Detector Exploration Ltd.
TSX VENTURE : DEX

May 24, 2005 12:04 ET

Principal Shareholders of Detector Acquire Additional Shares Upon Exercise of Options

CALGARY, ALBERTA--(CCNMatthews - May 24, 2005) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") announces that Ronald E. Alexander (who is a Director, President and C.E.O. of Detector) and Edward A. James (who is a Director and CFO of Detector) have exercised 50,000 options each on April 25, 2005. The options were issued in2000 and were due to expire in May 2005. The option exercise price was $0.25 per share.

After giving effect to this transaction, Ronald E. Alexander ("Alexander") (of #650, 520 - 5thAvenue S.W., Calgary, Alberta, T2P 3R7) owns 928,438 Common Shares, Alexander's holding corporation, 422331 Alberta Inc., holds 1,000,895 Common Shares, Alexander's holding corporation, Sawn Lake Resources Ltd., holds 700,000 Common Shares, and Rita Alexander holds 125,000 Common Shares for a total of 2,754,423 Common Shares (29.3%). Alexander also holds options to acquire 400,000 additional Common Shares under Detector's stock option plan. On a fully diluted basis (i.e. assuming full exercise of all stock options and conversion of all convertible debentures which would result in a total of 9,868,701 Common Shares outstanding) the holdings of Alexander (including 422331, Sawn Lake and Rita Alexander) would include 3,154,423 Common Shares (or 32.0%). There are no other persons acting jointly or in concert with Alexander. At present, Alexander has no intention to increase his holdings of securities of Detector.

After giving effect to this transaction, Edward A. James ("James") (of #650, 520 - 5th Avenue S.W., Calgary, Alberta, T2P 3R7) owns 1,547,110 Common Shares, James' holding corporation, E.A. James Gas & Oil Ltd., holds 412,750 Common Shares and June James holders 17,750 Common Shares for a total of 1,977,610 Common Shares (21.1%). On a fully diluted basis (i.e. assuming full exercise of all stock options and conversion of all convertible debentures which would result in a total of 9,868,701 Common Shares outstanding) the holdings of James (including June James and EAJGOL) would include 1,977,610 Common Shares (or 20.0%). There are no other persons acting jointly or in concert with James. At present, James has no intention to increase his holdings of securities of Detector.

Detector is an oil and gas corporation whose shares are listed for trading on TSX Venture Exchange Inc. under the symbol DEX.

As of May 24, 2005 Detector has outstanding 9,418,701 Common Shares and 450,000 options to acquire Common Shares. Additionally, Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 4,406,668 based on information provided to Detector by its insiders.

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

Contact Information

  • Detector Exploration Ltd.
    Ronald E. Alexander
    President
    (403) 264-1880
    (403) 265-9105 (FAX)
    or
    Detector Exploration Ltd.
    Suite #650, 520 - 5th Avenue S.W.
    Calgary, Alberta, T2P 3R7
    Email: detectorex@shaw.ca