Peerless Energy Inc.
TSX VENTURE : PRY.A
TSX VENTURE : PRY.B

Peerless Energy Inc.

August 24, 2006 16:27 ET

Peerless Energy Inc. Announces Promotion

CALGARY, ALBERTA--(CCNMatthews - Aug. 24, 2006) - Peerless (TSX VENTURE:PRY.A) (TSX VENTURE:PRY.B) is pleased to announce that Mr. Andrew Magee has been promoted to the position of Vice President Exploration of the Corporation. Mr. Magee possesses a BSc. Degree in Geological Engineering from the University of British Columbia and has over 20 years of exploration and development experience in Western Canada that has included Husky Energy Ltd., Startech Energy Inc. and Mustang Resources Inc.

Peerless Energy Inc. is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and light oil reserves primarily in the provinces of Alberta, Saskatchewan, and British Columbia.

Peerless' Class A and Class B shares trade on The TSX Venture Exchange under the symbols, PRY.A and PRY.B respectively.

ADVISORY

This press release may contain forward-looking statements including management's assessment of future plans and operations, expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), acquisitions, commodity price and exchange rate fluctuation and uncertainties resulting from competition from other producers and ability to access sufficient capital from internal and external sources. Additional information on these and other factors that could affect Peerless' operations and/or financial results are included in Peerless' reports on file with Canadian securities regulatory authorities.

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

Contact Information

  • Peerless Energy Inc.
    Wade Becker
    President and Chief Executive Officer
    (403) 263-1590
    (403) 263-1591 (FAX)
    or
    Peerless Energy Inc.
    Dan Toews
    Vice President, Finance and Chief Financial Officer
    (403) 263-1590
    (403) 263-1591 (FAX)
    Website: www.peerlessenergyinc.com