Qeva Group Inc.

Qeva Group Inc.

October 18, 2005 17:41 ET

Qeva Announces Sale of Units and Appointment of Chief Financial Officer

CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2005) - Qeva Group Inc. ("Qeva") announces that it has closed a private placement financing of $1,497,300. Pursuant to the financing, Qeva has issued 9,981,992 units of Qeva (the "Units"), at a price of $0.15 per Unit. Each Unit consists of one common share (the "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.20 per share until April 15, 2006. Unless permitted under securities legislation, the Common Shares and Warrants cannot be traded until February 15, 2006. Qeva intends to use the funds to close the purchase of a domestic producing oil and gas property and to support its existing activities in the North Sea.

Qeva also announces the appointment of J. Arthur Bray as Chief Financial Officer. Mr. Bray has over 30 years of financial experience in the oil and gas industry and has worked in various international operations including Russia, Kazakhstan, Cypress, Peru, Columbia, and Argentina.

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