Canoro Names Gieni Finance Chief

Canoro Resources has appointed S. Brian Gieni, CMA, as the Company's new Vice President, Finance and Chief Financial Officer (CFO).

A graduate of the University of Saskatchewan with a BComm, Gieni has over 30 years of extensive experience in the global petroleum industry, both domestically and internationally. He has served in various executive management roles, including CFO, President and Chief Executive Officer (CEO), in traditional exploration and production companies and royalty trusts.

Most recently, Gieni was the Chairman, President and CEO of Greyhawke Resources Ltd., a private domestic oil and gas company that was recently consolidated. Prior to this, Gieni was President and CEO of Ultima Energy Trust, a firm that increased in market capitalization from $30 million to over $550 million under his tenure. Gieni had also served in executive roles at PanCanadian Petroleum Limited, Harvard International Resources Ltd., and Conwest Exploration Company Ltd.

Canoro believes that Gieni's extensive financial experience, merger and acquisition expertise and strategic management will be invaluable, as the company continues to explore, develop and produce its properties in northeast India. Gieni has a long track record of successfully completing debt and equity financings, along with strategic acquisitions, all necessary for Canoro's continued growth.

The board and the other members of the management team would like to thank Rob McInnis for serving in the capacity of interim CFO since December 2006. McInnis will continue in his existing role of Vice President, Business Development and Corporate Affairs.

The Company has granted Gieni 250,000 options to purchase common shares for a five-year term under the Company's Stock Option Plan at an exercise price of $1.30 per share.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block.


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