Yonge Street Capital Corp.

October 05, 2009 20:16 ET

Yonge Street Announces Update

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2009) - Yonge Street Capital Corp. ("Ecosse Energy" or the "Company") (CNSX:ECS) advises:

Early Warning Notice

Alan W. Morrison, Plaza ABDA, Jl. Jend. Sudirman, Jakarta, Indonesia, the President and Chief Executive Officer of the Company, directly owns 8,000,000 common shares (18.1% of the number of outstanding common shares) and 1,200,000 stock options to acquire a further 1,200,000 shares. Assuming exercise of the stock options in full, Mr. Morrison would then own directly 9,200,000 common shares, representing 20.2% of the number of common shares of the Company that would then be outstanding. A deemed value of C$0.35 was ascribed to each common share issued. Mr. Morrison owned no securities of the Company prior to the completion of the transaction. Mr. Morrison has advised the Company that he has acquired these securities for investment purposes and that he does not have any present intention to acquire additional securities of the Company other than upon the exercise of the stock options that he holds, should he wish to do so, although he may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant. A copy of the early warning report summarized above may be obtained by contacting Mr. Alan W. Morrison at 416-815-8311

New Consulting Arrangements

The Company has retained two former directors Greg Edwards and Michael Ramage on consulting contracts, to provide advice and direction to the board in matters of transitional services, strategic planning, governance, financial, and capital market affairs. Mr. Edwards' contract is for 8 months for which he will be paid 150,000 common shares ($52,500 at $0.35/share). Mr. Ramage's contract is for 4 months for which he will be paid 75,000 common shares ($26,250 at $0.35/share).

About the Company

Through its Australian subsidiary, Endeavour Energy (Bengkulu) Pty Ltd. ("EEB"), the Company is exploring for oil and gas on an onshore and offshore area of approximately 1,013,602 acres or 4,102 sq. km. covered by the Bengkulu Production Sharing Contract in Sumatra, Indonesia.

Further information concerning the Company can be found at www.sedar.com.

Neither the Canadian National Stock Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

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