CANADA GAS ANNOUNCES SHARES FOR DEBT SETTLEMENT
Vancouver, British Columbia, Canada - October 9th, 2009 - Canada Gas Corp. ("Canada Gas" or the "Company") has received TSX Venture Exchange approval for the settlement of $255,000.00 of debt through the issuance of 5,100,000 common shares of the Corporation (each a "Common Share") at a deemed price of $0.05 per Common Share. The Common Shares issued are subject to a four-month hold period from the date of issuance.
The Shares for Debt settlement is to both Non-Arm's Length Parties and Arm’s Length Parties. There will not be a new Control Person as a result of the issuance of the shares for debt.
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.
