SKANA Capital Corp.

SKANA Capital Corp.

June 11, 2007 09:25 ET

SKANA Capital Corp.: Development of Oil & Gas Interests in the Rocky Mountains

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2007) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") is pleased to announce that its wholly owned subsidiary, Raven Wing Resources Inc., has now accumulated approximately 33,000 net acres in the US Rocky Mountain region in connection with four of its oil and gas projects. Of the four, one project ("W1") has the greatest potential and also constitutes the largest amount of acquired acreage by a significant margin. Based on its land position and excellent reserve potential, SKANA expects W1 to be the first prospect it evaluates through an exploratory drilling program. It has recently approved a budget of approximately $4,000,000 so the process may be initiated. Upon completing the necessary work and based on the information gathered, SKANA expects to prepare a report on W1 in accordance with NI 51-101.

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 superior 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 market prices, exploration and production successes or failures, continued availability of capital and financing, 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.
    Neil Halldorson
    President and CEO
    (604) 669-4899