Palliser Oil & Gas Corporation

Palliser Oil & Gas Corporation

November 20, 2006 14:48 ET

Palliser Oil & Gas Corporation: Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 20, 2006) - Palliser Oil & Gas Corporation, a private Alberta based oil and gas exploration and production company set up in late 2005, has successfully closed two acquisitions in southwest Alberta with natural gas production of 170 mcf/d. The acquisitions give Palliser a small working interest in a large shallow gas operation, ownership of a strategic gas gathering and compression facility and ownership in over 40,000 gross acres of land. The acquisitions have provided positive cash flow for Palliser and an ongoing investment window into many shallow gas opportunities.

Palliser management team includes Wayne Toole, P.Eng as President, Allan Carswell, P.Geol as VP Exploration, and Lamont Brooks as VP & Chief Geophysicist. Mr. Toole has 30 years industry experience, most recently as President and CEO of Zorin Exploration Ltd., a public oil and gas company, and previously with Pembina Resources Ltd, Hudson Bay Oil and Gas, and Esso Resources Ltd. Mr. Carswell has 13 years experience with NuVista Energy, Bonavista Petroleum Ltd. and CNRL. Mr. Brooks has 24 years of both domestic and international experience at Talisman Energy, Bonavista Petroleum Ltd., and Shell Canada.

Daryl Fridhandler, QC is the Chairman of Palliser's board of directors, which also includes John (Victor) Taboika, Alan Chu, Wayne Toole and Allan Carswell. Mr. Fridhandler has practiced law for 23 years and is a partner at Burnet Duckworth & Palmer LLP, and Chairman and a founder of Innova Exploration Ltd. Mr. Taboika has been involved in raising venture capital in Calgary for 27 years, and is Executive VP and Past Chairman of Leede Financial Markets Inc. Mr. Chu is a Calgary Businessman, active in the hospitality and real estate industries for over 30 years.

Palliser's exploration focus is currently shallow oil and gas in southern Alberta, and conventional heavy oil in Alberta and Saskatchewan. Palliser has so far in 2006 participated in the drilling of two successful gas wells in southern Alberta and operated the drilling of one heavy oil well in Saskatchewan. Two additional gas wells and one heavy oil well are expected to be drilled before year end.

Contact Information

  • Palliser Oil & Gas Corporation
    Wayne R. Toole, P.Eng
    President & CEO
    (403) 209-5710