Sahara Energy Ltd.
TSX VENTURE : SAH
PINK SHEETS : SAHRF

Sahara Energy Ltd.

October 15, 2007 15:45 ET

Sahara Energy Announces Application to the TSX Venture Exchange for Re-Pricing of Options

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) ("Sahara" or the "Company") is pleased to announce that it has made an application to the TSX Venture Exchange (the "TSXV") for approval to re-price 2,240,000 stock options held by directors, officers and employees of the Company to an exercise price of $0.20 per common share, the closing price of the common shares of the Company on the TSXV on Friday, October 12, 2007.

Approval of the re-pricing by the TSXV will be subject to receipt by the Company of disinterested shareholder approval at the next meeting of shareholders of the Company. No stock options subject to re-pricing may be exercised until disinterested shareholder approval has been obtained.

Sahara is a junior oil and gas company focused on the acquisition, exploration and development of oil and natural gas in western Canada.

READER ADVISORY

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. 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 underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

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

Contact Information

  • Sahara Energy Ltd.
    Peter Boswell
    President and Chief Executive Officer
    (403) 232-1359
    Email: pete@saharaenergy.ca
    or
    Sahara Energy Ltd.
    Quentin C. Enns
    Vice-President, Exploration
    (403) 232-1359
    Email: quentin@saharaenergy.ca
    or
    Sahara Energy Ltd.
    800 - 510 5th Street SW
    Calgary, Alberta T2P 3S2
    (403) 232-1307 (FAX)