Swank Energy Income Advisors L.P.

August 23, 2007 16:45 ET

Swank Energy Income Advisors L.P.: Acquisition of Common Shares of Palladon Ventures Ltd.

DALLAS, TEXAS--(Marketwire - Aug. 23, 2007) - Swank Energy Income Advisors L.P. ("Swank Advisors"), as general partner of The Dalrymple Global Resources Master Fund, LP ("Dalrymple"), announces that Dalrymple acquired 5,271,000 common shares and 2,635,500 share purchase warrants of Palladon Ventures Ltd. ("Palladon").

The acquisition by Dalrymple brings the security holdings of Palladon, over which Swank Advisors has control and direction, to an aggregate of 8,846,272 common shares and 3,664,136 share purchase warrants ("Warrants"). Each Warrant entitles the holder to purchase one common share of Palladon. Assuming the exercise of all the Warrants and assuming no other share purchase warrants of Palladon are exercised, Swank Advisors would have control and direction over 12,510,408 common shares or 16.4% of the outstanding common shares of Palladon, based on 76,417,465 common shares of Palladon being outstanding at the date hereof.

The securities are held as to 8,640,545 common shares and 3,561,272 Warrants by Dalrymple and 205,727 common shares and 102,864 Warrants by Swank Investment Partners, LP ("Swank"), a limited partnership to which Swank Advisors acts as general partner.

The acquisition by Dalrymple of the 5,271,000 common shares and 2,635,500 Warrants of Palladon referenced above was made pursuant to a Subscription Agreement accepted by Palladon on May 10, 2007 (the "Subscription Agreement"). In the Subscription Agreement, Dalrymple provided representations and warranties to the Palladon with respect to its status as an exempt purchaser and purchased the securities at a price of $0.30 per unit (each such unit consisting of one Share and one half of one Warrant).

The securities were acquired for investment purposes. Swank Advisors, as general partner on behalf of Dalrymple and Swank Investment Partners, LP or other entities may, from time to time, acquire additional securities of Palladon, dispose of some or all of the securities they hold, or may continue to hold their current positions. Swank Capital, LLC is the general partner of Swank Energy Income Advisors, LP, and Mr. Jerry V. Swank is the managing member of Swank Capital, LLC.

To obtain a copy of the related early warning report filed with applicable securities commissions, please refer to the SEDAR website (www.sedar.com).

Contact Information

  • Swank Energy Income Advisors, LP
    Mr. Chris Cocotos
    (214) 692-6334
    (214) 219-2353 (FAX)
    3300 Oak Lawn Avenue, Suite 650
    Dallas, Texas 75219