Qeva Group Inc.

Qeva Group Inc.

April 06, 2006 16:59 ET

Qeva Group Inc. Announces CNQ Listing and Commencement of Trading

CALGARY, ALBERTA--(CCNMatthews - April 6, 2006) - QEVA Group Inc. ("QEVA" or the "Company"), is pleased to announce that the CNQ (Canada's New Stock Exchange) has accepted Qeva's Common Shares for listing on the CNQ exchange. The Stock will trade under the symbol "QEVA" and the first day of trading will be April 11, 2006. For further information on the CNQ exchange please contact your broker or go to: www.cnq.ca. (Please see CNQ information below).

About Qeva Group Inc.:

QEVA is an independent oil and gas production company with producing assets in Alberta and a farm-in agreement on Block 9/3b in the North Sea. The strategy of the company is to build a portfolio of assets in the North Sea (UKCS) through the acquisition of production, development and exploration assets through bidding rounds with the DTI (Department of Trade and Industry); joint ventures with existing companies and farm-in opportunities with current license holders.

UKCS Xcite 9/3b block:

- On October 27, 2005 Qeva signed a Farm In Agreement with Xcite Energy Resources Ltd.

- Qeva will pay 100% of the first test well to earn an 87 1/2% interest in the entire 9/3b block

- A heavy grade oil accumulation is known to occur under Qeva's block 9/3b.

- The 9/3b structure has been defined seismically and 2 existing wells on the block encountered 80 - 90 feet of net oil pay in the Paleocene age Dornoch formation.

- 9/3b is in close proximity to the following known heavy oil accumulations:

-- Bressay field (700 mmbbls) operated by Chevron is located 5 miles away

-- Mariner field (800 mmbbls) operated by Chevron is located 25 miles away

-- 9/2-1 field (350 mmbbls) operated by Nautical is located 10 miles away

- The information on Block 9/3b is based on public information available. Qeva management is in the process of finalizing a NI-51-101 report. This report will be made public once it is finalized.

- Upon completion of drilling the test well, Qeva will at that time earn their working interest in 9/3b and proceed to enter into a Joint Operating Agreement with Xcite Energy Resources Ltd.

Qeva Canadian Asset:

- Qeva owns a 26.66% interest in a gas well in Central Alberta

- This gas well nets Qeva approximately $20,000/mth

QEVA MANAGEMENT AND DIRECTORS:

Gerry Roe, P.Eng, Chairman of the Board

- Vice President of North Sea Operations for Oilexco, a TSE company focused on the North Sea.

- Over 36 years in the oil industry. President of Hudson's Bay Oil and Gas, Sundance Oil and Gas, Trilogy Resources - all publicly-traded companies

- Grew Sundance into a company with over $600 million in assets

Cliff Jeffrey, P. Geol; President and Director

- Founder and VP of KVR Resources Ltd.

- Founder and VP, Exploration and Director of Nycan Energy Corp

- Founder and Director of Espirit Resources Ltd. and Sagebrush Resources Ltd.; VP of Exploration for Trilogy Resources

- Senior Geologist Sundance Oil & Gas

- Geologist with Texaco Canada Ltd.

Shiraz Dhanani, Director (Consultant)

- Exploration positions with BP in the North Sea, Canada, Libya, and South America.

- Senior management and technical positions with BP and Exxon Mobil

- Field development assignments in the North Sea, South America and the Middle East

- Wide ranging geophysical and project management skills acquired over 25 years working for major oil and gas companies in five continents

J. Arthur Bray, Chief Financial Officer

- Senior finance positions with Encana and Petro Canada involving debt, equity, securitization and project financings in the public markets.

- Former Chairman and CEO of Mercantile International Petroleum Inc., an independent producer with operations in Peru, Colombia and Myanmar.

- Former CFO for Beta Well Service Ltd. a major service company with operations in Western Canada, Russia, Kazakhstan, Indonesia and Cyprus.

Donald B. Copeland, Director (Consultant)

- Former Chairman of the Board of Oilexco, a TSE company focused in the North Sea

- Land man in the petroleum industry for 35 years, including Texaco and Dome Petroleum.

- From 1977, senior positions as a director and executive officer in resource management companies

- Vice President of Trilogy Resource Corporation as a director and senior

- Trilogy grew to become a $200 million company. Directorships in Orca Petroleum, Vision 2000 Exploration

Robert L. Pek, Manager Corporate Development

- over 15 years of executive management experience, in both domestic and international arenas

- Founder of Qeva Group Inc, in 1999 and with primary responsibilities in product development, marketing, and finance

Qeva Corporate

Qeva has 36,236,785 shares outstanding and recently completed a brokered private placement of shares at $0.35 per share raising $3.5 million for the Company. Research Capital Corp led this financing. Qeva currently has over $4.0 million in working capital.

Qeva is also pleased to announce that the Company has extended the date for the exercise of Warrants attached to the Units sold under the first private placement. The Units sold for $0.15 per Unit and included one Common Share plus one-half a 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. The expiration date for the exercise Warrants has been extended from April 15, 2006 to August 15, 2006.

CNQ Canada's New Stock Exchange

CNQ is an innovative new stock exchange whose model matches enhanced disclosure and streamlined issuer regulation with comprehensive regulatory oversight to meet the unique needs of junior public companies and their investors. The founders and management of CNQ are comprised of former senior TSX employees and regulators from Market Regulation Services. As such, Qeva is confident that their regulatory standards for issuers and trading rules for participants are stringent, sensible and will be applied consistently, offering a lower cost of capital to junior issuers.

Benefits to Qeva and its shareholders include:

Enhanced Corporate Disclosure - CNQ specific disclosures such as the Monthly Progress Report and Quarterly Listing Statement in addition to regulatory filings required by public offer a more complete record and as a result, better informed investors.

Governance Efficiency - CNQ does not review proposed transactions but demands complete and timely disclosure to shareholders and the public allowing company management to be nimble in implementing strategic decisions without undue delay and cost.

Trading Efficiency - A transparent, competitive market making system better serves small companies and small investors by focusing liquidity and helping to create more orderly markets.

Cost Efficiency - Substantial savings in getting listed and maintaining the listing in terms of both exchange related and ancillary fees.

Price information

CNQ closing price quotations can be found in: National Post, Northern Miner. Delayed quotes can be found on: www.cnq.ca (with 15 minute delayed market depth), www.stockwatch.com, www.stockhouse.com, www.investcom.com, www.canstock.com. Real-time quotes or order entry is available for a nominal fee on: Reuters, KTG, Starquote, Bloomberg, Telerate, Stockwatch.

Trading Qeva on the CNQ

Individual investors can simply call their broker as you would with any order. Most of the bank owned and independent brokerage firms are registered CNQ dealers; however, any dealer can handle orders for CNQ listed companies. Orders are entered by participating dealers or market makers. Non-participating dealers simply route orders through participating dealers. Settlement is done by CDS.

For more information on CNQ please contact Mark Faulkner, Director, Listings and Regulation or Rob Theriault at 416-572-2000.

Contact Information

  • Qeva Group Inc.
    Art Bray
    Chief Financial Officer
    (403) 233-8787 ext 115
    Email: artbray@qevagroup.com
    or
    Qeva Group Inc.
    #420, 703 6th Ave SW
    Calgary, Alberta, Canada T2P 0T9