company is also developing a gold property in the Red Lake Mining District of Northwestern Ontario, Canada.


"Jim Pettit"


This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

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

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