SOURCE: South Sea Energy Corp.

July 10, 2007 09:05 ET

South Sea Energy Adds to Management Team and Board of Directors -- Provides Clarification of Stock Certificates

HOUSTON, TX--(Marketwire - July 10, 2007) - South Sea Energy Corp. (OTCBB: SSGY) ("South Sea" or the "Company") is pleased to announce that it has added Dr. Harvey Price and Charles Bloomquist to its management team as well as James Charuk as a Director.

Dr. Price has been appointed as Vice-President CBM Operations and a Director of the Company. With over 40 years of experience as a reservoir engineer, Dr. Price has extensive experience in international oil and gas projects including China, Japan, Nicaragua, and Poland. Mr. Charles Bloomquist has been appointed Vice President of Operations and a Director of the Company. Mr. Bloomquist is a Petroleum Engineer with over 30 years of experience in the oil and gas industry. Mr. James Charuk has been appointed as a Director of the Company. Mr. Charuk has a BSc. in Geology and more than 20 years' experience in oil and gas exploration and production business. Mr. Charuk is currently the Executive Vice President of Exploration for Norwood Resources Ltd., a Company focusing on oil and gas exploration in Nicaragua.

Complete details regarding the appointment of management is part of the Company's Form 8-K filing filed with the Securities and Exchange Commission ("SEC") on June 19, 2007.

South Sea expects to sign a definitive agreement this week with CBM Asia Development Corp. to acquire CBM's interest in a coal bed methane project located in East Kalimantan, Indonesia. Additional information relating to the coal bed methane project and the Company can be found on the Company's newly launched website at www.southseaenergy.com. The website includes up-to-date information on the corporate vision, company's projects, and general information pertaining to Indonesia's unconventional gas sector.

In unrelated news, South Sea Energy Corp. (formally known as Henley Ventures, Inc.) (the "Company") is issuing this press release to recall and exchange certain of its stock certificates bearing old CUSIP numbers. The Company's common stock is trading under the symbol "SSGY" on the OTC Bulletin Board with a CUSIP number of 840165104 in the name of South Sea Energy Corp. Stock certificates in the name of Henley Ventures, Inc. (CUSIP number 42550W303) should be returned to Empire Stock Transfer, Inc. and exchanged 1-for-1 for stock certificates bearing South Sea Energy Corp. (CUSIP number 840165104). Stock certificates in the name of Henley Ventures, Inc. (CUSIP number 42550W204) are subject to a 3.6-for-1 stock split as previously announced by the Company on May 3, 2007 and should be returned to Empire Stock Transfer, Inc. and exchanged 3.6-for-1 for stock certificates bearing South Sea Energy Corp. (CUSIP number 840165104). To avoid any confusion, please comply with this request immediately. Any questions should be directed to the Company's investor relations representative firm.

About South Sea Energy Corp. (OTCBB: SSGY)

South Sea Energy Corp. ("South Sea") is an emerging junior energy company specializing in the exploration and development of coal bed methane in Indonesia's vast coal reserves. The Company is led by industry leading coal bed methane experts that have extensive experience in developing junior oil and gas companies and have identified significant opportunities that position the Company as a potential front-runner in the country's burgeoning unconventional gas sector.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which South Sea Energy Corp., Henley Ventures, Inc., or any affiliates, has little or no control.

On Behalf of the Board
South Sea Energy Corp.

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Alan T. Charuk, President

Contact Information

  • Investor Relations Contact:
    Great Northwest Investor Relations, Inc.
    1-888-697-4712