Warrior Energy N.V.

Warrior Energy N.V.

October 23, 2009 21:13 ET

Warrior Energy N.V. Announces Deed in Lieu of Foreclosure Proceedings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2009) - Warrior Energy N.V. ("Warrior" or the "Company") (TSX VENTURE:WEN) announces the Company and Macquarie Bank Limited ("Macquarie") have jointly agreed to transfer the Company's oil and gas properties to an affiliate of Macquarie pursuant to a Deed in Lieu of Foreclosure ("Deed") in connection with the Company's existing indebtedness totaling approximately US$3,435,582 under the US$50 million debt facility ("Secured Debt Facility") with Macquarie. Under this arrangement, the Company will transfer the properties secured by the Secured Debt Facilities to an affiliate of Macquarie in exchange for a full release of debt obligations under the Secured Debt Facility. The transaction is expected to close within a week.

The transaction includes transfer of all interest in oil and gas mineral leasehold and wells associated with the Company's Strike Project Area. The Strike Project Area encompasses approximately 3,000 net mineral acres with interests in 13 natural gas wells. In addition, the Company will transfer 2,080 net undeveloped acres located in the Greater Green River Basin. The Company's oil-focused Garrington asset, located in Alberta, will remain as the Company's key producing asset. Warrior's interest in the Garrington property is not subject to debt financing.

About the Company

Warrior is a junior oil and gas exploration and production company focused on identifying and exploiting oil and gas opportunities.

Legal Notice regarding Forward Looking Statements

Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward looking statements include that we will close the Deed with Macquarie. These statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. There is a risk that the Deed will not close and that we will continue to be indebted to Macquarie and subject to foreclosure and debt collection proceedings. Readers should exercise caution in relying on forward looking statements. It is not our policy to update forward looking statements.

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

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