SKANA Capital Corp.

SKANA Capital Corp.

September 08, 2009 15:35 ET

SKANA Capital Corp.: Raven Wing Resources Terminates Deal With Impact Petroleum

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces that its wholly owned subsidiary Raven Wing Resources Inc. ("Raven Wing") has terminated the agreement (the "Agreement") entered into with Impact Petroleum (US) Corp. ("Impact") dated February 19, 2009. The Agreement provided for Impact to acquire certain assets and rights over other assets of Raven Wing by making certain cash payments and raising a drilling fund of not less than US$2 million to be earmarked exclusively for drilling on the subject properties. The Agreement called for these funds to be in place by a "Funding Deadline" of 31 July, 2009. Impact was not successful in meeting this deadline, nor in doing so within 30 days following written notice of default duly given by Raven Wing. Termination of the Agreement is fully in accordance with the terms specified therein.

The Agreement was the final one of a series of agreements between Raven Wing and Impact, the first of which was announced on April 18, 2008. Raven Wing and its portfolio of Rocky Mountain oil and gas prospects was acquired by SKANA in 2006 as announced in a press release of January 3, 2007. Further to the terms of the Agreement, and those preceding it, all funds advanced by Impact under the original agreement and various extensions culminating in the Agreement are non-refundable.

SKANA is listed on the TSX Venture Exchange (the "Exchange") as an Investment Issuer and is carrying on business as a merchant bank. Its portfolio of investments includes oil and gas as well as mineral interests. Further to an expansion of its investment policy to diversify into the industrial and technology sectors, SKANA has recently announced entering into a definitive agreement with Bus and Coach International, a private Nevada company, to acquire all of its outstanding common shares (press release of 4 September 2009). This transaction remains subject to Exchange approval.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman and Chief Executive Officer
    (604) 669 4899
    (604) 685 2345 (FAX)