Nations Energy Company Ltd.

Tartan Energy Inc.

Tartan Energy Inc.

January 30, 2006 17:46 ET

Nations Energy and its Subsidiary Transfer Tartan Shares

CALGARY, ALBERTA--(CCNMatthews - Jan. 30, 2006) - Nations Energy Company Ltd. ("Nations") announces that Nations has transferred 20,046,166 common shares (the "Tartan Shares") of Tartan Energy Inc. (TSX VENTURE:TEW) ("Tartan") to its wholly-owned subsidiary, 1153298 Alberta Ltd. ("1153298"), and 1153298 subsequently transferred all of its Tartan Shares to 1202140 Alberta Ltd. ("1202140"), a wholly-owned subsidiary of 1153298. As a result, 1202140 owns 98,635,524 Tartan Shares and Nations owns one Tartan Share, representing, in the aggregate, approximately 80.2% of the outstanding Tartan Shares. The transfer of these Tartan Shares to 1202140 has been completed in contemplation of the proposed amalgamation of 1202140 and Tartan, as the transaction is more fully described in Tartan's information circular dated December 28, 2005.

Nations is a privately owned Alberta oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves internationally. Nations' oil production exceeds 45,000 barrels per day.

Contact Information

  • Nations Energy Company Ltd.
    Executive Vice President
    President of 1153298 Alberta Ltd. and 1202140 Alberta Ltd.
    (403) 206-1420
    Nations Energy Company Ltd.
    Suite 750, 255 - 5th Avenue S.W.
    Calgary, Alberta T2P 3G6
    (403) 206-1520 (FAX)