Marauder Resources East Coast Inc.

Marauder Resources East Coast Inc.

October 03, 2005 17:32 ET

Marauder Resources East Coast Inc.: Press Release

CALGARY, ALBERTA--(CCNMatthews - Oct. 3, 2005) - Marauder Resources East Coast Inc. (TSX VENTURE:MES) (the "Company") advised today that certain shareholders, including management, have reorganized their shareholdings in the Company effective September 30, 2005.

Prior to September 30, 2005, Marauder Resources Corp., a private company, held 19,211,510 common shares of the Company (approximately 41.5%). On September 30, 2005, in connection with a complex corporate reorganization, the Company acquired Marauder Resources Corp. by issuing shares to the holders of Marauder Resources Corp. and immediately cancelled the 19,211,510 common shares held by Marauder Resources Corp. These transactions did not result in any increase in the number of issued and outstanding shares of the Company which is currently approximately 46,273,745. All of the former shareholders of Marauder Resources Corp. including Robert V. Shields, President and a Director, and John Milford, Vice-President, now hold their interests in Marauder Resources East Coast Inc. directly. Due to the involvement of these related parties, the transaction was approved by the independent directors of the Company.

The Company recently announced that the Rowan Gorilla VI has been contracted for the purpose of drilling the Dominion J-14 exploration well on Exploration License No. 2357 (Grand Pre Block) located offshore Nova Scotia. Marauder will earn a 20% working interest in Exploration License No. 2357 after the drilling of the well has been completed. Encana Corporation is the operator of the well which is expected to spud mid-November 2005.

This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

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

Contact Information

  • Marauder Resources East Coast Inc.
    Robert V. Shields
    (403) 262-3907
    Marauder Resources East Coast Inc.
    720, 440 - 2nd Avenue S.W.
    Calgary, Alberta T2P 5E9