Monarch Energy Limited

Monarch Energy Limited

August 28, 2007 15:09 ET

Monarch Energy Limited: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2007) - Monarch Energy Limited (TSX VENTURE:MNL)(FRANKFURT:EIY) (the "Company") confirms that the Company has no exposure to non bank asset-backed commercial paper.

Most of Monarch's cash and cash equivalents are deposited with a major accredited Canadian chartered bank. The balance is in trust as an advance against participation with the previously announced Ridgewood project located in Block 12/17 in the North Sea. Lundin Petroleum AB is the operator and has contracted the Global SantaFe Galaxy II jack-up rig to drill this project in October 2007.

Monarch is also fully funded for its 20% of the cost of acquiring new 3-D seismic and 13.33% of the cost of drilling a test well to earn a 10% interest in a 422 square kilometer (approximately 104,000 acre) block located in Quad 30 in the UK North Sea. Lundin Petroleum AB is also the operator of this project.

Furthermore, current negotiations are ongoing with a major international oil company which Monarch is fully funded to participate in as part of its continuous active exploration program in the North Sea.


Kaare G. Foy, Executive Chairman & CFO

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

Contact Information