Solara Exploration Ltd.
TSX VENTURE : SAA.A
TSX VENTURE : SAA.B

Solara Exploration Ltd.

December 22, 2010 09:00 ET

Solara Exploration Announces Conversion of Class B Shares to Class A Shares

CALGARY, ALBERTA--(Marketwire - Dec. 22, 2010) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A)(TSX VENTURE:SAA.B) advises that, as permitted under the Articles of the Company, the Company has provided notification to the TSX Venture Exchange of its intention to convert all existing Class B Shares into Class A Shares, effective as of December 31, 2010. On that date, the Class B Shares will be delisted and holders of Class B Shares will receive ten (10) Class A Shares of the Company for each Class B Share held, resulting in an aggregate of 9,867,00 Class A Shares being issued. There will be no fractional shares issued, however, the shares will be rounded up to the next whole number. The Class A Shares are currently trading at $0.74. The Company has notified Olympia Trust Company ("Olympia"), the Company's transfer agent, of the transaction and Olympia shall issue the new Class A Shares on the effective date. Registered holders of Class B Shares are requested to deliver share certificates for Class B Shares to Olympia either by courier, registered mail or direct delivery and Olympia will deliver the new Class A Shares by first class mail. Shareholders registered with a brokerage or investment house, need not take any action as the Class A Shares will be issued automatically through the CDS system.

About Solara Exploration

Solara Exploration is a publicly traded junior oil and gas company focused on the exploration, development and acquisition of oil and natural gas in Western Canada.

READER ADVISORY

This news release contains certain forward-looking statements, which include assumptions with respect to financing plans. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, the ability of the Company to reach settlement with certain of its creditors, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

65,326,944 Class A Shares

986,700 Class B Shares

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

  • Solara Exploration Ltd.
    Donald R. Holding
    President and Chief Executive Officer
    (403) 537-0458
    (403) 537-0462 (FAX)
    don_solaraexploration@shaw.ca
    or
    Solara Exploration Ltd.
    1800, 444 - 5th Avenue S.W.
    Calgary, Alberta, Canada T2P 2T8