Texalta Updates Australian Permits Status



Texalta Petroleum Ltd. reported that all substantive issues pertaining to the Native Title Agreement have been resolved. Central Land Council execution of the agreements is expected, and the company anticipates that permits 103 and 104 in the Georgina Basin, Northern Territory, will be issued to Texalta and its Australian partners before September 1, 2006.

Once the permits are issued, the company intends to begin the work program by reprocessing existing seismic data and shooting new seismic to identify drilling locations. N.T. Government researchers have estimated that individual trapping situations in the Georgina Basin contain oil and gas reserves well in excess of 100 million barrels.

Texalta also reports that it has accepted the resignation of Ronald J. Kirschner from his position as a director effective immediately. Kirschner served on the board of directors since May 25, 2002, and as a member of the audit committee. The company wishes Kirschner the very best of success in his future endeavors and thanks him for his contributions to the board. Texalta is currently reviewing several candidates to fill board vacancies.

Texalta is engaged in the exploration, acquisition, and development of prospective oil and gas properties in Saskatchewan and Alberta, Canada. The company holds a 50-percent working interest in two exploration permit applications covering more than 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

RELATED COMPANIES