Palliser Oil & Gas Corporation

Palliser Oil & Gas Corporation

May 12, 2008 18:28 ET

Palliser Oil & Gas Corporation Wishes to Announce Two New Board Members an Expanded Management and Major Financing Plans

CALGARY, ALBERTA--(Marketwire - May 12, 2008) -

Mr. Ken Crowther, P.Eng, and Mr. Kevin J. Gibson, P.Geol, have joined the Board of Directors of the Corporation. Ken Crowther was formerly President of Sproule Associates Limited, a prominent Calgary consulting firm. Kevin J. Gibson was formerly the President of Innova Exploration Ltd., a publically listed TSX company. The Board of Directors of Palliser is presently comprised of Daryl S. Fridhandler, as Chairman, Kevin J. Gibson, Wayne R. Toole, Allan Carswell, J. Victor Taboika and Ken Crowther.

Kevin J. Gibson, P.Geol, has also joined our senior management team as President and CEO, and Ms. Carrie McLauchlin, C.A., has joined as VP Finance and CFO (formerly CFO of Luke Energy Ltd.). They join the team of Wayne R. Toole, P.Eng, Executive VP and COO, Allan Carswell, P.Geol, VP Exploration, and Lamont Brooks, VP.

The Corporation has initiated a non-brokered private placement targeted at raising up to $20,000,000 to fund its near term exploration, development and acquisition programs. The financing consists of $17,000,000 of common shares and $3,000,000 of flow-through shares, closing on or about May 31, 2008.

Palliser is a private corporation which commenced operations in late 2005. After several asset acquisitions and successful drilling results, the Corporation exited 2007 with production of approximately 120 boepd (93% natural gas), proved plus probable oil and gas reserves of 735,000 boe, and a net asset value in excess of $15 million. Palliser has interests in 36 producing wells (net 6.2 wells) and over 44,000 gross acres of undeveloped land (23,000 net), focused in two core areas, natural gas in Southern Alberta, and heavy oil in west central Saskatchewan.

Contact Information

  • Palliser Oil & Gas Corporation
    Carrie McLauchlin
    VP of Finance and CFO
    (403) 209-5718