International Sovereign Energy Corp.
TSX : ISR

International Sovereign Energy Corp.

June 13, 2008 17:17 ET

A Leading Independent Proxy Advisory Firm, Recommends That International Sovereign Energy Corp. Shareholders Reject Eugene Hretzay Dissident Nominees and Vote for All the Board's Nominees

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2008) - International Sovereign Energy Corp. (the "Company") (TSX:ISR) reports that RiskMetrics Group - ISS Governance Services ("ISS") recommends that International Sovereign Energy Corp. Shareholders vote for all of Management's Board of Director Nominees (the White Proxy card) at the Company's upcoming Annual General Meeting and Special Meeting on June 23, 2008. ISS, a wholly owned subsidiary of Risk Metrics Group, Inc. is a leading independent proxy advisory service and its voting analysis and recommendations are relied upon by major institutional investment funds, mutual funds and fiduciaries. In the preparation of their analysis, RiskMetrics Group spoke with representatives of both Management and the Dissidents.

"We are very pleased that ISS is recommending that Shareholders support Management and vote for all of the Company's Nominees," said International Sovereign Energy Corp.'s President and CEO, Lutfur Khan.

In its analysis ISS state that the "Dissident Nominees, in aggregate, hold 119,000 shares, representing 0.86% of the Company's outstanding shares." ISS also state "We are concerned about the lack of specific oil and gas management experience on the Dissident slate." ISS further state "We are not convinced that the Dissident slate is in a better position to create Shareholder value for the Company. Therefore we support Management."

ISS additionally states, "Actions of Management have on balance been reasonable and the Company's performance has been within the range of comparable firms." As per ISS the Company's share price performance is roughly in line with comparable stocks over a 1 year, 3 year and 5 year period. ISS also sates that "We have reviewed the Company's compensation practices compared to its peers and did not find the Company's compensation practices to be excessive." Finally ISS recommended that Shareholders vote against the special resolution to sell a majority of the Company's domestic producing oil and gas properties.

International Sovereign strongly recommends that Shareholders vote for each of the Company's Directors on the White Proxy card. Shareholders are encouraged to vote electronically. Shareholders who have questions or need assistance in voting their White Proxy cards should contact the Laurel Hill Advisory Group, LLC by calling toll free: 1-877-304-0211.

International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Vancouver, British Columbia, Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada and internationally.

Shares Outstanding: 13,928,084

Certain information provided in this press release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

Forward-looking statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of these events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Additional information on the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

Contact Information

  • International Sovereign Energy Corp.
    Omair Choudhry
    Chief Financial Officer
    (604) 684-7372
    (604) 684-2407 (FAX)
    Website: www.isove.com