CANADA GAS CORPORATION APPOINTS NEW PRESIDENT & CEO
Vancouver, British Columbia, Canada - January 19, 2009 - Canada Gas Corp. ("Canada Gas" or the "Company") (formerly Wyn Developments Inc.) announces that Chad McMillan has been appointed President and Chief Executive Officer. A Simon Fraser University graduate with a Bachelors of Arts degree in Communications and diverse management experience, Mr. McMillan has spent several years consulting junior resource companies. He is intimately familiar with the Company, consulting since 2004, and acting as Vice President Corporate Communications and Director since July 2008.
He comments that "during this period of tremendous economic and philosophical upheaval, it is time to re-invigorate the prospects of this Company. We must tighten up internal processes, collaborate with mutually interested industry participants, and expand our access to new opportunities and capital. We must evaluate our current assets against market conditions and proceed in a fashion that considers tolerable risk versus the opportunity to add per share growth for our stakeholders. We must fight not only for our shareholders and this Company, but for the integrity of an industry that has been pounded in recent months and a financial system that has lost the confidence of many the globe over. Although not an easy task, I am proud of the opportunity to lead Canada Gas, and welcome your contributions to these efforts in the days, weeks, and months ahead."
Dave McMillan will now act as Chairman and Marc Tran remains Chief Financial Officer. Dave McMillan adds that: "These changes will offer a fresh and aggressive approach for Canada Gas, which I believe are necessary. Both Chad McMillan and Marc Tran have the energy and discipline to take the Company to the next level in a challenging business environment. I have every confidence in their abilities to build a strong organization and compete with our peer group in this difficult marketplace."
Further, Pursuant to Section 111 of the Securities Act (British Columbia) and Section 176 of the Securities Act (Alberta), the Company also announces that Dave McMillan, President and Director of the Company, is now the beneficial owner of 10% or more of the outstanding common shares of Canada Gas.
Pursuant to recent public acquisitions including 300,000 common shares acquired at the weighted average cost of $0.026 per share, Mr. McMillan directly and indirectly owns 2,380,600 common shares of the Company. Mr. McMillan’s indirect ownership is through Sun Tzu Ventures Inc., a private investment company wholly owned by Mr. McMillan. These shares represent 11.8% of the issued and outstanding common shares of the Company.
The securities were acquired for investment purposes only. It is Mr. McMillan’s intention to evaluate the investment and to increase and decrease holdings as circumstances require.
These changes are subject to TSX Venture Exchange approval.
For more information on Canada Gas Corp., please contact our Head Office.
On Behalf of the Board,
CANADA GAS CORP.
Chad McMillan
President & CEO
ABOUT CANADA GAS
Canada Gas Corp. (TSX.V: CJC; Frankfurt: YXE; OTC-BB: CJCFF) has two natural gas projects located in the foothills region of the prolific petroleum and natural gas bearing Western Canadian Sedimentary Basin, northeastern British Columbia, Canada. The Prophet River and Trutch projects feature varying PNG rights to multiple prospective target horizons, multiple prospective development locations, and flexible logistics. Meanwhile, the Company is diversifying into the Canadian oil space, looking to deploy capital, expertise and new techniques to low risk development situations.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning the Partners future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2007/2008. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Partners operations or financial results are included in the Partners reports on file with Canadian securities regulatory authorities. The forward-looking statements or information contained in this news release are made as of the date hereof and the Partners undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Oil and Gas Advisory. This press release may contain disclosure expressed as "boe". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
