Maskal Energy Ltd.
TSX VENTURE : MMK

May 04, 2009 18:59 ET

Maskal Energy- Files NI 51-101 Reports, Corporate Update

CALGARY, ALBERTA--(Marketwire - May 4, 2009) -

NOT INTENDED FOR DISSEMINATION IN THE UNITED STATES

Maskal Energy Ltd. ("Maskal" or the "Corporation") (TSX VENTURE:MMK) announces that it has filed its annual disclosure and reports relating to reserves data and other oil and gas information for the year ended December 31, 2008 as required pursuant to NI 51-101. Copies of these documents may be obtained at www.sedar.com.

Maskal is pleased to confirm that it has closed the previously announced (April 22, 2009) disposition of its Manitoba oil properties for $300,000 cash. Funds will be used to repay existing indebtedness and for general corporate purposes.

Maskal also confirms that it has filed its annual audited financial statements and MD&A for the year ended December 31, 2008. The Manitoba oil properties of the Corporation referred to above were previously offered for sale during 2008, and for accounting purposes have been designated as "assets held for sale and discontinued operations". The comparative amounts for the December 31, 2007 financial statements have been restated to reflect the change and offer better financial disclosure.

Maskal is a Calgary, Alberta based Corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "MMK".

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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