Maskal Energy Ltd.

April 22, 2009 10:26 ET

Maskal Energy- Property Divesture

CALGARY, ALBERTA--(Marketwire - April 22, 2009) -


Maskal Energy Ltd. (TSX VENTURE:MMK) ("Maskal" or the "Corporation") is pleased to announce that it has entered into an agreement to sell an oil producing property located near Melita, Manitoba to Koors Oil & Gas Ltd for $300,000 cash. Koors is a private oil and gas company based in Red Deer, Alberta. Koors and its directors and officers operate in all respects at arm's length to Maskal. Completion of the transaction remains subject to the receipt of all required regulatory approvals.

Maskal engaged Sayer Energy Advisors to coordinate the divestment of this property, and will be paid a success fee plus expenses and GST on closing. The subject property is currently producing approximately 12 barrels of crude oil per day. Management of Maskal considered the property to be a non-core asset which represents less than one third of the Corporation's daily production and reserve value. The proceeds of the sale will be applied to funding other petroleum projects and general working capital.

Maskal is the subject of Cease Trade Orders (the "CTOs") issued by the Securities Commissions of Alberta and British Columbia for failure to file interim financial statements in a timely manner. Maskal continues to work with its auditors and the Alberta Securities Commission to resolve the outstanding issues and to have the CTOs revoked. Further updates will be provided as information becomes available.

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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