Longford Corporation

March 10, 2005 16:05 ET

Longford Corporation Completes Qualifying Transaction


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LONGFORD CORPORATION

TSX VENTURE SYMBOL: LFD.P

MARCH 10, 2005 - 16:05 ET

Longford Corporation Completes Qualifying Transaction

TORONTO, ONTARIO--(CCNMatthews - March 10, 2005) -

Stock to trade under the symbol "LFD"

Longford Corporation (TSX VENTURE:LFD.P) has completed its previously
announced qualifying transaction (see Press Releases dated December 6,
2004 and February 25, 2005). Pursuant to an agreement with Canyon Creek
Resources Ltd., the Company acquired from Canyon Creek its 100% interest
in the land, wells, facilities and petroleum and natural gas rights
associated with the Alder Flats Property in Alberta, approximately 100
kilometers southwest of Edmonton. To acquire the Alder Flats Property,
Longford has made a cash payment of $400,000 and issued 218,750 common
shares at a price of $0.20 per share to Canyon Creek and will issue
$175,000 worth of common shares of Longford on November 1, 2005 (with
875,000 common shares being the maximum number of shares to be issued on
that date). The number of Longford shares to be issued to Canyon Creek
on November 1, 2005 will be based on the average closing price of the
Longford shares on the Exchange during the month of October 2005,
subject to a minimum average price of $0.20.

The Alder Flats property consists of one Viking and three Cardium
oilwells. Solution gas is conserved and sold into the Alberta spot
market. Current production totals 21.5 bbl/d of oil and 52.5 mcf/d of
sales gas. Ralph Sanford and Stephen Trimble, both "qualified reserves
evaluators" as such term as defined under National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities, of Trimble
Engineering Associates Ltd. have assigned 102 mstb and 290 mmcf of
remaining proved plus probable reserves as of October 31, 2004,
according to NI 51-101.

The reserve and present worth appraisal prepared by Trimble Engineering
Associates Ltd., and a copy of the Filing Statement is available on
SEDAR (www.sedar.com).

Pursuant to the closing of the qualifying transaction, Longford now has
10,218,750 issued and outstanding common shares, of which 5,075,000
common shares are subject to escrow. Ten percent of the escrowed shares
will be released to the holders upon issuance of the TSX Venture
Exchange's final bulletin in respect of the qualifying transaction.

Longford Corporation will start trading under the symbol "LFD" on the
TSX Venture Exchange, effective March 11, 2005. Longford Corporation is
an oil and gas company with properties in Alberta.

Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned that any
such statements are not guarantees of future performance and that actual
developments or results may vary materially from those in these
"forward-looking statements".

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Longford Corporation
    Donald Parker
    President & C.E.O.
    (403) 519-0522
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.