Guardian Exploration Inc. (TSX VENTURE:GX) ("Guardian") announces that, under a
farm-in arrangement with an Alberta-based private oil & gas exploration and
development company, it has completed the drilling and completion of a new gas
well in the X area of Northeast British Columbia. Testing of the well indicates
a final gas rate of 14.9 E3M3/d or 525.97 mcf/d, with .003% H2S. The stabilized
long term rates of 278 mcf/d is expected similar to offset wells in the area.


Under the farm-in arrangement, Guardian paid 100% to earn a 50% interest in one
section of land, subject to a 12.5% gross overriding royalty, and the right to
acquire more land on the prospect.


In addition, Guardian announces that it has entered into a revolving demand
facility in the aggregate amount of $1,000,000 with a private company owned by
the President of Guardian Exploration Inc. In accordance with the terms of the
debt facility, the lender will receive a $75,000 commitment and due diligence
fee and the loan will accrue interest at the rate of 15% per year, payable
monthly. In addition, the lender will receive a structuring fee in the amount of
$50,000 immediately, represented by the issuance of 1,000,000 Guardian common
shares at a deemed price of $0.05 per share. The initial drawdown under the
facility occurred on November 1, 2009 and expires on May 31, 2010. Final
completion of the facility is subject to TSX Venture Exchange approval.


Guardian also announces that Mr. Dennis Jonk has resigned as a director of the
company, to pursue other business interests.


Information about Guardian Exploration Inc.

Guardian Exploration Inc. is an Alberta-based oil and natural gas company.
Guardian is engaged in the exploration for, and the acquisition, development and
production of, natural gas and crude oil with emphasis on the shallow to
mid-depth hydrocarbon prone zones of the western Canadian sedimentary basin in
Alberta and northeastern British Columbia.


Investors are cautioned that this news release contains forward looking
information. Such information is subject to known and unknown risks,
uncertainties and other factors that could influence actual results or events
and cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are cautioned
not to place undue reliance on forward-looking information, as no assurances can
be given as to future results, levels of activity or achievements.


Guardian Exploration (TSXV:GX)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Guardian Exploration Charts.
Guardian Exploration (TSXV:GX)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Guardian Exploration Charts.