Pasquale DiCapo

April 24, 2009 15:07 ET

Pasquale DiCapo Acquires Common Shares of Quetzal Energy Ltd.

TORONTO, ONTARIO--(Marketwire - April 24, 2009) - Mr. Pasquale DiCapo ("DiCapo"), 130 King Street West, Suite 2500, Toronto, Ontario M5X 1A9 announces that on April 16, 2009, it acquired ownership of 2,724,010 common shares ("Common Shares") of Quetzal Energy Ltd. ("Quetzal") and 2,724,010 common share purchase warrants (the "Warrants") (each Warrant entitling the holder thereof to acquire one additional Common Share at a price of $0.20 until April 21, 2012) which securities were acquired by DiCapo indirectly. These holdings represent approximately 3.2% of the issued and outstanding Common Shares (or approximately 6.22% on a partially diluted basis, assuming exercise of the Warrants only). In addition, as at April 16, 2009, joint actors of DiCapo acquired ownership and control of 2,842,000 broker warrants (including an additional 2,842,000 convertible securities underlying such broker warrants) of Quetzal (collectively, the "Joint Actor Securities"), which (i) represents approximately 6.3% of the issued and outstanding Common Shares on a partially diluted basis, assuming exercise of the Joint Actor Securities only; and (ii) when taken together with the securities of DiCapo, represent approximately 3.2% of the issued and outstanding Common Shares (or approximately 11.9% on a partially diluted basis, assuming exercise of the Warrants and Joint Actor Securities only).

Immediately following the transaction noted above, DiCapo owns: (i) 4,292,510 Common Shares, of which 1,468,500 such Common Shares are owned by DiCapo directly and 2,824,010 such Common Shares are owned by DiCapo indirectly; and (ii) 2,724,010 Warrants which are owned by DiCapo indirectly. Such securities represent approximately 5.1% of the issued and outstanding Common Shares (or approximately 8.0% on a partially diluted basis, assuming exercise of the Warrants only). In addition, as at April 16, 2009, joint actors of DiCapo own 987,411 Common Shares and 2,842,000 broker warrants (including an additional 2,842,000 convertible securities underlying such broker warrants) of Quetzal (collectively, the "Joint Actor Securities"), (i) representing approximately 1.2% of the issued and outstanding Common Shares (or approximately 7.4% on a partially diluted basis, assuming exercise of the broker warrants and the underlying convertible securities only); and (ii) when taken together with the securities owned by Dicapo, represent approximately 6.2% of the issued and outstanding Common Shares (or approximately 14.7% on a partially diluted basis, assuming exercise of the Warrants, broker warrants and underlying convertible securities only).

These transactions were made for investment purposes and DiCapo and his joint actors could increase or decrease their respective investments in Quetzal depending on market conditions or any other relevant factor.

To obtain a copy of the report filed pursuant to applicable securities regulations in connection with the foregoing, please contact:



Shaun Drake
Tel: 416-848-0107
Fax: 416-848-0790
sdrake@mdcorp.ca
50 Richmond Street East, Suite 101
Toronto, ON M5C 1N7

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