Rival Energy Ltd.
TSX VENTURE : RGY

Rival Energy Ltd.

October 17, 2005 09:26 ET

Rival Energy Ltd.: Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2005) - Rival Energy Ltd. (TSX VENTURE:RGY) ("Rival") is pleased to announce the commencement of drilling activities, the addition of another geologist to its exploration team and the closing of its previously announced private placement of common shares.

Rival is pleased to announce that Mr. Joe Pozzobon has joined the Company as a Senior Geologist. Mr. Pozzobon, who graduated from the University of Windsor with an honors BSc. in Geology and completed his Masters in Geology at McMaster University, adds considerable depth and experience to the Rival exploration team. Mr. Pozzobon was most recently a senior geologist with EnCana Corp. where he spent the past six years. Mr.Pozzobon adds significant strength to Rival's technical team, where he will be developing plays and prospects in the new core areas Rival has identified for its future growth.

Rival has continued its successful activities in the Bellshill and Killam areas of Alberta and the Robsart area of southwestern Saskatchewan. At Bellshill, recent operations have extended the limits of Glauconitic production on Rival-operated lands. Production from the latest well completion will be on-stream within the next seven days, with additional drilling planned within the next month. Development drilling continues on Rival's Killam property where a recently drilled well is undergoing completion operations and another is licensed for drilling. This additional well is expected to spud within the next 30 days. Drilling activity is also planned for Robsart prior to year-end and is subject to drilling rig availability and surface access.

The Company further advises that on October 14, 2005, it completed the previously announced private placement to certain employees, officers and directors of the Company. In taking an ownership position with Rival, these individuals subscribed for an aggregate of 687,500 common shares at a price of $1.20 per share, for total gross proceeds to Rival of $825,000. These common shares are subject to a hold period and may not be resold until February 15, 2006. The private placement remains subject to final approval of the TSX Venture Exchange.

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

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