SignalEnergy Inc.
TSX : SGI

August 02, 2005 23:59 ET

SignalEnergy Inc. Announces Record Date for Distribution

CALGARY--(CCNMatthews - Aug. 2) - SignalEnergy Inc. ("Signal") announced today that, subject to final regulatory approval, a record date of August 8, 2005 has been set for the distribution of shares of G2 Resources Inc. ("G2") to Signal shareholders contemplated in connection with the arrangement agreement dated May 13, 2005 among Goose River Resources Ltd. ("Goose River"), Signal and G2, as amended (the "Arrangement Agreement").

Pursuant to the terms of the Arrangement Agreement, certain producing assets and undeveloped lands and opportunities in Alberta and Saskatchewan from each of Goose River and Signal will be transferred to G2. As a result, upon the Plan of Arrangement becoming effective, each former shareholder of Goose River will receive 0.05 of a share of G2 for each share of Goose River held and each shareholder of Signal as of the record date will be entitled to receive approximately 0.037537 of a G2 share for each share of Signal held. It is expected that G2 will be listed and posted for trading on the TSX Venture Exchange shortly after the Plan of Arrangement becomes effective. For further details regarding G2, please see the joint press release of Signal and Goose River dated July 7, 2005.

Additional details with respect to the plan of arrangement may be found in the information circular mailed to Goose River's shareholders in connection with the special meeting held July 28, 2005. The information circular is available on SEDAR at www.sedar.com, under Goose River's company profile.

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