1. Gordon R. Kettleson, former Chief Financial Officer, has been appointed President and Chief Executive Officer; and
    
2. Hal Kettleson, former President and Chief Executive Officer, has been appointed Chief Financial Officer and Chairman of the Board.

The Company would like to acknowledge Hal Kettleson’s leadership in bringing the Company to its present status as a successful junior oil and gas company with production in both Alberta and Manitoba, and the forthcoming expansion of the Company’s interests into oil and gas sector in Argentina, as previously announced.

In conjunction with the appointment of Gordon R. Kettleson as the new President and Chief Executive Officer, the Company has granted to him an incentive stock option under its incentive stock option plan in respect of 100,000 shares, exercisable at $0.89 per share.