SKANA Capital Corp.

SKANA Capital Corp.

November 17, 2008 17:23 ET

SKANA Capital Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2008) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces that due to current market conditions, SKANA and Raven Wing Resources Inc. ("Raven Wing") have agreed to provide Impact Petroleum (US) Corp. ("Impact") with a further 90 day extension (over and above the last extension to November 13, 2008) to complete the payment of the purchase price to acquire 5 United States oil and gas exploration properties from Raven Wing under the letter agreement between the companies dated for reference April 17, 2008 and described in SKANA's press release of April 18, 2008. The extension is for an additional 90 days from November 13, 2008 to February 14, 2009. Consideration for the extension is a non-refundable payment to SKANA of a further Cdn. $200,000 payable on or before the close of business on November 21, 2008. The additional payment of $200,000 will be applied against the purchase price if the transaction is completed.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes will offer excellent returns through its financial involvement and management expertise.

This news release contains certain statements that may be deemed "forward-looking statements". All statements, other than statements of historical fact, that address events or developments that SKANA expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although SKANA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include exploration and production successes or failures, availability of capital and financing, results of due diligence investigation and fund raising by Impact, inability to obtain required shareholder or regulatory approvals, and general economic market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of SKANA's management on the date the statements are made.

The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman of the Board
    (604) 669-4899