Flair Petroleum Corporation

Flair Petroleum Corporation

August 17, 2007 13:42 ET

Shareholders of Flair Petroleum Corporation Vote to Replace Majority of Board of Directors

CALGARY, ALBERTA--(Marketwire - Aug. 17, 2007) - Flair Petroleum Corporation (PINK SHEETS:FPMC) reports that by a majority vote of the shareholders David Robinson, Henk Jelsma and Ernie Pratt, have been replaced as members of the board of directors.

Subsequently, the Board has been reconstituted to include:

Merle Spence, P. Eng, Chairman, COO: With over 25 years of professional engineering experience, Merle has both extensive and multifaceted experience in the oil and gas industry including acquisitions and divestments, operations, energy marketing and mid-stream processing. A skilled communicator, he effectively leads and enhances the business opportunities and operational demands he is challenged with. Although Merle has worked internationally, his primary expertise is in the Western Canadian Sedimentary Basin. Merle has functioned as a consultant in the industry since 1995 and has developed an extensive network of contacts. The diversity and breadth of his acumen adds an important dimension to the company's management team. Merle's primary responsibilities in his capacity as Chairman/COO include managing the acquisition process (from evaluations through negotiations), defining the company's business plans and goals, and overseeing the day-to-day management of the company's affairs.

Roland C. Khalife, President, CEO: Senior economist with a 17-year managerial track record in leading international companies operating in the fields of telecommunications and energy. He is a former Executive Vice President with Oil Capital Ltd. and Board Member, Executive Vice-President for Business Development with Aurado Energy Inc. He has extensive work experience in Europe, Africa, the Middle East, and Central Asia. Roland has developed important contacts and business relations with major institutions in the energy and financial sectors throughout his career. Roland will be primarily responsible for identifying and sourcing corporate opportunities, raising funds for the company's projects and acquisitions, and execution - concluding business.

Steve Trotter, Director, Corporate Secretary: Steve recently left publicly traded Cons Envirowaste Industries ("CEI") after 18 years to join Flair Petroleum. During his tenure with CEI he was most recently responsible for Corporate Communications, having previously served as head of investor relations, and sales and marketing manager for Western Canada. An effective communicator, and committed to the principles of corporate transparency, Steve will manage all corporate communications including both investor and public relations.

These actions are not more than the first steps in the Company's restructuring exercise, which should be completed within the coming weeks. The readily apparent benefits of this exercise shall include the finalization of the company's audited accounts, engagement of key personnel and the completion of important acquisitions to be included in Flair's portfolio.

This news release includes forward-looking statements that reflect Flair Petroleum Corporation's current expectations about its future results, performance, prospects and opportunities. Flair Petroleum Corporation has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Flair Petroleum Corporation and are subject to a number of risks, uncertainties and other factors that could cause the corporation's actual results, performance, prospects of opportunities in the remainder of 2007 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

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