Texalta Expects Georgina Basin Permits by Mid-August

Texalta Petroleum Ltd. said that the Native Title Agreement in conjunction with its Georgina Basin, Australia, prospect has been signed by all relevant claimants and will be signed by the Central Land Council at a meeting scheduled for this week. A Tripartite Deed regarding exploration permits 103 and 104 will then be forwarded to the Northern Territory government for execution. The company's legal representatives in Australia have advised that the permits should be granted to Texalta and Partners by early to mid August.

Texalta’s board has passed a special resolution that the company will be reviewing proposals from potential national and multi-national partners pertaining to the company's proposed international exploration opportunities.

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.