SOURCE: Lotta Coal Inc.

March 20, 2007 09:30 ET

Lotta Coal Announces New Board to Execute Oil and Gas Development Strategy

CALGARY, AB -- (MARKET WIRE) -- March 20, 2007 --Lotta Coal Inc. (PINKSHEETS: LCOL) today announced that a new Board of Directors and management team has been appointed and charged with the responsibility of overseeing the exploration and development of its oil and gas properties totaling in excess of 105,000 acres in Northern Alberta, Canada.

The new Board and management appointees include:

Nicolas Matossian, Ph.D., Director and Chairman of the Board

Nicolas Matossian holds an M.B.A. from Harvard University (1967) and a Ph.D. from McGill University (1980). Dr. Matossian was a Professor of Economics in the Faculty of Management of McGill University and Managing Partner of ERA Consulting Economics Inc., an economic and business consultant to the Canadian Federal Government, major corporations and financial institutions. Subsequently, Dr. Matossian was senior consultant and later Chief Operating Officer of the Cedar Group Inc., a publicly-listed U.S. holding company and the owner of several businesses, including Dominion Bridge Inc. Dr. Matossian is currently the President of 935063 Alberta Ltd. and Great West Oil and Gas Co. Ltd., a Director of Huntington Capital, Chairman of Dairy Fresh Technologies Ltd., Nutri One Ltd. and Midland Baring Financial Group.

John Parry, Independent Director

John Parry is a Petroleum Landman with 29 years of experience in all aspects of Petroleum land and exploration management in Canada and the United States. He is currently employed by Canadian Natural Resources Limited as a Senior Mineral Negotiator. Previously Mr. Parry has consulted to oil and gas companies and was the President and Director of Torino Oil & Gas Limited, a publicly traded exploration and production company active in Canada and the United States. Mr. Parry has a Bachelor of Arts Degree from the University of Calgary in Political Science and Economics; he is also a member of the Canadian Association of Petroleum Landmen and the American Association of Petroleum Landmen.

Allen Soltis, Director and COO

Mr. Soltis is the business team leader and key architect of the Company's relationships with First Nations, and has extensive experience in negotiations and consulting to enterprises in start-up and restructuring situations, primarily in resource industries. He brings over 25 years of business experience, primarily in the area of negotiations with First Nations groups in British Columbia, Alberta and Saskatchewan, including the drafting of co-management agreements, and negotiations involving resource development and treaty issues. Mr. Soltis has worked on a large number projects involving different resources in the past, and was part of a team that explored and drilled natural gas wells in the Cummings and Viking Zones in the Grand Prairie area. He has been the team leader for consultants to oil companies in negotiations for land rights and acquisition, and has successfully acquired for such companies over 300,000 ha of land for exploration.

Ron Evans, C.A., Director and CFO

Ron Evans is a chartered accountant and partner in a Vancouver-based insolvency and restructuring practice. Mr. Evans has more than 25 years professional and business experience in Canada and New Zealand, including receiverships, viability assessments, business restructuring and workouts, forensic accounting and due diligence. Mr. Evans has advised and/or been actively involved as a principal in numerous business startups and in restructuring activities over the last ten years, and in his professional capacity consults to institutions and shareholder groups both on formal appointments as Receiver (either by Court or Client appointment) and on viability and turnaround strategies for businesses in financial distress or with shareholder or other disputes that threaten the financial stability of the business.

David C. Hayes, Ph. D., Director

After earning his Ph.D. in Accounting at Ohio State University, David Hayes worked as a tenured professor in the Faculty of Commerce at The University of British Columbia for almost ten years. Subsequently, he has been primarily involved in the financial services industry in a number of executive positions in both the brokerage and portfolio management sides of the business. Additionally, he has served as both a senior executive and director of a number of public companies listed in Canada and the USA, and has acted as CFO for several of them over the last five years.

About Lotta Coal

Lotta Coal Inc. is a unique oil and gas company with three separate wholly owned operating subsidiaries, each with rights to explore and develop oil and gas resources in partnership with different First Nations commercial entities in Northern Alberta, Canada. The Company is publicly traded on the over-the-counter market under the Ticker symbol: LCOL.

The Company has been able to assemble over 105,000 acres (165 square miles) of land, all with a 100% interest. It has successfully drilled seven wells and re-entered a further well in the Boyer field, and is preparing engineering for tie-in to infrastructure. Over $3,400,000 has been invested since September 2007 on drilling and acquisition activities.

Important Information About Forward-Looking Statements

Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.

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