GX Guardian Exploration Inc

The following corrects and replaces the press release that was issued April 09,
2010 at 13:49 ET. Numerous revisions have been made throughout the release. 


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 Peace River Arch 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.
Stabilized long term rates of 278 mcf/d are expected, similar to offset wells in
the area.


Under the farm-in arrangement, Guardian paid 50% 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, 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 ("TSXV") approval.


Pursuant to the structuring fee relating to the debt facility, 1,000,000
Guardian common shares ("Common Shares") will be issued, subject to TSXV
approval of the debt facility, on April 12, 2010, to a private company owned by
Graydon Kowal, President, CEO and a director of Guardian. The Common Shares
acquired by Mr. Kowal represent approximately 1.24% of the issued and
outstanding Common Shares of Guardian post issuance. Prior to this transaction,
Mr. Kowal held an aggregate of 9,294,353 Common Shares (23.39% of the
outstanding Common Shares of Guardian) and options to purchase an additional
500,000 Common Shares upon exercise of options (the "Options") in the capital of
Guardian, representing approximately 24.34% on a partially diluted basis
assuming the exercise of the Options.


Following this transaction, Mr. Kowal will hold an aggregate of 10,294,353
Common Shares (25.27% of the outstanding Common Shares of Guardian) and Options
to purchase an additional 500,000 Common Shares of Guardian. If Mr. Kowal was to
exercise all of the Options, it would represent a total of 10,794,353, or
approximately 26.2% of the issued and outstanding capital of Guardian calculated
on a partially diluted basis assuming the exercise of the Options.


The debt facility and subsequent issuance of the Common Shares to Mr. Kowal are
subject to TSXV approval.


These securities were acquired for investment purposes only. Depending on
economic or market conditions or matters relating to Guardian, Mr. Kowal may
choose to either acquire additional securities or dispose of securities of
Guardian.


Graydon Kowal is the President, CEO and a director of Guardian.

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


Guardian would also like to announce that, effective March 25, 2010, its new
head office address is Suite 620, 510 - 5th Street SW, Calgary, Alberta, T2P
3S2.


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

Guardian Exploration (TSXV:GX)
Historical Stock Chart
From Jul 2023 to Jul 2024